Ben Hunt, the author of Epsilon Theory (https://www.epsilontheory.com/) and co-founder of Second Foundation Partners, returns to The Julia La Roche Show to discuss narratives and how they shape everything from financial markets to politics. ✨ This episode is sponsored by Public.com. https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank.  Treasury accounts offering 6 months T-Bills are offered by Jiko Securities, Inc.,member FINRA & SIPC. Securities in your account are protected up to $500,000. For details: www.sipc.org. Banking services and the Bank Accounts are provided by Jiko Bank, a division of Mid- Central National Bank. For U.S. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries risk disclosures, see https://jiko.io/docs/treasuries_risk_disclosure.pdf. See public.com/#disclosures-main  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC and includes 10 investment-grade and high-yield bonds. As of [11/08/24], the average, annualized yield to worst (YTW) across all ten bonds is greater than 6%. A bond’s YTW is not “locked in” until the bond is purchased and is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, there is no way to know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or by how much they will decline. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. All investing involves risk. Public Investing charges a markup on each bond trade. Visit public.com/bond-account to learn more 00:00 Introduction to Ben Hunt 01:00 Narrative of narrative 03:08 Narratives behind markets 07:00 Wall Street is a story construction machine 09:08 Bitcoin "number go up" story, narrative evolution 20:00 Post-election market narratives 22:42 Shift from "structural" to "WTF" animal spirits 25:00 Managing market exits and exposure 30:17 How quickly narratives change 36:48 Discussion of "fiat news" concept 44:18 Evolution of semantic layer in markets 47:24 Closing thoughts on understanding storytelling systems

Michael Howell, CEO of CrossBorder Capital, an investment advisory firm, and author of the book, “Capital Wars: The Rise Of Global Liquidity,” returns to The Julia La Roche for episode 212 to discuss the global liquidity cycle, markets, and why there's uncertainty in the year ahead. ✨ This episode is sponsored by Public.com. https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank.  Treasury accounts offering 6 months T-Bills are offered by Jiko Securities, Inc.,member FINRA & SIPC. Securities in your account are protected up to $500,000. For details: www.sipc.org. Banking services and the Bank Accounts are provided by Jiko Bank, a division of Mid- Central National Bank. For U.S. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries risk disclosures, see https://jiko.io/docs/treasuries_risk_disclosure.pdf. See public.com/#disclosures-main  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC and includes 10 investment-grade and high-yield bonds. As of [11/08/24], the average, annualized yield to worst (YTW) across all ten bonds is greater than 6%. A bond’s YTW is not “locked in” until the bond is purchased and is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, there is no way to know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or by how much they will decline. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. All investing involves risk. Public Investing charges a markup on each bond trade. Visit public.com/bond-account to learn more Links:  Website: http://www.crossbordercapital.com/ Twitter/X https://x.com/crossbordercap Substack: https://capitalwars.substack.com/ Book: https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392902 Timestamps: 00:08 Introduction to Michael Howell 01:00 Global liquidity and market cycles overview 03:10 Global liquidity cycle visualization and trends 06:14 Discussion of debt refinancing vs. new capital financing 09:02 The approaching debt maturity wall and market challenges 12:46 Warning signs and historical financial crises 16:04 Bond market concerns and inflation outlook 21:37 Yield curve analysis and market distortions 23:24 Investment strategy recommendations 26:18 Gold and cryptocurrency as monetary inflation hedges 28:36 Investment regime cycles explanation 33:02 2025 outlook and mounting challenges 34:53 China's economic situation and policy constraints 39:10 Stock market euphoria vs. bond market signals 41:20 Final thoughts and portfolio allocation advice

Veteran journalist and bestselling author Charlie Gasparino, Fox Business Senior Correspondent and New York Post columnist, joins Julia La Roche in-studio to discuss his newest book, "Go Woke, Go Broke." ✨ This episode is sponsored by Public.com. https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Treasury accounts offering 6 months T-Bills are offered by Jiko Securities, Inc.,member FINRA & SIPC. Securities in your account are protected up to $500,000. For details: www.sipc.org. Banking services and the Bank Accounts are provided by Jiko Bank, a division of Mid- Central National Bank. For U.S. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries risk disclosures, see https://jiko.io/docs/treasuries_risk_disclosure.pdf. See public.com/#disclosures-main  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC and includes 10 investment-grade and high-yield bonds. As of [11/08/24], the average, annualized yield to worst (YTW) across all ten bonds is greater than 6%. A bond’s YTW is not “locked in” until the bond is purchased and is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, there is no way to know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or by how much they will decline. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. All investing involves risk. Public Investing charges a markup on each bond trade. Visit public.com/bond-account to learn more Book: https://www.amazon.com/Go-Woke-Broke-Radicalization-Corporate/dp/1546007415 Timestamps: 0:00 Welcome Charlie Gasparino 00:56 2024 election post-mortem 05:02 'Woke doesn't sell' 11:16 Writing 'Go Woke, Go Broke' 14:00 Progressivism in the workplace 28:00 Media 37:00 Nail in the coffin of woke 29:50 Bud Light 43:55 A repudiation of woke

Jim Rickards returns to the podcast for episode 210 to discuss the 2024 election results, his outlook for the economy and why he sees a recession in the near term followed by a great recovery, and his warning on artificial intelligence. ✨ This episode is sponsored by Public.com. https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank.  Treasury accounts offering 6 months T-Bills are offered by Jiko Securities, Inc.,member FINRA & SIPC. Securities in your account are protected up to $500,000. For details: www.sipc.org. Banking services and the Bank Accounts are provided by Jiko Bank, a division of Mid- Central National Bank. For U.S. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries risk disclosures, see https://jiko.io/docs/treasuries_risk_disclosure.pdf. See public.com/#disclosures-main  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC and includes 10 investment-grade and high-yield bonds. As of [11/08/24], the average, annualized yield to worst (YTW) across all ten bonds is greater than 6%. A bond’s YTW is not “locked in” until the bond is purchased and is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, there is no way to know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or by how much they will decline. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. All investing involves risk. Public Investing charges a markup on each bond trade. Visit public.com/bond-account to learn more More about Rickards: Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, and his newest book Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy.  An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter. Links:   https://www.amazon.com/MoneyGPT-AI-Threat-Global-Economy/dp/0593718631 http://www.jamesrickardsproject.com/ https://twitter.com/JamesGRickards

Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, a research and analytics firm, returns to The Julia La Roche Show for episode 209 to discuss the FOMC decision, the state of the economy, and the 2024 election results. ✨ This episode is sponsored by Public.com. https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank.  Treasury accounts offering 6 months T-Bills are offered by Jiko Securities, Inc.,member FINRA & SIPC. Securities in your account are protected up to $500,000. For details: www.sipc.org. Banking services and the Bank Accounts are provided by Jiko Bank, a division of Mid- Central National Bank. For U.S. Investments in T-bills: Not FDIC Insured; No Bank Guarantee; May Lose Value. Treasuries risk disclosures, see https://jiko.io/docs/treasuries_risk_disclosure.pdf. See public.com/#disclosures-main  A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC and includes 10 investment-grade and high-yield bonds. As of [11/08/24], the average, annualized yield to worst (YTW) across all ten bonds is greater than 6%. A bond’s YTW is not “locked in” until the bond is purchased and is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, there is no way to know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or by how much they will decline. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. All investing involves risk. Public Investing charges a markup on each bond trade. Visit public.com/bond-account to learn more More about Danielle: A global thought leader in monetary policy, economics, and finance, DiMartino Booth founded QI Research in 2015. She is the author of FED UP: An Insider’s Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets.  Prior to QI Research, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas. She served as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in March 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy. DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed-income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University. Links:   QI Research: https://quillintelligence.com/subscriptions/ Twitter/X: https://twitter.com/dimartinobooth Fed Up: https://www.amazon.com/Fed-Up-Insiders-Federal-Reserve/dp/0735211655

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to the show for episode 208 to discuss the economy, markets, and the 2024 presidential election. ✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.   *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links:     Twitter/X: https://twitter.com/rcwhalen     Website: https://www.rcwhalen.com/     The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/   Timestamps: 00:00 Intro and welcome back Chris Whalen 00:56 Big picture, overview of interest rates and Fed policy 02:57 Analysis of Treasury bond market dynamics 04:11 Long-term outlook for bonds and market structure 06:01 Discussion of fiscal policy and government spending 09:00 Critique of government spending efficiency 11:24 Commentary on government sector competency 13:21 Election outlook and demographic shifts 16:56 Analysis of Bank of America and banking sector 19:16 Discussion of stock selection in current market 22:42 Investment strategy in uncertain times 24:59 Analysis of hydrogen and energy sector outlook 26:02 Key market risk: potential for higher long-term rates 28:05 Closing thoughts and upcoming conference call

Legendary economist Dr. A. Gary Shilling, President of A. Gary Shilling & Co., an economic consulting firm and a registered investment advisor, joins Julia La Roche on episode on episode 207 to discuss the state of the economy. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Timestamps: # Timestamps for Dr. Gary Shilling Interview 00:00 Welcome Dr. Shilling 00:55 Macro view, analysis of labor markets and recent employment data 02:39 Fed's priorities and concerns about labor market softening 03:26 Discussion of upcoming Fed meeting and rate cut expectations 04:59 Explanation of soft landings vs recessions 07:26 Analysis of current economic imbalances 09:14 Assessment of recession probability (40-50%) 12:52 Discussion of economic forecasting as art vs science 16:17 Analysis of bond market outlook 19:36 Discussion of inflation expectations and bond yields 22:42 Portfolio positioning and investment opportunities 24:06 Analysis of India vs China investment outlook 27:11 Assessment of upcoming US election implications 28:49 Discussion of debt and deficit issues 31:15 Analysis of US dollar's reserve currency status 32:36 Closing remarks and contact information Access Dr. Shilling's monthly newsletter INSIGHT by calling this toll free number (1-888-346-7444) or visiting his website (https://www.agaryshilling.com/).

Grant Williams, author of “Things That Make You Go Hmmm…” and host of The Grant Williams podcast, joins Julia La Roche on episode 206 for a wide-ranging conversation on macro. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: https://www.grant-williams.com/ https://twitter.com/ttmygh Timestamps: 01:07 Overview of current market confusion and multiple risks 03:33 Discussion of monetary policy and debt challenges 05:22 Analysis of BRICS developments and global shifts 07:49 Framework for assessing negative outcomes 09:35 Discussion of millennial investors and passive investing 14:26 Analysis of inflation and Federal Reserve credibility 17:19 Impact of inflation on society and purchasing power 22:11 Discussion of affordability and political implications 25:31 Analysis of public sentiment and policy constraints 31:16 Geopolitical considerations and policy options 35:01 Portfolio construction and preservation strategies 42:24 Bond market reactions and loss of Fed credibility 45:06 Breakdown of trust in financial system 48:52 Fourth Turning framework and implications 50:45 Potential factors that could alter thesis 52:43 Long-term perspective on gold investment 54:47 Analysis of silver as monetary metal 57:17 Closing thoughts on navigating current environment

Jim Bianco, president of Bianco Research, returns to The Julia La Roche Show for episode 205 to discuss the macro view, why the market is signaling the Fed's rate cut was a mistake, the dynamics of the labor market, and the presidential election. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: BiancoResearch.com BiancoAdvisors.com x.com/biancoresearch 00:00 Intro and welcome Jim 01:00 Analysis of Fed's 50 basis point rate cut and market reaction 04:27 Discussion of labor market and population growth impact 06:53 Analysis of ADP data and small business employment 09:11 Impact of immigration on economic statistics 11:20 Fed's political vs partisan nature in rate decisions 14:13 Explanation of "no landing" economic scenario 17:06 Outlook for bonds and inflation impact 19:59 Stock market return expectations 22:25 Bond market competition with stocks 23:33 Demographics and bear market discussion 26:28 Analysis of election betting markets and probabilities 31:41 Inflation outlook regardless of election outcome 33:04 Discussion of inflation rates vs cumulative price increases 37:11 Implications of a 3% inflation world 40:48 Closing remarks and information about Bianco Research

Macro trends blogger and economist David Woo @DavidWooUnbound, CEO of David Woo Unbound, a global forum devoted to the promotion of fact-based debates about markets, politics, and economics, joins Julia La Roche on episode 204 for a wide-ranging conversation on economics and politics and geopolitics. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Woo, the former head of Global Interest Rates, Foreign Exchange, Emerging Markets Fixed Income Strategy & Economics Research at Bank of America, is known for some of his bold and contrarian calls, including Trump winning the presidential race in 2016 (https://www.cnbc.com/2016/12/08/bofaml-analyst-got-ovation-from-co-workers-the-morning-after-election.html), and that the 2020 US presidential election would be much closer than expected and the results contested (https://www.afr.com/policy/economy/the-dangerous-groupthink-stalking-wall-street-20210909-p58q48). Links: Youtube: https://www.youtube.com/@DavidWooUnbound Website: https://www.davidwoounbound.com/ Twitter/X: https://twitter.com/Davidwoounbound Timestamps: 00:00 Introduction and welcome David Woo 00:59 Overview of macro picture, analysis of US labor market and economic data 03:22 Discussion on Chinese economy and stimulus measures 05:46 Impact of US-China rivalry on European economy, especially Germany 08:07 Critique of Federal Reserve's recent rate cut decision 10:28 Explanation of illegal immigration's impact on economic data 13:29 Analysis of upcoming US election and potential market impacts 16:57 Discussion on potential Israeli attack on Iran before US election 21:13 Analysis of Iran's military capabilities and potential conflict 25:36 Reasons for potential Israeli attack before US election 31:03 Investment strategies for different election scenarios 36:05 Analysis of polling data and election predictions 51:30 Demographic analysis of voter support for candidates 54:49 Discussion on risks to Trump's candidacy 57:27 Potential implications of a Trump victory 59:53 Speculations on potential Trump administration policies and team

In episode 203, David Rosenberg, founder and president of Rosenberg Research, joined Julia to discuss the current economic landscape and his outlook for the future. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. In this episode, Rosenberg challenged the prevailing optimism about the U.S. economy, arguing that the apparent strength in GDP numbers is largely due to unsustainable government spending. He highlighted discrepancies between official data and other economic indicators, suggesting that the economy may be weaker than it appears. Rosenberg expressed concern about the stock market's high valuations, drawing parallels to previous market bubbles. He warned of potential risks, including a possible recession in 2025, and discussed the dangers of excessive exposure to equities, particularly among older investors. Rosenberg advocated for a more defensive investment strategy, recommending an increased allocation to bonds and gold, while maintaining a cautious approach to equities. Throughout the conversation, he emphasized the importance of understanding historical patterns and the risks of "new era" thinking in financial markets. Links: https://rosenbergresearch.com/ https://x.com/EconguyRosie Timestamps: 00:23 Introduction and overview of current economic situation 01:03 Discussion on GDP growth and survey data divergence 02:57 Analysis of the Fed's Beige Book and economic indicators 05:19 Impact of government spending on GDP numbers 08:18 Discussion on fiscal policy and upcoming election 10:49 Analysis of government employment data and labor market 13:31 Long-term effects of fiscal policy 15:15 Lack of capital spending cycle and global economic slowdown 17:37 Diffusion analysis of the US economy 19:54 Potential fiscal policy changes after the election 21:10 Discussion on potential recession and historical comparisons 25:15 Analysis of interest rates and debt service costs 27:43 Lags in economic policy effects 31:35 Job report revisions and data reliability issues 35:43 Stock market valuation and earnings growth 39:21 Risks in current stock market valuations 42:26 Discussion on portfolio rebalancing and asset allocation 46:40 Concerns about passive index investing 50:01 Potential impact of stock market decline on the economy 54:15 Investment strategy and portfolio allocation 57:22 Approach to investing in bonds 01:00:45 Total return expectations for bonds 01:02:27 Parting thoughts

Steve H. Hanke, professor of applied economics at Johns Hopkins University and the founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, joins Julia La Roche on episode 202 for a conversation on the state of the economy, the money supply, inflation, and the upcoming election. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: Twitter/X: https://x.com/steve_hanke Capital, Interest, and Waiting: Controversies, Puzzles, and New Additions to Capital Theory https://link.springer.com/book/10.1007/978-3-031-63398-0 Making Money Work: How to Rewrite the Rules of Our Financial System: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 https://www.barnesandnoble.com/w/making-money-work-matt-sekerke/1146170520 Timestamps: 00:00 Introduction and welcome Professor Hanke 02:06 Discussion on China's economy and inflation 04:29 U.S. economy and money supply contraction 07:29 European economic situation 10:41 Focus on money supply vs interest rates 15:59 Discussion on job report revisions and data reliability 21:17 Inflation forecast and bond yields 25:57 Fed's record on predicting economic trends 27:29 Book recommendations on economic theory 31:57 Analysis of upcoming election (polls vs prediction markets) 38:17 Economic policies of candidates 42:40 Industrial policy and protectionism 45:15 Government spending as percentage of GDP 48:40 Parting thoughts and new book announcements 50:22 Closing remarks

Eric Basmajian, founder and CEO of EPB Research, joins Julia on episode 201 to discuss the economy, housing market dynamics, outlook on unemployment trends, and the long-term economic factors, including the effects of increasing government size on private sector growth. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: Website: https://www.epbresearch.com/ Twitter/X: https://x.com/EPBResearch Substack: https://epbresearch.substack.com/ Timestamps: 00:00 Introduction and welcome Eric Basmajian 01:03 Macro view + Eric's four economies framework 03:17 Explanation of leading, cyclical, aggregate, and lagging economies 07:29 Current state of the economy and growth rates 09:32 How to discern signal from noise in economic data 13:15 Discussion on economic revisions and their significance 16:23 Addressing common misconceptions about the economy 20:55 Inflation trends and relationship to the business cycle 23:03 Analysis of Fed's September rate cut decision 25:22 Impact of backlogs on economic activity post-COVID 30:48 Overview of the residential housing cycle 33:55 Current housing market supply and demand dynamics 37:08 Forecast for unemployment rate trends 43:53 Long-term economic outlook factors (debt, demographics, government size) 48:16 Declining growth rates in real private sector income 50:51 Impact of increasing government size on economic growth 54:15 Optimal government size for economic growth 57:37 Connection between rising home prices and demographic changes

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns for episode 200 to discuss the economy, the Fed, upcoming bank earnings, the 2024 election, and more. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/ 00:00 Introduction and welcome Chris Whalen 01:10 Macro view and Federal Reserve actions 02:56 Fed's rate cut mistake and implications 05:14 Fed's credibility and narrative challenges 07:12 Global economic outlook and banking sector issues 09:13 Inflation and its impact on different economic segments 12:09 Analysis of proposed first-time homebuyer policy 15:01 Discussion on oil markets and OPEC 16:48 US 10-year yields and mortgage rates 19:46 Outlook for upcoming bank earnings 22:19 Basel Accord and banking regulation issues 26:25 Market risks and bank solvency concerns 28:16 Implications of rising 10-year Treasury yields 30:36 2024 US election outlook and key issues 33:00 Closing thoughts and upcoming book releases

Josh Brown, co-founder and CEO of Ritholtz Wealth Management, a New York City-based investment advisory firm managing over $5 billion, joins Julia La Roche on episode 199. Josh is a frequent commentator on CNBC's "Halftime Report," and the author of four books, including his newest, "You Weren't Supposed To See That: Secrets Every Investor Should Know." ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Book: https://www.amazon.com/You-Werent-Supposed-See-That/dp/180409059X Timestamps: 00:00 Introduction and welcome Josh Brown 02:05 The current state of the economy and markets 06:18 Abundance mindset vs scarcity mindset in investing 10:42 Josh's journey from blogging to meeting Barry Ritholtz 15:08 Overcoming imposter syndrome and taking risks 18:25 Josh's experience in boiler rooms and being honest about his past 21:30 Discussing Josh's personal story and education 25:58 "You Weren't Supposed to See That" 29:37 Current market trends and investment philosophy 34:20 The role of financial advisors during market volatility 38:45 Building a media empire in finance 43:12 The importance of communication in wealth management 47:30 Reflecting on career growth and luck in the industry 50:15 The asymmetry of putting yourself out there and final thoughts

Raoul Pal, founder and CEO of Real Vision and author of the Global Macro Investor, joins Julia La Roche on episode 198 to share his macro outlook and why he thinks we're headed for an Economic Singularity with the rise of AI. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: Twitter/X: https://twitter.com/raoulgmi GMI: https://globalmacroinvestor.com/ Real Vision: https://www.realvision.com/ 00:00 Welcome Raoul Pal and Real Vision's 10-year anniversary 01:39 The Everything Code and macro cycles explained 05:38 Explaining liquidity and its sources 07:29 Central banks, liquidity, and currency debasement 11:42 Risk-taking and asset performance in the current environment 15:02 The exciting macro setup and market opportunities ahead 17:43 Addressing misconceptions about recessions and market bubbles 22:23 Federal Reserve rate cuts and inflation outlook 25:58 Raoul's evolution to a more optimistic market view 34:45 The concept of economic singularity explained 38:20 AI's impact on productivity and economic growth 42:20 Preparing for the economic singularity in the next 6 years 43:58 Bitcoin as a high-performing asset 45:07 Real Vision's past and future outlook 48:58 Closing thoughts on "unf***ing your future"

Bill Fleckenstein, president and founder of Fleckenstein Capital, returns to The Julia La Roche Show for episode 197. ✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links:   Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583 Twitter/X: https://twitter.com/fleckcap Website: https://www.fleckensteincapital.com/ 00:12 Welcome and introduction 01:20 Macro view and Fed policy 7:08 Understanding inflation and central bank policies 11:21 The bond market's role in economic stability 18:01 Bubbles and market psychology 21:45 Current economic health and stagflation outlook 26:46 The Fed's credibility crisis 31:53 Implications of the upcoming election 34:13 Gold and silver investment perspectives 35:55 Japanese yen carry trade unwind 37:14 US dollar outlook 39:41 Thesis development in investing 42:00 The U.S. debt situation and future outlook 44:03 Parting thoughts on developing investment theses 46:07 Book recommendations and where to find Bill's work

Brent Johnson, founder and CEO of Santiago Capital, returns for episode 196, in which he discusses the current macro landscape, focusing on Fed policy, global markets, and his Dollar Milkshake Theory. He explores gold's role as a signal of economic stress, the dynamics of carry trades, and potential market volatility ahead. ✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: Twitter/X: https://x.com/SantiagoAuFund YouTube: https://www.youtube.com/@milkshakespod Macro Alchemist: https://macroalchemist.com/ 0:00 Welcome Brent Johnson 1:05 Current macro picture and Fed policy 4:40 Challenges of engineering a soft landing 8:54 What is gold signaling? 14:22 Global demand for gold 17:29 Dollar Milkshake Theory explained 24:11 Geopolitical implications of the dollar system 30:22 Market outlook 37:42 Are markets in a bubble? 41:51 Gold price outlook 45:35 2024 election impact on markets 49:24 Yen carry trade and broader carry trade risks 56:17 The global system as one big carry trade 59:03 Closing thoughts and where to find Brent's work

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to the show for episode 195 to discuss the current state of the economy. ✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.   *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links:     Twitter/X: https://twitter.com/rcwhalen     Website: https://www.rcwhalen.com/     The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/    Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/   Chapters 00:00 Intro and welcome back Chris Whalen 01:04 Big picture view — is there a recession or not? 02:24 Labor market 03:44 Home prices 07:53 Recession   10:40 Rate policy 12:54 Fed is afraid to really fight inflation 14:00 Liquidity explained 17:00 Americans are looking to be bailed out 21:30 Intervention 23:05 Fed 24:50 Deficit 28:40 Election 32:36 Parting thoughts

Dr. Art Laffer, one of the most influential economists of the past half-century, joins Julia La Roche for episode 194. Dr. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm. Known as the "Father of Supply Economics," he is famous for developing the Laffer Curve, a representation of the relationship between tax rates and tax revenue that was foundational to supply-side economics. Dr. Laffer served as a member of President Reagan's Economic Policy Advisory Board for both of Reagan's terms. ✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account.   Timestamps: 0:00 Intro and welcome back Dr. Art Laffer 1:06 Big picture macro view, a long period of economic senescence 5:13 Transfer theorem and the decline in growth rates 7:58 Upcoming election from an economics lens 11:30 Operation Warp Speed and Right To Try 15:25 A second-term Trump could unleash a Renaissance in America's economy 19:00 Five pillars of prosperity 24:17 Tariffs 28:30 Trade and geopolitics 33:30 Trade is not a political weapon 42:50 Government spending 50:00 RFK Jr. endorsing Trump is one of the most important events 53:55 A Harris presidency 57:20 Parting thoughts

✨ This episode is sponsored by Public.com. Lock in your 6.9% yield: https://public.com/julia ✨ Tom McClellan, editor of The McClellan Market Report, and a prominent figure in the field of stock market analysis and technical analysis, joins Julia La Roche on episode 193 to share his views on the economy and markets in a presentation of charts. Tom is the son of Sherman and Marian McClellan, who are recognized for creating the McClellan Oscillator and Summation Index in 1969. Tom McClellan has done extensive analytical spreadsheet development for the stock and commodities markets, including the synthesizing of the four-year Presidential Cycle Pattern.  He is a graduate of the U.S. Military Academy at West Point and served as an Army helicopter pilot for 11 years. **DISCLOSURE** Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Lock in your 6.9% yield: https://public.com/julia Timestamps: 0:00 Welcome back Tom 1:00 Where we are today in the markets 2:00 McClellan Oscillator showing the bulls are no longer in control 6:30 Presidential Cycle Pattern 10:50 Liquidity 12:40 Gold 20:29 Japanese Yen 22:00 Mexican Peso 23:25 Gold 25:25 Dollar 31:40 McClellan Oscillator explained, signaling an overbought and bearish condition in the markets 33:16 Are recession signals flashing in the market? 36:00 Demographics 38:27 Market timing 40:41 Federal Reserve is 13 months overdue for cutting 43:00 Presidential Cycle 46:29 Parting thoughts Links:   https://www.mcoscillator.com/ https://twitter.com/McClellanOsc

Legendary economist Dr. Lacy Hunt, EVP and Chief Economist of Hoisington Investment Management Company, joins Julia La Roche on episode 192 for a wide-ranging discussion on the deteriorating economy. In this episode, Dr. Hunt explains that non-farm payrolls overshot by five standard errors, making it the worst miss since a 9 standard one for 2009, during the GFC recession, and marking another bureaucratic failure. According to Dr. Hunt, the reported overshoot of 818,000 was based on an internal seasonally adjusted series, but based on the nonseasonal adjusted data, the overshoot was actually 915,000. Dr. Hunt explains that the non-farm job miss means that productivity will be revised up while unit labor costs will be revised down. Personal income and Gross Domestic Income will be revised downward, and the personal saving rate will be reduced from its already very depressed level of 3.5%. ✨ This episode is sponsored by Public.com ✨   Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only.  *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.9% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 8/23/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. ✨ Lock in your 6.9% yield: https://public.com/julia ✨  Timestamps:  0:00 Welcome Dr. Lacy Hunt 1:16 Macro picture  3:37 Downward revision in non-farm payrolls is significant  5:45 The 818,000 error is actually 915,000, according to Dr. Hunt's model 9:00 The economy is deteriorating  15:24 Net national saving shows we have a problem 21:40 The seriousness of negative net national savings  25:00 Decline in the standard of living 34:50 Possible solutions, shared sacrifice  40:00 Fiscal dominance is a very real possibility  45:40 Fed is behind the curve  47:37 Where are we in the economic lifecycle  49:44 The global economy

Ted Oakley, Managing Partner and Founder of Oxbow Advisors, joins Julia La Roche on episode 191 to discuss the economy and markets. With more than forty years of experience in advising high-net-worth clients in the investment industry, Oakley implements the firm’s proprietary investment strategies and the “Oxbow Principles” to provide a unique investment perspective. He is a frequent guest on FOX Business News, Bloomberg Radio, KITCO News, Cheddar TV, Yahoo Finance, and many more. Oakley is a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP). He is a member of the Austin Society of Financial Analysts. He is also a Partner of Herndon Plant Oakley Ltd., an investment company. He is a Board Member of Texas State Aquarium, American Bank, and American Bank Holding Company. Mr. Oakley is a United States Army Veteran. Oakley began his career in Dallas, Texas, over 35 years ago. He is the author of nine books: You Sold Your Company, $20 Million and Broke, Rich Kids Broke Kids – The Failure of Traditional Estate Planning, Crazy Time – Surviving the First 12 Months after Selling Your Company, Wall Street Lies, Danger Time, My Story, The Psychology of Staying Rich, and Your Money Mentality. Oakley’s primary philanthropic interest is helping children. He is Chairman Emeritus and Founder of the Foster Angels of South Texas, the largest foster child foundation in South Texas, as well as Chairman Emeritus and Founder of Austin, Texas-based Foster Angels of Central Texas. Also, President and Founder of Advocates for Foster Children Foundation. https://oxbowadvisors.com/ 00:00 Introduction and welcome Ted Oakley 1:31 Macro picture, a slow disintegration 3:06 Federal Reserve 5:30 State of the Middle Class 7:00 A September rate cut? 08:32 Conversations with clients about the economy 11:31 The average person's exposure to stocks is too high, building balanced portfolios 15:30 Similarities/differences between 2000 and today 17:40 The evolution of the market and rise of passive investing 19:30 Cash position 21:20 10-Year Treasury 23:48 Opportunities — cutting back on tech stocks, investing in pharmaceuticals 25:20 Gold 27:20 When to sell your winners 31:25 Staying rich with a balanced portfolio 33:50 Second, third generation wealth 39:40 Best and worst years personally

Brian Wesbury, Chief Economist at First Trust Advisors LP, joins Julia La Roche episode 190 to discuss the macro picture and why the economy is likely headed toward recession. He also thinks this overvalued stock market could see a 15-20% correction. Links: website: https://www.ftportfolios.com/ blog: https://www.ftportfolios.com/retail/blogs/Economics/index.aspx X: https://x.com/wesbury 0:00 Welcome Brian Wesbury 1:09 Macro view 3:30 Why we're going to have a recession 4:25 Health of the economy 8:15 Savings rate 10:45 Bifurcated economy 12:30 Housing 15:45 Federal Reserve have separated the money supply from interest rates 19:60 Burns or Volcker 21:20 Cut because of politics 25:20 Debt situation 30:40 Bitcoin 33:44 State-run capitalism 37:00 Markets 40:00 Energy 42:50 Presidential election 47:20 Parting thoughts

Investor and speculator Rick Rule, president and CEO of Rule Investment Media and co-founder of Battle Bank, returns to the show for episode 189, featuring a discussion on the macro environment, warning signs, and investment opportunities. Link to Rick's private placements bootcamp: https://events.ringcentral.com/events/rick-rule-s-virtual-private-placement-bootcamp?utm_source=aff&utm_campaign=14 00:00 Introduction and welcome back Rick Rule 01:30 Macro picture, wake-up call and lessons from the Japanese carry trade unwind 3:53 Be prepared for these contingencies 05:50 Two risks, one opportunity 09:50 Entitlements 12:15 Opportunity in gold 15:20 Taxes and inflation 19:39 The Federal Reserve and interest rates 23:19 Manipulation of interest rates 30:10 Bond market 35:05 Upcoming election 40:58 Parting thoughts

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to The Julia La Roche Show for episode 188 to discuss the economy. This episode was recorded on Friday, Aug. 2. Links: Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/ Timestamps: 00:00 Welcome back Chris Whalen 01:00 Big picture view and the troublesome rate of change 2:30 10-year yield 04:15 An inflection point 06:15 Risks in corporate credit and commercial real estate 09:15 A difficult economic environment ahead 12:50 Upcoming election 15:00 Why the Fed won't cut before the election 16:40 Opportunities 18:40 Fannie and Freddie 23:08 Velocity of the change 24:00 Consumers 26:16 Opportunities for Lenders 28:00 Inflation problem

Michael Pento, president and founder of Pento Portfolio Strategies (PPS), joins Julia La Roche on episode 187 to discuss a dangerous triumvirate of bubbles in the economy: a real estate bubble, an equity bubble, and a credit bubble. These bubbles have been fueled by 20 years of a negative real Fed funds rate. Pento predicts that these bubbles will burst. He believes that the current situation is very dangerous and could result in a stagflationary environment. Michael also discusses inflation and the erosion of the middle class and the negative implications for the economy. Links:  https://pentoport.com/ https://twitter.com/michaelpento 0:00 Welcome back Michael Pento 1:11 Macro view, most salient chart 1:55 A triumvirate of dangerous bubbles 4:09 Bubbles bursting 7:14 The market has already priced in rate cuts 9:39 Most dangerous time in the markets? 11:10 Where would we be if the free market could exist? 13:19 Bifurcation of the economy 19:44 America is an insolvent nation 21:30 Headed for stagflation 23:12 Election 24:29 Investing 27:50 Gold 28:30 Inflation 30:00 Erosion of the middle class 35:58 What difference would a Fed cut even make? 34:55 US dollar 41:20 Gold is not an investment 43:30 Any hope?

Macro trends blogger and economist David Woo @DavidWooUnbound, CEO of David Woo Unbound, a global forum devoted to the promotion of fact-based debates about markets, politics, and economics, joins Julia La Roche on episode 186 for a wide-ranging conversation on economics and politics, including the attempted assassination on former President Trump and why the market has the so-called Trump trades all wrong. This episode was recorded on Friday, July 19. Woo, the former head of Global Interest Rates, Foreign Exchange, Emerging Markets Fixed Income Strategy & Economics Research at Bank of America, is known for some of his bold and contrarian calls, including Trump winning the presidential race in 2016 (https://www.cnbc.com/2016/12/08/bofaml-analyst-got-ovation-from-co-workers-the-morning-after-election.html), and that the 2020 US presidential election would be much closer than expected and the results contested (https://www.afr.com/policy/economy/the-dangerous-groupthink-stalking-wall-street-20210909-p58q48). Links: Youtube: https://www.youtube.com/@DavidWooUnbound Website: https://www.davidwoounbound.com/ Twitter/X: https://twitter.com/Davidwoounbound Timestamps: 00:00 Introduction and welcome David Woo 01:25 Big picture macro view 03:00 Geopolitical update 04:10 Trump trades 06:53 Election is not over yet 08:01 Assassination attempt and the risk of another attempt 11:15 JD Vance 15:20 Finding a replacement to Biden 18:45 2025 will have nothing to do with 2017 22:44 Challenges in financing tax cuts, tariffs, and potential for a global trade war 25:50 Collecting taxes on big tech companies doing business outside the US would be bearish for stocks 28:00 Trump will face a massive budget deficit and why he's not that bullish for bitcoin 28:50 Trump 1.0 vs. Trump 2.0 economy 30:30 If Trump wins, he'll inherit a huge mess from Biden 35:41 Immigration 40:31 The ultimate Trump trades are defensive trades 44:30 Betting on a recession 50:37 Generative AI is a bubble that will trigger a recession 56:55 Parting thoughts

Jim Rickards returns to the podcast for episode 185 to discuss the macro view and political turmoil in the U.S., including the attempted assassination of former President Trump. This episode was recorded on July 18. Rickards is a New York Times bestselling author of Currency Wars: The Making of the Next Global Crisis and several other best-sellers, including The New Great Depression, Aftermath, The Road to Ruin, Death of Money, The New Case for Gold, and his newest book Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy. An investment advisor, lawyer, inventor, and economist, Rickards has held senior positions at Citibank, Long-Term Capital Management, and Caxton Associates. He is also the Editor of Strategic Intelligence, a widely-read financial newsletter. Links: http://www.jamesrickardsproject.com/ https://twitter.com/JamesGRickards Timestamps: 00:00 Introduction and overview 05:46 The current political landscape and global events 16:49 Trump's path to victory 22:27 Internal dynamics within the Democratic Party 26:26 Discussions of a virtual roll call for Biden's nomination 31:03 Biden withdrawing and Harris becoming the nominee 35:11 The landmine of Congress certification in 2025 50:47 The path towards a recession 56:34 The stock market bubble and concentration risk 59:33 AI

Steve H. Hanke, professor of applied economics at Johns Hopkins University and the founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, joins Julia La Roche on episode 81 for a wide-ranging conversation on the economy. Three years ago, using the quantity theory of money — which links asset prices, economic activity and inflation to changes in the money supply—Professor Hanke accurately predicted that inflation would be persistent and rise to the highest levels in a generation between 6 to 9%. Inflation topped out at 9.1%. And he expects inflation will fall to his expected range of 2.5-3% by the end of the year. He also expects that we'll enter a recession later this year or early next year. Twitter/X: https://x.com/steve_hanke Timestamps: 00:00 Introduction and welcome Professor Hanke 01:05 Big picture, macro view, Quantity Theory of Money 06:20 Inflation headed to 2.5-3% zone by year-end, sees recession ahead 07:40 Grading the Federal Reserve's policies, they get an 'F' 12:40 How the money supply works 16:21 Inflation below 2%? 17:30 Debt and deficit 21:52 Need for a Constitutional amendment to control government spending 23:48 End game if we don't address the debt situation 24:44 A fiscal illusion

Neil Howe, an author, historian, demographer, economist, and consultant best known for his work on social generations and generational trends, joins Julia La Roche on episode 183 to discuss the Fourth Turning. Julia and Neil recorded this episode on Friday, July 12. After the attempted assassination of former President Donald J. Trump at a rally in Pennsylvania, Neil and Julia spoke again for about 20 minutes on Sunday afternoon, which airs at the beginning.  Along with the late William Strauss, Howe is credited with creating the concept of generational theory and popularizing terms such as "Millennial Generation." Howe has written several books on generational trends, including "The Fourth Turning" and "Generations." His work focuses on understanding the cyclical patterns of history and how different generations shape society. A quarter of a century ago, Howe and Strauss introduced an innovative interpretation of American history. They identified a recurring pattern: modern history proceeds in cycles, roughly 80 to 100 years long, mirroring a human lifespan. Each cycle encompasses four distinct eras, or "turnings," each lasting about 25 years and always following the same sequence. The fourth and final turning, they found, was invariably the most tumultuous and transformative, on par with events like the New Deal, World War II, the Civil War, or the American Revolution.  In his newest book, "The Fourth Turning Is Here," Howe applies his understanding of historical cycles to anticipate the resolution of current civic unrest and project the potential future state of America over the next decade. According to Howe, we will reach a climax by the early 2030s. While this climax poses substantial risks, it also carries the potential for a new era of prosperity in America. The outcome of this critical juncture, he argues, will be determined by every living generation's involvement.  Links:   Twitter/x: https://twitter.com/HoweGeneration  The Fourth Turning Is Here: https://www.amazon.com/Fourth-Turning-Here-Seasons-History/dp/1982173734 Timestamps:  0:00 Intro and welcome Neil Howe 1:09 Neil Howe reaction to assassination attempt on former President Trump 4:30 We’re in an era where people are more tolerant of violence  6:20 How would we react?  9:31 Breakdown of trust — where are people finding trust?  11:11 A path forward?  16:20 Parting thoughts — be hopeful about the future and long-term destination 19:10 Neil Howe July 12 interview intro  20:30 Generational theory, the four turnings  25:50 Crises that shape generations  27:55 Great Awakenings  33:40 Where are we in the Fourth Turning? The election? Tribalization of America  36:20 “I worry about November 5th…”  41:23 Political risk-taking 44:40 Four Turnings 48:30 Crisis period

Economist and author Tyler Cowen, the Holbert L. Harris Chair of Economics at George Mason University and chairman and general director of the Mercatus Center at George Mason University, joins Julia La Roche on episode 182.  Links:  Marginal Revolution: https://marginalrevolution.com/ Twitter/X: https://x.com/tylercowen 00:00 Introduction and welcome Tyler Cowen 01:11 Big picture — the scary and the wonderful   03:37 Optimist 04:40 The Great Stagnation and AI  06:18 The impact of AI on investing 08:14 Human connections will matter more  10:45 Our debt will probably prove manageable because of AI 11:22 How AI will change how we live 13:50 Education  16:39 AI and jobs 18:17 Debt  21:17 U.S. psychology  23:37 Conflicting narratives of the economy 24:40 Immigration 26:25 Talent  29:13 Food and capitalism  32:20 Approach to life  33:20 Great Financial Crisis — why real estate wasn’t a bubble  36:20 Investing: Be long 38:36 Travel and humanity  42:00 Views 43:40 Election year  45:50 Parting thoughts 

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to The Julia La Roche Show for episode 181 to discuss the economy, why he thinks the Federal Reserve is worried about a recession next year, and his take on the upcoming election. Links: Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/ Timestamps: 0:00 Intro and welcome Chris Whalen 01:00 Macro view 03:00 Stress tests 05:50 The Consumer 07:30 Silent crisis in commercial 11:24 Election 14:45 Trump win good for the economy 17:30 Inflation 21:20 Rate policy 25:30 Trump 29:00 Parting thoughts

Entrepreneur-turned-investor Andrew Wilkinson, founder and chairman of Tiny, a Victoria, Canada holding company that invests mostly in tech, joined Julia La Roche on episode 180 to share his new book, “Never Enough: From Barista To Billionaire. Once a barista in a small cafe making $6.50 an hour, Andrew Wilkinson built a business valued at over a billion dollars by the time he was 36—and yet, his path to success was anything but a straight line. In Never Enough, Wilkinson pulls back the curtain on the lives of the ultra-rich, sharing insights into building a successful business that has been called a “Berkshire Hathaway, but for internet companies,” and a surprising first-person account of what it's actually like to become a billionaire. Never Enough features both the lessons Wilkinson has learned as well as the many mistakes made on the road to wealth—some of which cost him money, happiness, and important relationships. Taking a "no secrets" approach to stories the wealthy rarely reveal, Wilkinson is unwaveringly honest about some of the unexpected downsides of money: its toxic effect on personal relationships, how the lifestyles of the rich and famous aren't all they're cracked up to be, and how competition with peers leaves everyone—even billionaires—feeling like they never have enough. In this book, you'll discover: A candid glimpse into the lives of the super-rich and what truly matters beyond money Insights on building a successful business from the ground up Lessons learned from the mistakes made on the journey to his fortune The surprising realities of life as a billionaire and the challenges that come with extreme wealth In this rare and deeply honest account, Wilkinson examines his journey to nine zeros, what came after that pinnacled number, and the essential things money can't buy. Links:  Book: https://www.amazon.com/Never-Enough-Billionaire-Andrew-Wilkinson/dp/1637744765 Twitter/X: https://x.com/awilkinson 0:00 Intro and welcome Andrew Wilkinson 1:48 Macro view  6:23 AI  10:00 'Never Enough' book 11:35 A form of self-therapy  13:00 If you swim with the sharks, you’ll become one  14:00 Making things right 17:00 Starting businesses as a teen

Edward Dowd, Founding Partner of Phinance Technologies, a global macro alternative investment firm, and author of "Cause Unknown: The Epidemic of Sudden Deaths in 2021 & 2022,” joins Julia La Roche on episode 179. Links:  PhinanceTechnologies: https://phinancetechnologies.com/ Twitter/X: https://x.com/DowdEdward 00:00 Intro and welcome Ed Dowd   00:46 Macro picture  02:14 On the precipice of a slowdown in the economy 03:15 State of the real economy  04:30 Disconnect in the U.S. stock market, a fast and furious correction 10:17 Preparing for the correction: allocating portion to T-Bills 11:38 Generational opportunity  13:30 Growing debt and deficits  15:45  Need the austerity candidate  16:58 A looming crisis  18:48 UBI and a CBDC  22:25 Gold  24:30 Toxic brew  27:29 Erosion of the middle class 29:00 Inflation  30:40 Rate cut  33:00 Policy error of the Fed 36:20 Real estate  38:00 Immigration  40:13 GDI for average middle class went up under Trump 42:12 Chaos creates opportunity  46:12 Phinance Technologies: Providing Alternative Perspectives on the Market

Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and a CNBC contributor, discusses the mixed and uneven state of the economy. He highlights the contrasting trends in different sectors, such as housing, consumer spending, and manufacturing. Boockvar also discusses the impact of government spending and the labor market on the overall economy. He emphasizes the confusion and challenges faced by the Federal Reserve in managing inflation and interest rates. Boockvar shares his outlook on the future, including the potential for slower US growth, the importance of Asia in driving economic growth, and his investment preferences in commodities and Asian markets. Links:  Substack/The Boock Report: https://boockreport.com/ Twitter/X: https://x.com/pboockvar Bleakley Financial Group: https://www.bleakley.com/ Timestamps: 00:00 Introduction and welcome Peter Boockvar 00:51 Macro view, “the most mixed and uneven economy that I've seen” and it feels more like a 1.5% growth rate rather than 3% 04:47 Labor market  05:45 What’s happening in the rest of the world economies?  08:00 Inflation 09:11 The Fed and interest rates 11:03 Bear steepener  13:40 New normal  18:40 Housing market outlook 21:45 When will the rising debt/deficit be a problem? 

Michael Green, Chief Strategist and Portfolio Manager for Simplify Asset Management, joins Julia La Roche on episode 178 for a wide-ranging conversation on the economy and market.   In this episode, Mike Green discusses some of the implications of systematic and passive investment strategies and how they've led to the current market conditions.  Michael has been noted for his work as a market theoretician and financial media participant. He is a graduate of the University of Pennsylvania and a CFA holder. Links: Follow Mike on Twitter/x: https://twitter.com/profplum99  Read Mike’s Substack: https://www.yesigiveafig.com/ Visit Simplify: https://www.simplify.us/ 0:00 Intro and welcome Mike Green  0:56 Macro picture  2:27 Markets  4:30 The Boomers always win  8:38 Assessment of the health of the economy  12:00 Reduction in hours, increase in part-time work  12:55 Impact of passive investing  20:40 Largest stocks most affected by passive flows 23:00 Everyone has become automated  25:17 How does this end? An accelerated reversal of the gains?  28:49 Perception of retirement wealth 31:00 Ponzi funds  35:30 Social security  37:00 Markets divorced from fundamentals  41:09 The Fed

Economist and investor Jonathan Treussard, founder of Treussard Capital Management, a Registered Investment Advisor, joins Julia La Roche on episode 176 to discuss the current state of the economy and markets.  Link:  https://www.treussard.com/julia Timestamps:  00:00 Intro and welcome Jonathan Treussard 00:52 Macro view, confusing data, too much volatility  04:11 Wealth inequality  05:33 AI 06:33 Is the economy healthy?  07:55 Money illusion 10:07 Bubbles and assessing market valuations 14:36 Geopolitics  17:50 Middle class  19:50 From musician to economist 27:15 Changing perception of America 30:34 Market risks: Nvidia, CRE, Private Equity, and Private Credit 36:00 Banking system  38:33 Concerns about CRE and private credit 41:37 Making decisions under uncertainty  45:12 Parting thoughts

Investment banker and author Chris Whalen, chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, returns to The Julia La Roche Show for episode 175 to discuss the economy, the risk in commercial real estate, the upcoming presidential election, and the status of the American dream.   Links:  Twitter/X: https://twitter.com/rcwhalen  Website: https://www.rcwhalen.com/  The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Stanley Middleman book: https://www.amazon.com/Seeing-Around-Corners-Achieving-Business/dp/B0D5PTSJVC/ Timestamps:  0:00 Intro and welcome Chris Whalen  1:55 Macro view today, an indication that the tide is going back out 4:40 Residential housing will be the last headwind  5:50 Health of the economy? ‘We’re hiding a lot’  7:10 Commercial could be the source of the next financial crisis  11:50 Presidential election  14:00 What a Trump victory would mean  16:00 Our debt and deficit — We’re headed toward a crisis 18:40 The Fed  21:40 Fed’s focus on language and turning markets into a Kindergarten exercise  23:30 We’ve turned the Fed into a corporate earnings exercise  26:00 Inflation  28:31 The American Dream  31:00 Parting thoughts 

"Reformed" hedge fund manager James Lavish, the author of The Informationist newsletter and founder/managing partner of The Bitcoin Opportunity Fund, joins Julia La Roche on episode 174 for a wide-ranging discussion on macro, the pockets of recession especially in the private sector, and a deep dive into the debt problem in the U.S.  Links:  Twitter/X: https://x.com/jameslavish The Informationist: https://jameslavish.substack.com/ The Bitcoin Opportunity Fund: https://www.bitcoinopportunity.fund/  Timestamps:  0:00 Intro and welcome James Lavish 1:00 Macro view  2:30 Pockets of recession, fiscal dominance, inflation 5:08 Highly manipulated numbers, CPI   10:30 Deficit spending and the economy  12:40 Debt spiral and why the U.S. is a ‘zombie’  17:20 They’re going to print so much money it’s going to shock people  19:50 U.S. Treasuries  28:15 Stagflation  30:00 Dallas Fed survey: recession red flag?  35:00 The government will continue to recklessly spend  37:03 FOMC and jobs  40:50 Parting thoughts, asset allocation

Dave Collum, Professor of organic chemistry at Cornell University and Zero Hedge Contributor, joins The Julia La Roche to share his views on the economy and markets. In this episode, Professor Collum makes a case that the market today looks “more insane than the dot-com bubble” and why we could be headed for a 40-year bear market. Links:  Twitter/X: https://x.com/DavidBCollum Year-end review: https://peakprosperity.com/dave-collums-2023-year-in-review-down-some-dark-rabbit-holes/ Timestamps:  0:00 Intro and welcome Dave Collum  1:18 Lessons in chemistry  7:00 Investing — bonds, equities, gold  9:10 Gold  14:47 Elizabeth Warren  17:15 Financial crisis  20:13 Case for a 40-year bear market  21:30 Macro view — about to start a serious downturn and we’ve had no pain  29:30 Demographics  30:58 Tailwinds  33:20 BRICs 36:40 Election  42:02 How do you prepare for this macro environment + bear market thesis + end of American experiment  45:00 Prepper 47:19 Bitcoin  49:08 Performance this year — ‘an old man’s portfolio’  51:23 Not your typical Ivy League professor + campus culture today as someone who is “Trump tolerant” + cancel culture  1:04:37 Optimism   1:11:58 Closing 

John Cochrane, the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution and former professor of finance at the University of Chicago Booth School of Business and, before that, the Department of Economics, joins Julia on episode 172. Professor Cochrane is the author of The Fiscal Theory of the Price Level book, and he writes the Grumpy Economist blog. and In this episode, Professor Cochrane discusses the current state of the US economy, the fiscal theory of the price level, the causes and challenges of inflation, and the concerning levels of government debt. He emphasizes the need for supply-side efficiency and fiscal discipline to sustain economic growth and control inflation. Cochrane also highlights the limitations of the Federal Reserve's interest rate policy and the importance of responsible fiscal policy in addressing the fiscal picture. He suggests reforming the tax code, social programs and reducing middle-class subsidies are necessary to ensure long-term sustainability.  Cochrane concludes by emphasizing the need to pay attention to incentives and the interconnectedness of various policies. He also mentions the potential of AI and biotech to drive future growth and warns against stifling innovation. Takeaways:  The US economy is currently experiencing low unemployment and a bout of inflation caused by government stimulus. The fiscal theory of the price level explains that money, government debt, and inflation are interconnected, and the quantity of money and government bonds both impact inflation. The Federal Reserve's interest rate policy has limitations in controlling inflation, and fiscal policy plays a crucial role in addressing inflation and government debt. To fix the fiscal picture, it is necessary to reform the tax code, social programs, and reduce middle-class subsidies to ensure long-term sustainability. Responsible fiscal policy, economic growth, and steady primary surpluses are essential to control inflation and maintain a stable economy. The US economy may be more fragile than it appears, with concerns about the ability to pay back debts and the difficulty of selling longer-term debt. Forecasting inflation is challenging, and the Federal Reserve and other forecasters have often missed the mark. The mechanics of inflation are similar to the stock market, and there are risks of higher inflation in certain scenarios. Fiscal dominance refers to the constraint on monetary policy caused by fiscal policy. The ability to control inflation through fiscal policy may be more challenging now. The Federal Reserve was slow to act on inflation and needs to consider a wider range of scenarios and incentives in its decision-making process. The biggest economic story in our lifetimes is long-term growth and the importance of embracing new technologies and innovation. Incentives play a crucial role in solving economic problems and driving growth. Social programs and the tax code need to be examined together to understand the full impact on incentives and redistribution. The interconnectedness of policies and the need to consider the whole system when addressing economic challenges. Links: Twitter/X: https://x.com/JohnHCochrane Website: https://www.johnhcochrane.com/ Substack: https://substack.com/@grumpyeconomist Book: https://www.amazon.com/Fiscal-Theory-Price-Level/dp/0691242240 Timestamps:  00:00 Intro and welcome John Cochrane  01:30 Macro picture and understanding inflation 04:00 We’re a supply-limited economy, more money and stimulus thrown down ratholes won’t make the economy grow  05:30 The Fiscal Theory of the Price Level 11:35 Limitations of the Federal Reserve's interest rate policy 17:00 History lesson on 1970s, 1980s inflation  19:00 Fiscal picture today and possible solutions  25:00 The fragility of the US economy 31:00 More persistent inflation 37:55 Fiscal Dominance 41:00 Assessing the Fed's actions 48:00 Long-run growth is the only thing that matters 53:00 The Role of Incentives 

Investor and entrepreneur Dave Friedberg, the CEO of The Production Board and CEO of Ohalo and co-host/"Bestie" on The All-In Podcast, returns to The Julia La Roche for episode 171 to discuss his company's breakthrough technology that could solve world hunger. Ohalo, a startup that's been in stealth mode, recently filed a patent for its groundbreaking technology, Boosted Breeding. This novel, non-transgenic plant breeding system has the potential to revolutionize agriculture by sustainably increasing crop productivity and yields by 50 to 100%. After years of research by Ohalo's scientists, the technology has been proven effective across various crops. The technology can be applied to a wide range of food crops, including those that currently lack commercial seed systems, such as potatoes. With its significant potential to enhance food availability and sustainability, Ohalo's Boosted Breeding is poised to make a substantial impact on the global agricultural landscape.  Links:  Twitter/X: https://x.com/friedberg Ohalo: https://ohalo.com/ The Production Board: https://www.tpb.co/ The All-In Pod: https://www.allinpodcast.co/ Episode 18 featuring Dave Friedberg: https://youtu.be/0ARf45HiS1M?si=yWFwnCPdJ1fv_Nxj Timestamps:  0:00 Intro and welcome back Dave Friedberg 1:42 Big picture + challenges facing humans today  3:18 A new enlightenment or a new dark ages?  6:33 Independent thought and understanding through reason  9:15 Ohalo and Boosted Breeding breakthrough  13:20 Going all in as CEO of Ohalo  18:00 Results from Boosted Breeding  22:44 Benefits to farmers  27: 52 Potential impacts of the technology  34:30 State of the economy, No. 1 issue is debt  41:00 Optimism is technology and productivity gains  45:17 Parting thoughts 

Bob Elliott, cofounder and CEO of Unlimited, which uses machine learning to create index replication ETFs of 2&20 style alternative investments like hedge funds, venture capital, and private equity, joins Julia La Roche on episode 170. In this episode, Elliott discusses the macro picture and highlights that the economy is in an income-driven expansion, where people are spending out of their income, leading to sustainable growth. However, this income dominance is creating challenges for the Federal Reserve, as inflation remains elevated and nominal growth is strong. Elliott believes that the Fed will continue to collect more information before making any significant policy changes.  He points out that assets are in an “air pocket” right now, and that the biggest risk for equity investors is the economy remains too strong, creating pressure on the bond market. He suggests that investors should consider holding more cash, allocate a portion to gold and commodities, and be cautious about stocks and bonds. Links: Twitter: https://twitter.com/BobEUnlimited YouTube: https://www.youtube.com/@BobEUnlimited Website: https://www.unlimitedfunds.com/ Timestamps: 00:00 Introduction and welcome Bob Elliott  01:15 Macro picture today + income-driven economic expansion  03:34 Different angles of looking at inflation  06:11 Fed's policy outlook 09:15 Implications of higher for longer  11:50 Long-end of the bond market is the critical driver of asset prices 14:47 The biggest risk for equity investors is the economy remains too strong that creates pressure on the bond market 16:00 Allocating in this setup  18:30 We’re in an 'air pocket’ right now  23:19 The Fed 25:50 Gold allocation and commodities  30:10 Parting thoughts  32:46 Confusion of the income-driven expansion 36:00 Recession

Carol Roth, a “recovering” investment banker, financial television commentator, entrepreneur, and two-time New York Times best-selling author, joins Julia La Roche again for episode 169 to discuss the state of the economy, the Federal Reserve, the impact of deficit spending, and the challenges faced by small businesses.  Links:   You Will Own Nothing: https://www.carolroth.com/nothing/  Follow Carol Roth on Twitter: https://twitter.com/caroljsroth Timestamps:  0:00 Intro and welcome Carol Roth 1:15 Macro picture, assessment of the economy  2:30 Massive inflation in assets  3:20 Economy has been “window dressed”  5:40 Deficit-driven economy  8:30 Fiscal dominance  10:45 Stagflation  15:00 The Fed 17:00 Debt  20:00 Gold  24:00 State of small business today 

The Acid Capitalist Hugh Hendry joins Julia La Roche again, this time in the East Village, for an in-person, unfiltered conversation on macro and more.  Links:  Twitter/X: https://twitter.com/hendry_hugh Podcast: https://podcasts.apple.com/us/podcast/the-acid-capitalist-podcast/id1511187978 YouTube: https://www.youtube.com/@HughHendryOfficial Timestamps:  0:00 Intro and welcome 1:36 Macro view and the Fed’s no-win situation  2:45 Revisiting financial history  4:20 The U.S. has become the economic locomotive of global growth 5:00 Policy error of fiscal conservatism  6:30 Everything is expensive 7:52 Invest 10% of net worth  9:00 Hugh’s hedge fund years  12:24 ‘To manage a lot of money you have to be serious.’ — the suits 19:07 Looking at charts and patterns while listening to Pink Floyd 24:30 China 36:19 The bubble today - the fragility of valuations  38:00 How you want to be allocated  44:16 The conceit and the arrogance of a well-formed argument   47:00 Hugh’s mistake buying Reader’s Digest in the 90s 48:48 Hugh’s go-to interview question: Tell me when you know it’s going wrong 50:44 Gold’s breakout — not an agent of chaos, the alchemy of chaos 52:24 Japanese Yen  53:49 Bitcoin  57:09 Silver  1:01:50 The Fed’s no-win situation  1:06:49 The Fed shouldn't be cutting interest rates 1:08:47 Present danger 1:11:00 The death of money? 1:15:00 Millennials and Bitcoin 1:18:43 The Bono story

Michael Pento, president and founder of Pento Portfolio Strategies (PPS), joins Julia La Roche on episode 167 to discuss the current state of the economy and the potential risks ahead.  In this episode, Pento highlights the rising inflation rate, the burden on the middle class, and the unsustainable levels of debt. Pento predicts a slowdown in GDP growth and the possibility of a negative quarter in the second half of the year. He believes that the Federal Reserve will be forced to lower interest rates and engage in quantitative easing to stimulate the economy.  Pento also discusses the potential impact on the housing market, equities, and the bond market. He suggests overweighting energy, base metals, and gold in a stagflationary environment. Links:  https://pentoport.com/ https://twitter.com/michaelpento 00:00 Intro and welcome Michael Reno 00:54 Macro view, inflation, and the bankrupting of the middle class 4:08 If rates don’t come down the economy is in trouble  5:49 Fed rate cuts ahead this year?  8:00 Market is massively overvalued  9:36 Stagflation and how to invest in that environment  11:32 Home prices  13:50 Why Powell can’t wait to end QT now  15:23 Long-term yields might not come down 16:00 Explosion of rates in high-yield will crush the economy 17:27 Gold  20:00 Erosion of the middle class

Nancy Davis, founder and portfolio manager of Quadratic Capital Management, joins The Julia La Roche for episode 166 to react to the May Fed Meeting and the Federal Reserve's decision to keep rates unchanged.  In this episode, Nancy shares that inflation is a persistent issue that cannot be easily resolved. However, she sees this as an opportunity for investors, as many people do not have inflation-protected bonds or exposure to the rates market in their core bond portfolios. Nancy notes that during the last period of high inflation in the 1970s, people often turned to commodities and cyclical equities because the interest rate derivative markets, rates market, and even the inflation-protected bond market did not exist at that time. She adds that investors now have more options to protect their portfolios against inflation compared to the past. Links: IVOL: https://ivoletf.com/ Quadratic Capital: https://quadraticllc.com/ Twitter: https://twitter.com/nancy__davis 0:00 Intro and welcome Nancy Davis 0:59 FOMC reaction  1:22 Fed allowing mortgages to run off 2:30 Volatility, explained  3:15 Fed interest rate policy  5:19 Be really careful about not focusing too much on consensus and looking more at what's priced in. 5:59 Rate cuts this year/ inflation exposure in investor portfolios 7:36 Opportunity in rates 10:49 IVOL (Quadratic Interest Rate Volatility and Inflation Hedge ETF) 15:48 Rates market a leading indicator for you 18:04 Macro picture  19:47 Inflation protected bond market  22:45 Inverted yield curve  24:13 Bonds a good buy?  25:18 Will the Fed cut this year? Will they cut before the election?  26: 22 Assessment of the Federal Reserve/ stagflation?  29:03 Nancy's background 32:40 Parting thoughts