Forward Guidance

Jim Bianco of Bianco Research joins Jack Farley to share in-depth his framework for understanding the new interplay of inflation, the Fed, and asset prices in 2022.  Bianco argues that the mounting pressures on central banks to tame inflation mean that they are far less worried about maintaining asset prices. Bianco and Farley also discuss DeFi as a threat to the traditional banking industry and t...

Alex Gurevich, CIO of Honte Investments, joins Jack Farley to share his learnings from running a large macro hedge fund during the gut-wrenching volatility of March 2020. Using time-date transcripts and charts from his new book, “The Trades of March 2020: A Shield against Uncertainty,” Gurevich tells of the epic mispricings and gut-wrenching drawdowns that sent shockwaves through the global financ...

Co-hosts Jack Farley and Joseph Wang (“Fed Guy”) break down the surge in European bonds in response to the hawkish shift of Christine Lagarde, President of the European Central Bank (ECB). Wang explains his most recent post on the damage that rate hikes inflict onto holders of fixed-income instruments, and the two explore the significance and consequences of a globally coordinated effort by centra...

Porter Collins and Vincent Daniels were some of the last investors to bet against the Federal Reserve and win. Over 13 years after the events of “The Big Short,” they reflect on the past decade wherein the Federal Reserve tamed asset price volatility by keeping short-term rates very low and steadily expanding their balance sheet via quantitative easing (QE). Learning from this lesson, Daniels and...

On today's episode of Forward Guidance, Jack Farley sits down with Liz Young for a market 101 breakdown. Not only does Liz investigate some of the broader market trends, but narrows focus to explain how human behaviour, current events, and the Fed's mechanisms have all culminated in what we see today.

Jack Farley welcomes back former senior trader for the Fed, Joseph Wang (“Fed Guy”), to analyze an action-packed week in which global central banks such as the Reserve Bank of Australia (RBA), the Central Bank of Brazil, and the European Central Bank (ECB) release their plans for forthcoming monetary policy. Wang explains why a continued rise in the U.S. Dollar relative to other fiat currencies wo...

Russell Napier of Orlock Advisors joins Jack Farley to share lessons from his experience as an financial analyst in Hong Kong during the Asian Financial Crisis. Napier notes that during the bull market in Asian equities of the first half of the 1990s, analysts attributed the boom to the high rates of economic growth in much of Asia. However, Napier tells Farley that the true cause of the dramatic...

Jack Farley welcomes former senior trader for the Fed, Joseph Wang (“Fed Guy”) for a new show devoted to all things central banking. The two analyze the most recent FOMC meeting, after which Fed Chair Powell on January 26, indicated that the strong labor market and high inflation prints were leading the Fed’s FOMC members to contemplate removing monetary accommodation with more speed and vigor tha...

Lyn Alden of Lyn Alden Investment Strategy returns to Forward Guidance to give a much-needed update on her macro views as equity and crypto markets encounter intense selling pressure. Alden argues that stubbornly high inflation will cause rotation from growth stocks to value stocks to continue. However, Alden argues that she’s more likely to buy than short beleaguered hypergrowth names (think $ARK...

Is the Federal Reserve stuck between a rock and a hard place? Jared Dillian of The Daily Dirtnap argues that the monetary tightening needed to tame inflation will inflict serious damage to the economic recovery, to the point that the Fed essentially has a choice between secular inflation and severe recession. Which door will the Fed choose? Dillian is inclined to believe that the Fed will attempt...

Imran Lakha and Ming Zhao join Jack Farley to make sense of how the proliferation of options has changed the investing landscape in tradfi and crypto. After discussing the role of memestocks like GameStop and AMC, as well as structural vol selling call overwriting, Lakha and Zhao share the dos and don’ts of buying and selling options, such as why investors should never exercise options, and how in...

In this episode of Forward Guidance, Jack once again sits down with former senior Federal Reserve trader Joseph Wang, more commonly known by his moniker “Fed Guy.” In the interview, the two go deep into the leadership, policy, and future of the Federal Reserve, as well as look at how textbook concepts such as the Fed controlling inflation through the federal funds rate are outdated at best. Joseph...

In this episode of Forward Guidance, host Jack Farley sits down with Sam Burns, the founder and chief strategist of Mill Street Research. In addition to general macro trends in the economic and financial world, Sam and Jack discuss Sam’s MAER model (Monitor of Analyst Earning Revisions), which uses the insight of market analysts to judge how the markets will move. Using the research of analysts, S...

In this episode of Forward Guidance, host Jack Farley and guest Tracy Shuchart discuss the tumultuous past two years of the energy market. Since 2020, the markets for oil and natural gas have hit historic points, most famously when the futures price of oil went negative in April of 2020. Tracy gives expert insight into how the energy sector’s adaptation to massive shocks in demand, production, and...

Darius Dale, founder of 42Macro, joins Forward Guidance to share his outlook for 2022. Dale explains why his business cycle framework, which tracks the rate of change in growth and inflation in order to forecast and risk manage asset allocation, is signaling that the bloom may be off the rose for high-beta assets such as speculative growth darlings, crypto-assets SPACs, as well as reflationary sto...

On today’s episode of Forward Guidance Jack welcomes Ronnie Stoeferle, partner at Incrementum AG. Stoeferle argues that the world is already in a new inflationary era that he calls “monetary climate change.” Stoeferle discusses key features of a debt-based monetary system (50 years and counting) and predicts that the merging of fiscal and monetary policy will create a shift from asset price inflat...

The rise of indexation has given many investors a cheap and straightforward way to access the stock market. But now that over half of all investing dollars are allocated to passive strategies, is the dominance of passive investing creating market distortions in ways that meaningfully alter share prices? Steven Bregman, president and co-founder of Horizon Kinetics, has been tracking the consequence...

On today’s episode of Forward Guidance, Joseph Wang, renowned former Fed trader, shares his views and observations on our macro world. Not only does he explain concepts like quantitative easing, but he also goes over the disparate affects of various market conditions-- from the Fed's accelerated taper, to the outcome of rate hikes. Wang's views and discussions on both the past but future long-term...

On today’s episode of Forward Guidance, Felix Zulauf, a renowned macro investor known for his uncanny market timing, shares his outlook on various time horizons about stocks, bonds, and commodities. Zulauf explains why the reflationary types of trades might continue to sell-off over the near-term as economic conditions worsen, however restored liquidity conditions might in the second half of 2022...

Kevin Muir, author of The Macro Tourist, joins Forward Guidance to make sense of the recent choppiness in stocks, commodities, and crypto. In conversation with Jack Farley, Muir shares: Why he is shorting Bitcoin and buying gold Why the bear market in speculative stocks (what he calls “crap”) will likely continue How secular inflation will accommodate value stocks but threaten growth stocks

Today’s guest, Alfonso Peccatiello, is a man with a rare insight into the macro forces driving the moves in markets which have perplexed many, but not all, investors. One such move is the recent flattening of the yield curve, which belies commonly-held views about the relationship between bond yields and inflation. Up until very recently, Alfonso was running a multi-billion dollar fixed-income boo...

With fund managers keen to lock in gains from a lucrative year, the “pain trade” is here, says Harris “Kuppy” Kupperman. Moreover, pie-in-the-sky technology companies are falling back to earth, threatening to bring the entire market down with them. Yet Kuppy remains bullish on risk assets because in his “Project Zimbabwe” framework wherein inflation runs rampant as central banks remain hopelessly...

The emergence of crypto funds and exchange traded products (ETPs) has changed the game - but just how much capital is flowing into crypto via these channels? James Butterfill, Investment Strategist at CoinShares, joins Jack Farley to shed light on the crypto fund flows that are serving as onramps for many institutional investors to Bitcoin, Ethereum, as well as Solana and Polkadot.

Listeners of the Forward Guidance podcast are in for a real treat today. Jack interviews noted economist and former central banker Dr. William White, who served on the front lines of monetary policy for over half a decade. White, a stern critic of the easy money policy that preceded the 2008 Great Financial Crisis, argues that ultra-low interest rates threatens financial stability and creates a be...

With inflation running hot around the globe, many investors are looking to hedge against inflation. But is that the right goal? On today's episode of Forward Guidance, Jack Farley speaks to James Davolos, portfolio manager at the Horizon Kinetics Inflation Beneficiaries ETF ($INFL), a fund that which, as the name suggests, aims to invest in stocks that benefit from inflation. Davolos argues that i...