Real Vision: Finance & Investing

Robert Sharratt, managing director at Cresco Fin, joins Raoul Pal, Real Vision CEO, to discuss how crypto is disrupting the traditional banking system and how Cresco Fin is leveraging crypto to provide a higher rate of return on investor savings. Sharratt explains the approach Cresco Fin has taken to provide yield on crypto assets, while also providing insurance, making it comparable to traditiona...

Mike Green of Logica Capital Advisers launches his new series with one of his favorite topics, China, and one of his favorite experts, Louis Vincent Gave, CEO of Gavekal Research. In this interview that fringes on debate at times, Gave and Green attack the question of whether the U.S. or China is better positioned since the beginning of the COVID crisis. As well, they discuss a topic they can agre...

Real Vision managing editor Ed Harrison and senior editor Ash Bennington discuss the all-time highs set on the S&P 500 and Nasdaq Composite on this holiday-shortened trading day in U.S. equity markets. Harrison and Bennington also take a step back to evaluate the broader context for rising stock prices during the month of November. Specifically, the pair explores the apparent recent decrease of po...

Real Vision managing editor Ed Harrison welcomes Jack Farley for a Thanksgiving “Ask Me Anything” special edition of the Daily Briefing. Sourcing questions from the Real Vision Exchange, Jack asks Ed questions about whether the U.S. will enter a second round of lockdowns, and whether the equity market could once again undergo a major crash. Ed shares his views on the future of debt, deflation, and...

Max Wiethe and Real Vision managing editor, Ed Harrison, discuss Ed's outlook for a winter double-dip recession in the U.S. and the most important questions for determining the breadth, depth, and market implications of this prediction. How bad will the pandemic get before this wave can be arrested? How severe an economic brake will have to occur to get the virus under control? What short- and lon...

Senior editor Ash Bennington welcomes back Tony Greer of TG Macro to make sense of today’s price action as the equity markets roar to all-time highs. After the pair briefly discusses the significance of the news that Janet Yellen will likely be named Treasury Secretary, Tony shares his analysis on the value rotation away from the tech giants into cyclical reflation plays like banks, casinos, hotel...

Real Vision editor Jack Farley hosts Tyler Neville of Real Vision for a spirited debate about the fate of risk assets. Tyler makes the case that U.S. equities have a lot more room to run, basing his case on tight credit spreads and the Federal Reserve’s ever-expanding balance sheet. Tyler incorporates market breadth as well as venture capital funding to argue that the punch bowl may never be remov...

Raoul Pal, CEO and co-founder of Real Vision, welcomes back Keith McCullough, founder and CEO of Hedgeye Risk Management, to analyze how divergent indicators in inflation and growth are revealing trading signals for bonds, commodities, and equities going forward. McCullough breaks down his "Quad"-based investment process, going in greater depth on how "risk ranges" affect his trading across variou...

Bill Campbell, portfolio manager for Global Bond Strategy at DoubleLine Capital, sits down with Ed Harrison to discuss how he is making sense of the massive paradigm shift to central bank digital currencies. Campbell argues that central banks are late to the party as over 95% of global transactions are already digital, and together they explore the potential for bilateral digital currency settleme...

With a phenomenal investment track record greater than perhaps even Warren Buffett and George Soros, Joel Greenblatt is renowned as one of the world's greatest investors in history. Yet recently, he has turned his gaze beyond markets to focus his attention on fixing problems in society, ranging from banking and retirement to education and even immigration. In this interview with managing editor Ed...

Real Vision managing editor Ed Harrison is joined by editor Jack Farley to break down the economic impact of the partial lockdowns U.S. officials are implementing day-by-day as cases and deaths from COVID-19 spiral out of control. Ed evaluates the latest rise in joblessness claims, the exponential increase in hospitalizations, the looming expiration of the CARES Act, and the Fed’s emergency lendin...

Real Vision Managing editor Ed Harrison hosts Tommy Thornton, founder of Hedge Fund Telemetry, to discuss the opportunities and risks on the investment horizon. Tommy explores whether the ongoing rotation into value will continue, sharing his views on sectors such as energy, financials, and retail. He and Ed then investigate whether bonds’ rally is a harbinger of trouble for stocks, and how variou...

Real Vision senior editor, Ash Bennington, welcomes Dave Floyd of Aspen Trading Group back to the Daily Briefing to evaluate price action in the S&P 500, the U.S. 10 year Treasury note, and a variety of currency pairs. Dave shares his framework for trading these asset classes, incorporating technical indicators such as moving averages, stochastic oscillators, relative strength indicators, Fibonacc...

Real Vision managing editor, Ed Harrison, and senior editor, Ash Bennington, discuss the all-time highs being set in the S&P 500 and the Dow Jones Industrial Average as the news of Moderna’s vaccine being 94.5% effective in preventing COVID-19 breathes life into U.S. equities. Ed evaluates the price action through his risk-on framework, exploring the possibility that record cash on the sidelines,...

Michael Pettis, senior fellow at the Carnegie-Tsinghua Center for Global Policy, and Kyle Bass of Hayman Capital Management are both keenly focused on the complex task of discerning China's economic reality. In this interview, Bass and Pettis attack the important issues of capital flight, China's massive economic inequality, and their domestic debt burden, just to name a few. They both tend to agr...

Jeffrey Gundlach, CEO of DoubleLine Capital, has evolved his investment style over the years, and although he is still the "bond king", increasingly he has become multi-asset with a focus on getting the macro right. In this interview with Real Vision CEO Raoul Pal, Gundlach explains how he thinks about time frames, position sizing based on asset class, and how his style changes based on whether th...

Real Vision CEO, Raoul Pal, and senior editor, Ash Bennington, discuss the growing shutdown measures in the U.S. even as the S&P 500 makes all-time highs. Looking at declining mobility data, Pal explores how the prospect of a full lockdown in the U.S will depress economic activity as well as perhaps markets. He and Ash then discuss default risk and the stock sales of Pfizer’s CEO before zooming ou...

Real Vision managing editor, Ed Harrison, is joined by editor, Jack Farley, to break down a day of heavy selling across sectors as COVID-19 cases surge to unseen levels. Ed interprets what the Citigroup Economic Surprise Index means and shares his views on how, shutdown or not, the rise of coronavirus will likely depress economic activity. Ed and Jack discuss the flattening of the U.S. Treasury yi...

Senior editor, Ash Bennington, and managing editor, Ed Harrison, break down the pausing of the rotation out of growth and into value as cases and hospitalization in the U.S. surge to unseen levels. Ash breaks down Bill Ackman’s hedge against investment grade credit, and Ed explores how much central bank liquidity there is on the sidelines waiting to buoy asset prices. The pair also discuss taxes,...

Senior editor, Ash Bennington, joins Tony Greer, editor of the Morning Navigator, to examine the latest euphoric episode in markets. Greer discusses how the rotation in the markets demonstrates their renewed focus on a post-pandemic world as the pattern from the last several months of trading is coming undone. He shares his thoughts on the appropriate balance of a political perspective to a market...

NOTE: THIS DAILY BRIEFING WAS FILMED THURSDAY, NOVEMBER 5. Fielding questions from Real Vision subscribers, senior editor, Ash Bennington, and managing editor, Ed Harrison, analyze how the various outcomes of the 2020 U.S. election will impact markets. Ash and Ed talk about the future of Real Vision content, price action across bitcoin, bonds, and equities, and the likely underperformance of the 6...

Howard Lindzon, general partner at Social Leverage, tells Real Vision CEO Raoul Pal why he is bullish on the digital future of business despite acknowledging the harsh economic realities that have emerged since COVID. Lindzon argues that there is a shortage of investible opportunities to capitalize on this trend and this is what we are seeing in stretched tech valuations. He also discusses how he...

Kiril Sokoloff sits down with Raoul Pal to discuss why he believes the bull market for precious metals is only in its fourth inning. All-in costs of gold production are under $1000 compared to the current price of $1900, creating profit margins never seen before in the industry. In effect, the gold mining companies have become free-cash flow machines. With US federal deficits growing as far as the...

Managing editor, Ed Harrison, and senior editor, Ash Bennington, review this past week’s “everything rally” and key macro indicators against the backdrop of political uncertainty and COVID-19. Ed explains the two different narratives around the market rally — either the markets’ growing comfort over a split government or the markets had priced in more chaos that hasn’t yet come to fruition. He the...

Managing editor, Ed Harrison, is joined by Jay Pelosky, co-founder and CIO of TPW Investment Management, to provide an update on his current outlook amid a turbulent election and uncertain future with stimulus and COVID-19. Pelosky argues that markets are getting closer to end of this period of peak uncertainty around these variables and that deep cyclicals like airlines and oil will rally sharply...