DB-Apr5,2021: Troy Gayeski, co-chief investment officer of SkyBridge Capital, joins Real Vision’s Jack Farley to break down how he thinks the rapidly changing economic and financial landscape is affecting his outlook for fixed-income, equities, and Bitcoin as well as hedge fund strategies such as long/short equities and convertible bond arbitrage. Gayeski argues that rising yields render much of the fixed-income world unattractive but that pockets of opportunity exist in structured credit, which is more immune to interest rate risk. He argues that Bitcoin is attractive to institutional allocators as a way to get exposure to central bank balance sheet expansion and explains why Bitcoin now comprises a double-digit percentage in SkyBridge’s portfolio. Gayeski also shares his views on macroeconomic variables such as inflation, growth, and interest rates as well as his take on the ongoing rotation from growth stocks into value equities. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replay: Jim Chanos recently remarked that we are in a golden age of fraud, highlighting that companies trade unaffected by credible public accusations for years before it finally catches up to them. But even after the house cards collapses, the executives in charge of these companies often go unpunished and shareholders are left holding the bag. In America, this wasn’t always the case. Pulitzer prize winning author and senior reporter and editor at ProPublica, Jesse Eisinger, penned the definitive historical account of this devolution in his book "The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives" and in this first installment of a series of interviews focussed on white-collar crime and its affects on markets with Quinton Mathews, managing member of QKM, the pair reexamine this history to explore how we got from regulatory institutions dishing out multi-year sentences in the Enron scandal to almost no prison time or charges being filed against bank executives in the GFC and the potential actions needed to remedy this broken system. Recorded on October 14, 2020. Key Learnings: Eisinger and Mathews highlight the hollowing out of the regulatory bodies charged with investigating and prosecuting these crimes and the misaligned incentivizes for ambitious young attorneys as the biggest problems. They concluded that increased funding for regulators and diversity in hiring of prosecutors are some of the many changes need to improve the system. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview: David Rosenberg, chief economist and strategist at Rosenberg Research Associates, believes that there will be a recovery—but not one nearly as robust as the market is currently pricing in. In this interview with Ed Harrison, Rosenberg argues that this is the result of a freshly increased debt overhang, lingering unemployment, and shifts towards saving and away from spending as a result of the psychological scarring of COVID. Rosenberg also outlines his investment ideas that result from this view, namely long bonds, gold, "utility-like growth", and emerging markets in Asia like China and India. Recorded on February 1, 2020. For Our Listeners: You can get a free 30-day trial to Rosenberg Research here: https://bit.ly/3pQ4nyB. Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview: If central banks and governments unite to debase their money and depreciate their currency, will the long-awaited inflation finally arrive? And if it does, how can investors position themselves to not only protect their portfolio—but in fact grow their wealth—in this inflationary environment? Russell Napier, preeminent investment strategist, joins Stephen Clapham of Behind the Balance Sheet to answer these two critical questions. Napier makes his case for why inflation is indeed on the horizon, discussing everything from rent controls and yield curve capping to credit rationing and pricing power, and then he and Clapham explore the various investments that have a favorable risk/reward profile should Napier's thesis prove correct. Recorded on February 4, 2021 Key learnings: Napier sees favorable opportunities in companies that can secure easy debt financing, value stocks whose pricing power varies with inflation, and countries with low debt-to-GDP ratios such as Singapore. For our Listeners : Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Apr2,2021: Real Vision senior and crypto editor Ash Bennington welcomes Real Vision editors Max Wiethe and Jack Farley to the Daily Briefing. They discuss the Nonfarm Payrolls data, which significantly exceeded expectations, and interpret what this means for the U.S. economy, stocks, and bonds. They look at the corresponding sell-off in U.S. Treasurys today and the surge in S&P 500 futures (the U.S. stock market is officially closed). Lastly, they cover the surge in Ethereum and altcoins. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Apr1,2021: Tyler Neville, senior editor at Blockworks, and Real Vision’s Jack Farley briefly look at the S&P 500’s breach beyond 4000 as bond yields retreat and the dollar marches higher. Tyler also interprets recent currency volatility, examining the U.S. dollar’s recent strength against the Euro, Japanese Yen, and Chinese Yuan. Tyler and Jack then turn to the bond market, analyzing how rising yields have taken down an otherwise triumphant credit market. Tyler notes that the 60/40 is severely weakened by ultra-low yields and argues that Bitcoin could be a serious replacement to bonds. Jack and Tyler discuss other assets within crypto such as non-fungible tokens and assets within decentralized finance (DeFi) before taking another look at the Archegos liquidation. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar31,2021: Real Vision editor Jack Farley welcomes Real Vision’s Weston Nakamura and Max Wiethe to the Daily Briefing. After briefly analyzing the day’s price action (U.S. equities surged as Treasury yields rose), they analyze the forced liquidation of Archegos Capital. Weston provides insight into the mechanics of the over-the-counter derivatives that were involved in the blow-up as well as big banks such as Goldman Sachs, Nomura, and Credit Suisse that were prime brokerages to Archegos Capital. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Crypto Wednesday: Dan Tapiero, founder and managing partner of 10T Holdings, joins Raoul Pal, CEO and co-founder of Real Vision, to discuss some of the crypto investment sectors he is interested in, including blockchain infrastructure, on-ramps, and next generation financial services. Taperio explains his approach to investing in the space and why he is looking to invest in what he considers to be mid-sized, crypto companies worth over 400 million dollars. He explores the benefits of investing into crypto on-ramps such as crypto exchanges and lending and borrowing, pointing out that even when crypto prices are going down, on-ramp type investments still perform. Tapiero believes that investing in blockchain infrastructure, such as bridges from traditional finance to crypto, is a way to get upside exposure to the asset class without necessarily needing to purchase the crypto assets themselves. Recorded on February 17, 2021. Key Learnings: There are many different ways to approach investing in the crypto space. Tapiero takes the traditional investor approach, primarily investing in businesses rather than holding the crypto assets themselves, and he describes his approach as a "picks and shovels" style investment strategy. This enables the investor to benefit from exposure to the asset class while also reducing the downside risk that comes with holding the tokens themselves. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar30,2021: What does the leveraged blow-up of Archegos Capital Management mean for risk assets? Tony Greer of TG Macro joins Real Vision senior editor Ash Bennington to answer this question and update his outlook on stocks, bonds, housing, the U.S. Dollar, and gold as the bond rout shows little sign of stopping. Tony notes that the forced liquidation of Archegos ceased to impair stocks today—for now, at least—but remains as a potential sign that there is some market danger underneath the hood. Tony cites this as a reason why, on the margin, he is moving somewhat into cash and gold and out of stocks. Tony makes sense of the action in Treasury yields and tells Ash why he thinks the U.S. Dollar has been driving higher, especially against the yen. Tony speculates as to why commodities have proved resilient in the face of this dollar strength, which is normally a headwind. Lastly, Ash tells Tony about his evolving journey in the crypto world from a fan’s creation of Ash’s very own non-fungible token (NFT) to Ash’s experience buying Ethereum for the first time. For our Listeners : Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Crypto: Mike Belshe, co-founder and CEO of Bitgo, joins Raoul Pal, Real Vision CEO, to discuss Bitgo, tokenization, and the DeFi markets. Belshe describes Bitgo as a security and technology company, acting as custodian for approximately 18 blockchains and 300+ tokens. He explains the importance of the institutional component to adoption and how crucial secure custodians are for institutions to be able to fully enter the space. Belshe believes that DeFi is starting to show some incredible opportunities, and he mentions that there are already smart contracts operating at significant scale, automating away parts of traditional finance such as automated market makers. Belshe also mentions the value of token standards like ERC20 for building out the layers of crypto infrastructure. Standardization of various tokenization formats will accelerate the security and composability of the crypto space. Recorded on January 27, 2021. Key Learnings: Security is paramount when working with institutional level investments. In order for crypto to be an asset class accessible to all, a secure fiduciary custodian is necessary infrastructure. We are in the early stages of the infrastructure build out for the crypto space, and as the value of the assets grow, the level of security must also scale with it. For our Listeners : Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar29,2021: Peter Boockvar, CIO of Bleakley Advisory Group and editor of The Boock Report, joins Real Vision managing editor Ed Harrison to discuss how the next few months will be critical in determining how sticky rising inflation expectations will be. As the vaccination rollout progresses, albeit slowly in many countries, Boockvar explains that markets are continuing to look ahead to the reopening of the economy with fears of inflation constantly present. He sees that the pressures coming from increasing commodity, labor, and services costs could prove to have a lasting effect on inflation expectations in the months to come, and he says this could bolster the 10-year Treasury yield rising north of 2%. They also talk about how this may impact the U.S. dollar. In the second half of the Daily Briefing, Harrison welcomes Trevor Hall, host of the Mining Stock Daily Podcast, to discuss rising input and commodity costs and its overall effect on precious metals, industrials, and miners. For our Listeners : Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replay : Erik Norland, executive director and senior economist at CME Group, joins Wall Street veteran Harley Bassman of The Convexity Maven to discuss the impact of Fed policy on volatility across a handful of assets since the pandemic and, more broadly, since the GFC. In addition to this discussion of potential unintended effects of Fed policy, they examine its failure to generate meaningful inflation in anything aside from financial assets. They also debate whether negative rates in the US are probable—or even possible—as well as why the dwindling monetary policy toolbox combined with political rhetoric seems to point towards MMT and a passing of the baton from monetary authorities to fiscal authorities at least as it relates to generating inflation. Recorded on December 16, 2020. Key Learnings: The Fed’s monetary policy has had measurable effects on markets, especially in terms of reducing volatility but has not been successful in generating inflation. The shift from monetary to fiscal policy could be what finally ushers in the period of inflation many have been predicting. For our Listeners : Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview: Famed investor and entrepreneur Mark Cuban, star of Shark Tank, joins Real Vision founder and CEO Raoul Pal to make sense of the changing market structure and the disruption of the financial establishment. Cuban sees tokenization and blockchain bringing more transparency to the financial industry and remains bullish on Bitcoin as a store of value and reserve asset. He also praises stimulus efforts but sees political partisanship as a major risk to fixing the dichotomy between Main Street and Wall Street. Recorded on February 3, 2021 Key Learnings: Cuban follows the HODL ethos of cryptocurrency and shares what’s in his crypto portfolio: BTC, ETH, LTC, AAVE, and more. When it comes to the public markets, he explains why Amazon and Netflix are among the big tech companies with the strongest AI capabilities and they’ve remained two of his biggest holdings for years. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Richard Koo, chief economist at Nomura Research Institute, returns to Real Vision to update his framework on how key economic variables such cash, liquidity, savings, and debt have been impacted by the global recession. In this interview with Real Vision managing editor Ed Harrison, Koo applies to the current situation his noted theory of a "balance sheet recession" in which liquidity is ample, but the private sector nevertheless remains focused on paying down debt. Koo and Harrison analyze the interplay between the economic shutdown and economic growth. Lastly, Koo shares his views about quantitative easing, negative interest rates, central bank digital currencies, and ongoing efforts by central banks to stem the damage wreaked by the pandemic. Recorded on January 29, 2021 Key learnings: Koo thinks that the unprecedented interventions of central banks were necessary to meet the once-in-a-lifetime crisis of COVID-19. Like many, Koo expects that economic growth will pick up once pent-up demand is unleashed. However, after this spurt of economic activity, Koo thinks that the overhang of debt could cause a significant balance sheet recession that is contractionary and deflationary. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar26,2021: Tommy Thornton of Hedge Fund Telemetry gives Real Vision’s Jack Farley a much-needed update on the “battles” in the market between mega-cap stocks that dominate the S&P 500 and the small-cap stocks in the Russell 2000 that have been ripping for months. Thornton analyzes the internals of the market, using DeMARK indicators to gauge exhaustion, and he looks at breadth, moving averages, and volatility. Thornton shares with Farley his view on bonds and energy stocks as well as Tesla, the ARK Innovation ETF, and specific stocks that are on his radar. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar25,2020. Real Vision managing editor Ed Harrison welcomes to the Daily Briefing Amanda Agati, chief investment strategist of PNC Financial Services Group, and Marc Chandler, chief market strategist at Bannockburn Global Forex. Agati shares her view on U.S. equity valuations, noting that stocks might have run too far, too fast amid reflation optimism, and Chandler argues that market performance will ultimately hinge on liquidity conditions, making the long-term case for why the dollar could be approaching the end of its bull cycle as twin deficits weigh it down. Agati also highlights that there is much opportunity in both the debt and equity of emerging markets, noting serious composition changes with the various indices. Lastly, Agati and Chandler share their views on bonds and credit. For our Listeners : Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar24,2021: In the main segment, Jared Dillian, editor of the Daily Dirtnap, returns to the Daily Briefing to update Real Vision’s Jack Farley on how he’s navigating the mercurial swings in stocks. Dillian argues that both the rotation from growth into value as well as the sell-off in U.S. Treasurys will likely continue as the U.S. economy re-opens and trillions of dollars worth of stimulus are on the table. Dillian shares with Farley his thoughts on reflationary sectors such as energy, airlines, and life insurance, and he also shares his evaluation of psychology within the Bitcoin market. In the final segment, Farley is joined by Huw Roberts, director of analytics at Quant Insight, who conducts data-driven analysis on how the gyrations in the Nasdaq 100 Index are driven by macro variables like interest rates, commodity prices, currency fluctuations, and expectations for growth and inflation. For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar23,2021. Lily Francus, independent quantitative researcher, joins Real Vision senior editor Ash Bennington to share her outlook on narrative economics, the NOPE Index, and the dangers of beta. On the one-year anniversary of the bottom in the S&P 500, Francus notes that this current market environment is marked by a great deal of short covering and portfolio rebalancing, which drive the “rotation” trade away from growth into value that has been playing out. Francus explains how the surge of retail traders (or “low-information traders”) has driven flows and exerted a serious influence, particularly in the sky-high volume of options contracts. Francus connects this to her theory on NOPE (“net options pricing effect”) before sharing with Bennington her advice to traders in this choppy market. For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB- Mar22, 2021. Lyn Alden of Lyn Alden Investment Strategy returns to the Daily Briefing to update Real Vision’s Jack Farley to share her analysis on the prospects of U.S. Treasury bond yields, given the Federal Reserve’s decision to give exemptions to banks’ supplementary leverage ratio (SLR) expire, and its apparent aversion to yield curve control (YCC). Alden tells Farley that forthcoming headline inflation figures could appear higher than true inflation due to base effects, and explains the how the record-high Treasury’s General Account (TGA) will affect bond yields going forward. Alden explains why she expects yields to be the release valve of volatility rather than the dollar, and notes that heightened uncertainty over macro variables makes this environment a paradise for pickers of individual stocks. Lastly, Alden shares her bullish thesis on Adobe Inc ($ADBE) and her evolving views on non-fungible tokens (NFTs).  For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replays. It isn't hard to find data indicative of the madness that pervades the current market environment, but to Jim Grant, founder of Grant's Interest Rate Observer, no data point encapsulates this quite as clearly as the staggering $17 trillion of negative-yielding debt outstanding in the world. As an avid historian of interest rates, Grant argues that the only certainty is that this will end and most likely it will end badly. In this interview with Max Wiethe, Grant explores why he is so certain that this monetary experiment will end badly, the unintended negative consequences that can be seen in credit markets as yield starved investors grope for any yield they can find no matter the risk, and the opportunities this presents for investors willing to bet that a guaranteed loss on your investment will eventually fall out of fashion. As well the pair will discuss the implications of Biden's selection of Janet Yellen as his Treasury Secretary and potential for a return to an inflationary environment.  Recorded on Dec 3, 2020. For Jim's charts, click here: https://rvtv.io/3lBES10 For Listeners: Checkout skillshare.com and learn a new skill. You can use a unique promo link skillshare.com/realvision Protect your portfolio and join 130,000 members by signing up at masterworks.io with promo code REAL VISION today to skip the waitlist. See important information at masterworks.io/disclaimer Checkout Jordan Harbinger Show @ https://www.jordanharbinger.com/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview. Because of their favorable structure, SPACs have become the vehicle of choice for founders and venture capitalists to bring private startups to the public market—even with the explosion of SPACs in 2020, we are already on record setting pace in 2021. In this interview with Mike Green of Logica Capital, Josh Wolfe of Lux Capital breaks down exactly why the SPAC structure is so favorable and argues that the knock-on effect of an M&A boom will produce the modern equivalent of the AOL-Time Warner acquisition, signaling that the top is in. Wolfe and Green also discuss Wall Street Bets and the current meme driven market, Josh's prediction of an "Occupy the Fed" movement, and the biggest opportunities in tech that he and Lux Capital are invested in Recorded on January 28, 2021. Key Learnings: SPACs have a favorable structure that makes raising cash so easy that it will encourage rampant M&A, which will eventually result in the mega-deal, signaling the top of the market. Crypto and Wall Street Bets are emblematic of outrage that Josh Wolfe believes will result in an "Occupy the Fed" movement and retroactive regulation. At the moment, Josh Wolfe and Lux Capital are focused on the technology behind scientific advancement and the emerging space economy as their big bets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar19,2021. Despite today’s head fake in bonds (yields surged but quickly retreated from their peaks), this Friday marks the seventh consecutive week in which the U.S. 10 year Treasury yield has risen. Real Vision senior editor Ash Bennington hosts managing editor Ed Harrison and editor Jack Farley to analyze how the continued sell-off in bonds is impacting bank stocks, tech equities, and the U.S. dollar. They explore how the Fed’s decision to let the SLR exemption expire will impact the bond market and banks. Ed updates viewers on Europe’s economic woes, and Jack gives a quick rundown of the wild gyrations in the oil market. The three also look at the rate hikes by the central banks of Turkey, Brazil, Norway, and Russia. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB- Mar18,2021. Ramsey Smith, founder and CEO of ALEX.fyi, returns to Real Vision to share with managing editor Ed Harrison his economic outlook and his views on how the advent of COVID-19 has changed retirement portfolio construction as well as the nature of the annuities business. Smith notes that rising rates is good for the life insurance business because it is, like banking, a business that depends heavily on spreads. Smith thinks that the liquidity coming from stimulus will be helpful to markets. Lastly, Smith and Harrison explore to what degree society will return to “normal” as the economy re-opens. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar 17,2021: Real Vision’s Jack Farley hosts managing editor Ed Harrison to break down the Federal Reserve’s Open Market Committee (FOMC) meeting and Fed Chair Jay Powell’s speech. Harrison and Farley interpret the Fed’s projections of GDP growth, inflation, as well as their “dot plot” of the future Federal Funds rate. Farley reviews the price action in bonds, gold, and the tech-heavy NASDAQ 100, and Harrison analyzes the challenges many European nations face as they attempt to vaccinate their population against COVID-19. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Crypto Wednesday: Mike Green, chief strategist and portfolio manager at Logica Capital, and Anthony Pompliano, investor at Pomp Investments, join Ash Bennington, Real Vision senior editor, to discuss their opposing views on Bitcoin. They each explain their views on Bitcoin—Pompliano makes the case for Bitcoin being a store of value that should be widely adopted and encouraged by the United States in order to stay competitive globally while Green asserts that Bitcoin is used primarily for nefarious activity and is mainly controlled by entities that are oppositional to the United States. Green believes that Bitcoin is the perfect example of markets indicating that something is incredibly successful, even when in actuality it is failing (or will fail), and that its price appreciation does mean that it is a robust system. Filmed on February 1, 2021. Key Learnings: Pompliano believes that there are many non-trivial indicators that suggest Bitcoin is robust and becoming widely adopted including the number of wallets, transactions, and hash rate. He believes there is a significant chance that Bitcoin will be adopted by a significant amount of the S&P 500 companies and nation-states. On the other hand, Green thinks it is extremely unlikely to see major adoption from the largest companies and nation-states, explaining that this could even harm the U.S. He believes that Bitcoin can be trivially attacked and taken down by a nation-state and that the system is not as secure as many people claim it to be. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar16,2021: Tony Greer of TG Macro joins Real Vision senior editor Ash Bennington to share his thoughts on how the gyrations in the bond market are affecting risk assets. With the market leaning toward a more inflationary regime, Greer charts his way higher for equities as he sees growth pick up and a cyclical rotation out of tech and into natural resource stocks. Bennington and Greer briefly interpret today’s negative print in retail sales before moving on to the rise of non-fungible tokens, which they believe is creating a new form of value by allowing the authentication of digital art. Lastly, Greer shares his investment advice across all asset classes. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar15,2021. Real Vision managing editor Ed Harrison and editor Jack Farley interpret the day’s market news. Farley breaks down the bullish price action in U.S. airlines as TSA throughput picks up and Delta’s CEO hints at a brighter future. Harrison distills the market noise into three clear narratives: inflation vs. deflation, end of cycle vs. beginning of cycle, and institutional investors vs. retail investors. Harrison and Farley analyze the market impact of the stunning suspension of the AstraZeneca vaccine in France, Italy, Germany, and many other European countries, and then they dive deeper into the plumbing of inflation breakevens, before remarking upon Tesla’s remarkable new names of its chief corporate officers. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replay: Segra Capital Management partner Arthur Hyde, CFA, and founder and portfolio manager Adam Rodman join Real Vision editor Max Wiethe to give an in-depth update on uranium. Hyde and Rodman provide a recap on the recent events in the sector and uranium's price movement, discuss why this is still a structurally undersupplied market, and share why interest in uranium is increasing. With the presence of COVID-19, they explain the risks that the pandemic poses to the uranium supply and that, despite these supply risks, the demand for nuclear power generation has remained resilient. They also dig into how existing and new nuclear energy will play a role in the secular global trend towards clean energy in light of China's, Japan's, and Korea's recent carbon neutrality pledges. Key Learnings: Hyde and Rodman explore how nuclear power is an underappreciated, yet critical player in the transition to clean energy, and the uranium sector only stands to benefit from this trend. Emphasizing that this transition will take years, they advise that investors should not be as preoccupied with uranium's price cycle—rather, it's more beneficial to focus on CapEx as a delayed CapEx cycle leads to sustained high prices in uranium. Recorded on 14 Dec , 2020 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Eric Basmajian, founder and editor at EPB Macro Research, joins Lyn Alden of Lyn Alden Investment Strategy to break down his near-term outlook on the global economy as well his longer-term framework for macro investing. Basmajian notes that the growth rate in industrial output, the pick-up in demand for commodities, and a steepening yield curve indicate a growth pick-up. Alden and Basmajian explore the significance of the underperformance of banks (particularly regional ones) and energy relative to the S&P 500 and then dive head-first into more macro issues on a longer-term time horizon such as the interplay of debt, inflation, the dollar, interest rates, and the velocity of money. Recorded on January 26, 2021. Key learnings: The strength of cyclical economic momentum indicators, particularly in industrials, indicates growth will continue in the short-term. Within a longer-term time horizon, Basmajian believes that extreme debt levels incurred on corporate as well as government balance sheets will hamper growth, ultimately leading to deflation. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview: Steven Van Metre of Steven Van Metre Financial and Real Vision president Travis Kimmel discuss how bonds and gold perform during times of deflation and insolvency. After Kimmel shares his journey as an entrepreneur and a technologist to Real Vision’s president, he explains why he thinks insolvency poses a serious risk for the U.S. economy. He and Van Metre discuss why Treasury bonds perform so well during times of economic distress, comparing the performance of long Treasury bonds relative to the S&P 500, as well as to gold and gold miners. After Van Metre explains why he believes quantitative easing is, in fact, deflationary, Kimmel describes the "greatest trades" he sees on the horizon. Recorded on January 21, 2021. Key learnings: The repayment of debt destroys dollars, so the overhang of tremendous debt loads and obligations (rents, corporate borrowing, etc.) will prove deflationary. In this scenario, Kimmel and Van Metre think bonds offer a favorable risk/reward. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar12,2020.Real Vision CEO and co-founder Raoul Pal joins senior editor Ash Bennington to make sense of a bond market trying to regain its footing and a wobbling equity market vulnerable to an ignited dollar. Raoul argues that inflation is probably on the horizon but insists that it will be temporary cyclical, not secular. Raoul estimates that the Federal Reserve’s pledge to target maximum employment – even if that means inflation runs hot – makes yield curve control a potential outcome. Lastly, Raoul and Ash discuss the rejuvenated crypto market with most coins trading at or above their all-time highs as well as the red-hot market of non-fungible tokens (NFTs), which they argue empower artists and musicians by granting them perpetual claim on their work and have the potential to create a new mechanism of digital value. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar11,2021: Real Vision managing editor Ed Harrison welcomes James Bianco, president of Bianco Research, and Peter Boockvar, chief investment officer of Bleakley Advisory Group and editor of The Boock Report, to the Daily Briefing to analyze the ongoing gyrations in the U.S Treasurys market and how their future path will impact almost every asset class. Harrison notes the Dow Jones Industrial Average reached an all-time high, and Boockvar and Bianco consider the halting of the rotation trade. Boockvar explains that inflation expectations will continue to vex the bond market while Bianco argues that a 10 year rate above 3% would be a serious problem for leveraged institutions. They investigate the effect of yields on the U.S. dollar, and Boockvar and Bianco share their ideal asset allocation in this unique investment environment. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar10,2021. Real Vision editors Jack Farley and Max Wiethe analyze price action in U.S. equities as well as today’s print of the Consumer Price Index, which met but did not exceed expectations and indicates muted inflation. In the main segment, Jack speaks to Corey Hoffstein, co-founder and chief investment officer of Newfound Research. Using advanced quantitative modeling, Corey charts the rotation from growth to value stocks and notes how the underperformance of “momentum” investing is evidence of that very rotation. Corey investigates the claim that growth stocks are vulnerable to increases in interest rates, which he finds true but incomplete. Lastly, Hoffstein shares his view on the vulnerability of the Ark Innovation ETF ($ARKK) to bouts of reflation, looking at metrics such as implied correlation and implied volatility. Corey can be reached on Twitter at @choffstein. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Crypto Wednesday: Gavin Wood, co-founder of Polkadot and co-founder and CTO of Ethereum, joins Sebastian Moonjava, Real Vision associate crypto editor, to discuss Polkadot, Kusama, and the evolving crypto landscape. Wood explains that Polkadot was created to enable faster innovation in the blockchain space, reducing the amount of work necessary to start and secure a new blockchain and connect it to others. He describes Polkadot as a layer 0 technology, a meta protocol, that is more abstract and flexible than Bitcoin and Ethereum. Wood also talks about Kusama, which utilizes the same kind of technology as Polkadot but has a completely different development philosophy. Kusama is a faster iterating, more experimental chain that acts as a "canary network"—a real value, live chain that allows for rapid development of the technology. He describes Polkadot as a revolution in blockchain technology, not just an evolution. Recorded on January 21, 2021 Key Learnings: Polkadot enables faster innovation in blockchain technology by making it easier for people to build, secure, and connect blockchains. Kusama is a more experimental, faster iterating, blockchain utilizing similar technology as Polkadot. Wood believes that Polkadot is a bet against maximalism as he doesn't prescribe to the idea that there is a "best" blockchain or set of rules for a chain, but that different use cases require different types, and Polkadot enables this. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar10,2021: Real Vision editor Jack Farley hosts managing editor Ed Harrison to process the astonishing resistance rally in technology and growth stocks with high duration such as Tesla ($TSLA), Peloton ($PTON), DocuSign ($DOCU) and Zoom Video ($ZM). Jack notes that Tesla posted the 3rd biggest daily return in the history of the company, and Ed interprets the pause in the U.S. Treasury sell-off as gold staged a recovery and oil and copper lost the bid. The pair analyze the inclusion in the latest U.S. stimulus package of $86 billion worth of relief for failing pensions, and Ed shares why this bailout might prove a dangerous precedent. Lastly, Ed and Jack analyze the latest data showing that retail comprised a plurality of volume in the U.S. equity market as well as what the most frequented pages on RobinHood indicate about the rise of the retail trader. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar8, 2021. As treasury yields continued their ascent today, big tech stocks such as Alphabet Inc ($GOOGL) and Apple Inc ($AAPL) joined growthy darlings such as Tesla, Zoom, and Peloton in today’s sell-off with the NASDAQ 100 closing today down 11% from its highs. Real Vision editor Jack Farley welcomes Tyler Neville, senior editor of Blockworks, to break down the ongoing rout from growth stocks. Neville shares how he thinks this “bubble in duration” will end, where he sees opportunity in going short GameStop puts, and why he remains extremely bullish on Bitcoin. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replay. Former Enron CFO Andy Fastow is infamous for his role in Enron's collapse; however, since serving his time and reflecting on his actions, he has turned over a new leaf, speaking about ethics and the problem of "legal fraud". In this interview with Quinton Mathews, managing member at QKM, Fastow argues that the biggest problem is the incredible number of loopholes that exist, allowing executives like himself to mislead and misrepresent without ever breaking a specific law and even having these misleading statements signed off on by corporate lawyers and auditors. Using poignant examples from Enron and other companies, Fastow highlights many of these loopholes and makes the case that closing them alone could not prevent the problem. Since leaving prison, Fastow has also began investing in a potential solution—Keen Corp's natural language processing software, which he believes if implemented could help corporations to avert white collar crime and detect problems in their ranks before gaining too much momentum. Andy Fastow can be contacted at [email protected] and KeenCorp can be contacted at [email protected]. Recorded on December 16, 2020. Key Learnings: "Fraud" is not always a question of breaking a specific law, and there will always be routes for executives to "legally" mislead and misrepresent. Investors conducting fundamental analysis must be cognizant of this and do their homework when examining financial statements. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview. Jason Wild, founder of JW Asset Management, sits down with Tony Greer, founder of TG Macro, to discuss his career journey from pharmacist to investor with a firm that oversees $1 billion through a mix of investments in pharmaceuticals and cannabis producers. Wild’s early success came from assembling Arbor Pharmaceuticals and later selling it to KKR in 2014 for a large profit. He used the proceeds to invest in major Canadian cannabis companies, and he has since become one of the first U.S. institutional investors in legal cannabis companies. Today he is building the global cannabis company TerrAscend, where he is Chairman. Recorded January 14, 2021 Key Learnings: Wild identifies the top cannabis stocks to invest in and why he focuses on operating in limited-license states where there is less competition. The COVID-19 pandemic has helped drive investor demand in the cannabis industry and states and voters are finally realizing that cannabis legalization is a solution to help revive the economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview: How you feel about gold, bitcoin, the Fed, or MMT probably has to do with how you answer the question, "What is Money?" In this interview with Mike Green of Logica Capital, Rohan Grey, assistant professor of law at Willamette University, argues that money is a construct of the law and as such is rooted in the social contract. In addition to discussing the importance of understanding this dynamic and its implications for crypto, MMT, and the banking system, Green and Grey explore the role of the law in society more broadly. Together they discuss the never ending dynamic between disruption and regulation, the rise of corporatism and the disenfranchisement felt by citizens who no longer feel able to affect change through the law, and the importance of civil discourse when discussing societies biggest problems. . Recorded on January 13, 2021 Key Learnings: Grey and Green highlight that the "opt out" ideology of hard money enthusiasts is driven by a correct assessment that the system is broken, but that their prescribed solutions will only exacerbate the problem and fail to solve the bigger issue of the disenfranchisement of an overwhelming majority of the populace. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-March5, 2021. Real Vision senior editor Ash Bennington welcomes managing editor Ed Harrison and editor Jack Farley to make sense of today’s confounding price action. Growthy names plummeted alongside re-opening stocks like cruise lines and airlines, only for a sudden risk reversal to take place midday for all U.S. stock indexes to end the day deep in the green. Harrison and Bennington analyze today’s non-farm payroll numbers, which showed strength in the labor market concentrated in the beleaguered leisure and hospitality sector. After the three explore how rising bond yields impact credit spreads and credit risk, Harrison investigates whether the rotation away from growth and into value and re-opening stocks will be a lasting trend. Farley provides data concerning SPACs, showing that the number of special purpose acquisition vehicles trading below $10 has steadily rose and why this could be another sign of the fragility of growth stocks. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar4,2021. Peter Boockvar, CIO of Bleakley Advisory Group and editor of The Boock Report, joins Real Vision managing editor Ed Harrison to break down today’s volatile price action in bonds and high beta stocks. Boockvar explains that Fed Chairman Powell’s dovish comments earlier in the day triggered another sell-off in bonds as the market, emphasizing their fear of inflationary pressures to come in 2021, pushed back on the Fed for staying the course. Harrison and Boockvar explore a few different scenarios where the Fed could begin to move against the rise in rates including ramping up their bond buying programs and implementing yield curve control. They also examine the consequences of these actions and the possibility that the Fed will refrain from intervening until markets begin to break. Finally, Boockvar discusses equities, considering the potential winners and losers in this environment. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB, Mar3, 2021: In the first segment, Lyn Alden of Lyn Alden Investment Strategy shares with Real Vision editor Jack Farley her thoughts on how the ongoing rout in U.S. Treasurys will amplify the rotation away from growth stocks and into cyclical stocks. Alden opines on how the Federal Reserve could aim to reassert control over the bond market, whether it be “Operation Twist” or yield curve control. In the second and final segment, Farley welcomes Howard Klein, founder and partner at RK Equity, to give a strategic update of key parts of the mining sector such as graphite, nickel, and, most notably, lithium. Klein shares news on lithium miners such as Albemarle Corp ($ALB), Livent Corp ($LTHM), and Piedmont Lithium ($PLL), to which Klein is an advisor and is also up over 1000% since September 1, 2020. Klein explains why he thinks we are at the beginning of a commodity bull market and shares his views on MP Materials ($MP) and Nouveau Monde Graphite ($NMGRF). Learn more about your ad choices. Visit podcastchoices.com/adchoices

Crypto Wednesday. Erik Voorhees, CEO and founder of Shapeshift.io, joins Raoul Pal, Real Vision CEO, to discuss Shapeshift, the transition to a digital currency world, and some of the most exciting projects in crypto. Voorhees shares that Shapeshift was created when he realized that, for the industry to grow, people needed an easy way to swap between digital assets. He believes that society is actively transitioning from an analog fiat system of finance to a digital currency and blockchain one, and he has worked to support this transition with Shapeshift. Voorhees thinks that decentralized exchanges like Uniswap are some of the most important projects being built in crypto today, explaining that it’s critical to be able to trade in a decentralized and permissionless way. Key Learnings: The crypto ecosystem is still very young, but society is actively transitioning its financial systems to it. In order for this transition to happen fully, the sector needs to develop permissionless and decentralized infrastructure such as decentralized exchanges. These noncustodial exchanges are valuable to the security and permissionless nature of the system as a whole. Recorded on Jan 20, 2021. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar02,2021. Real Vision senior editor Ash Bennington welcomes back Tony Greer of TG Macro where he declares that the five sigma sell-off in Treasuries last week marks the beginning of a new yield regime that will support a resources-led rally in earnest. Greer points to the dramatic move in rates being a response to visible commodity inflation, which is indicative of its strength. Because Greer sees a resources-led rally emerging, he explains why this is bad news for the tech sector over the next few months. After walking through the signals that are telling Greer that “this time is different,” he discusses how he’s positioning himself and what he’s eyeing in light of these changing market dynamics that continue to escalate. Learn more about your ad choices. Visit podcastchoices.com/adchoices

DB-Mar1,2021. Real Vision managing editor Ed Harrison is hosted by editor Jack Farley to break down the continued breakout in Treasury bonds as the S&P 500 posts its best day since June. Ed and Jack investigate last week’s carnage at the “belly” of the yield curve, the interest rate risk that long-duration bonds are exposed to, and the Reserve Bank of Australia’s ramping up of its QE bond purchases in order to appease the “bond vigilantes” and keep rates pinned. Later, Real Vision CEO and co-founder Raoul Pal joins the show, and he shares his outlook on the risks that rising yields pose to markets as well as the dramatic rebound in the crypto markets. Raoul updates his views on commodities and emerging markets, sharing his key learnings from his interview with Jim Rogers, which aired today on Real Vision. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Live Replay. Real Vision co-founder and CEO, Raoul Pal, welcomes Danielle DiMartino Booth, CEO of Quill Intelligence, to forecast future economic growth and and the fate of fiscal stimulus going forward. With volatility rising and the recovery on ever shakier ground, DiMartino Booth clarifies the macro picture by looking at price action in the bond markets. Pal and DiMartino Booth will exchange their views on how markets will respond to these possibilities and explore the various potential paths that the economic recovery could take. DiMartino Booth will also be answering questions from Real Vision Plus members. Recorded on Oct 23, 2020. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview. Recorded on Jan 11, 2021. Carly Fiorina, founder and chairman of Carly Fiorina Enterprises and 2016 Republican Presidential candidate, joins Real Vision managing editor Ed Harrison to discuss the value and challenges of regulating big tech and the enormous economic power it has amassed across the globe. Hailing from an extensive career in tech and finance as former CEO of HP, she discusses the opportunities that business can bring to the political table and the challenges she faced as a woman in male-dominated industries, and the value of regulating big tech. She also shares her views on current events from the storming of the Capitol to the political climate to the effects of the pandemic on public policy. Filmed on January 11, 2021. Key Learnings: Fiorina argues that focusing on results rather than partisan issues encourages competition and accountability to restore political systems and revitalize the economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Interview- Real Vision founder and CEO Raoul Pal welcomes back Maciej Wojtal, founder and CIO of Amtelon Capital, an investment fund devoted to Iranian equities, to discuss how he's identified a diversified economy in Iran despite decades of sanctions and geopolitical risks. His interest in Iran was sparked by the nuclear deal brokered by President Obama in 2015 where he found a stock market that had been operating for more than two decades and included nearly 600 companies with $200 million in daily liquidity. His fund gives Western investors access to fast-growing businesses with low valuations in an array of industries—from utilities and automotive to commodities and agriculture. He shares his perspective on managing volatility as well as how the U.S.-Iran relations are expected to change under a new Democratic administration, and he weighs in on trade with neighboring countries in the Middle Eastern region. Key Learnings: Despite an overall economy that has been rapidly contracting because of U.S. sanctions and weak oil prices, Iran has one of the best-performing stock markets. Iran's stock market is dominated by retail investors with foreign ones making up less than half a percent of the market cap. Wojtal looks for companies that have pure export exposure, and he has been able to find companies with exports in the region that are usually not affected by sanctions. Recorded on Jan 12, 2021. Learn more about your ad choices. Visit podcastchoices.com/adchoices