Superinvestors and the Art of Worldly Wisdom

To quote Aerosmith’s Steven Tyler, “There’s something wrong with the world today.” Wealth and income inequality have soared to levels not seen in a century; housing affordability has hit the worst levels on record; consumer sentiment has plunged even though the unemployment rate hovers around 4%; the federal debt is growing exponentially even while inflation still simmers above the Fed’s target le...

There is no greater contrarian on Wall Street today than Peter Berezin. But being out-of-consensus in one of the most competitive fields on the planet and being right is certainly not an easy feat to pull off. In this conversation, Peter discusses how his macroquant model, the product of years of work at places like the IMF and Goldman Sachs, has lead him to the most bearish of all strategist pric...

You could say that natural resources run in Leigh Goehring’s blood. The son of two oil and gas engineers, Leigh has spent nearly his entire life studying markets and investments related to commodities. Over the past 30 years, he has become one of the most brilliant and passionate analysts and money managers in the industry. In this conversation, Leigh discusses in detail his case for a major commo...

More than anyone else I have read, Vincent Deluard has accurately and consistently described in real time the paradigm shift that has taken place in markets in recent years and how it affects the major asset classes that matter most to investors. His macro calls on things like the trends in inflation and the economy have not only been out of consensus, they've been unusually accurate. In this disc...

There are very few truly unique thinkers in the world and almost none of them regularly train their gaze on Wall Street. Peter Atwater is one of those rare few. Whenever a major news story hits the tape, it’s Peter’s opinion I look to to begin to understand what it means for markets and the world because of the grounded and clear-headed insight he brings to the table. Recently, Peter published a n...

This episode is long overdue. I've been following the work of Asif Suria for over a decade now and it has proven to be one the best sources of investment ideas I have come across. Asif tracks and writes about everything from predictive insider trading patterns to "ubercannibals," or companies that consistently use excess free cash flow to buyback significant amounts of stock over long periods of t...

My guest for this episode is Joseph Wang. Joseph is one of the most knowledgeable people I’ve come across when it comes to the world of central banking and how it intersects with markets. His experience on the open markets desk at the New York Fed gives him unique insight into the inner workings of the financial system and how it has evolved in recent years. In this episode we discuss the shift in...

My guest for this episode is Ben Hunt. This is Ben’s second appearance on the podcast. I had the pleasure of first interviewing him a few years ago and if you are not familiar with his work, I encourage you to go listen to that episode in which he discusses his background and the key concepts he utilizes in analyzing markets. It’s not at all necessary but his framework is truly fascinating and wil...

Variant Perception is an investment research firm founded on the idea that man plus machine beats machine (or man) alone. In an era dominated by passive investing and other purely quantitative strategies with relatively short look back periods on the one hand and rampant speculation in meme stocks and other moon shots on the other, nothing could be more contrarian and perhaps more valuable than ta...

Known as "one of the greatest financial historians alive," Edward Chancellor has been working in the markets for three decades now; his study of finance theory, speculative bubbles and economics goes back even further. 'The Price of Time,' Edward's latest book, is clear evidence of his passion for the subject of financial history and his ability to convey the key concepts in an effective and uniqu...

For over 35 years now, Fred Hickey has consistently performed in-depth research into a wide variety of individual stocks and what drives them over the full market cycle. What's more, during that entire span he's distilled his findings into concise and actionable research for subscribers to his newsletter, The High Tech Strategist. In the process, he's earned a reputation among loyal readers for be...

This is the third conversation with Diego Parrilla I have published as a podcast but the fourth time I have actually recorded a discussion of ours. The first time Diego was kind of enough to share many of the facets of his investment process, I found only afterwards that, due to a technology issue, the audio recording was sadly unusable. So I was very glad to prevent the possibility of another suc...

For long-time Superinvestors listeners, Kiril Sokoloff needs no introduction. Last summer, he was kind enough to host me at his home in Sun Valley, Idaho where we discussed much of the framework that makes up the foundation of Kiril's research and investment process. In this conversation, he shares how he applies this framework to the inflation debate and the most meaningful conclusions he has rea...

Todd Harrison is truly one of the good guys on Wall Street. After a career that took him from the Morgan Stanley options trading desk to running a major hedge fund and then starting a financial media business, Todd founded CB1 Capital several years ago. The firm, an investment adviser and manager, was born out of Todd's belief in cannabis as a relatively untapped source of wellness and as an inves...

Jim Stack has been assiduously studying markets in an effort to develop and hone a full-cycle investment discipline since he was first introduced to stock market risk back in the 1973-74 bear market. That experience instilled in him the modicum of skepticism needed to successfully navigate major market turning points, both tops and bottoms, as well as an infectious enthusiasm for investment resear...

David Hay has been managing money for over 40 years using a tried and true approach steeped in classic value investing paired with an appreciation for technical analysis that can only be developed through vast experience in the markets. What's more, David also has a unique ability to balance a healthy respect for risk management with an openness to opportunities that arise. This has allowed him an...

For over half a century now, Kiril Sokoloff has not only identified in advance the most significant trends and innovations driving the markets and economy, he has also pinpointed the most attractive investment opportunities afforded by them. As a result, his firm, 13D Research, has become one of the most respected and influential services among institutional investors around the world. In this con...

One thing I try to do with this podcast, is to find people who are taking a truly unique approach to analyzing the markets, those taking the "financial road less traveled," as I like to call it. Well, Michael Oliver is surely one of those. There is traditional technical analysis, the study of charts which has been around for as long as markets, and then there is Michael's, "momentum structural ana...

Julian Brigden is a master of models. In putting together his macro theses, which have presciently called major moves in everything from inflation and the dollar to the most popular manias in the stock market, he carefully studies inter-market relationships and correlations to come up with a framework grounded in real data rather than arcane theories and formulas. This practical and highly-refined...

It was just over two years ago Diego Parrilla first joined me on the podcast to discuss his framework for analyzing financial bubbles and what he calls, "antibubbles." You may have noticed that the topic of bubbles and antibubbles has come up in both of my recent interviews with James Davolos, on the topic of inflation, and Adam Rozencwaig, on the mania in green energy stocks. Considering how rele...

Back in October of last year, I had the pleasure of discussing the "generational opportunity in energy stocks" with Leigh Goehring. At the time, he made a very compelling investment case for the energy sector and, in just the five months since then, it has nearly doubled in value. Leigh and his firm still believe energy offers compelling value but to truly appreciate it, it helps to also understan...

Perhaps the biggest debate in the markets today is regarding the prospect of inflation. Will the massive fiscal stimulus and money printing of the past year or so, paired with shifting trends in global trade and demographics, result in a secular shift in the disinflationary paradigm we have seen for the past 40 years? To try to answer this question and to better understand how to protect one's fin...

Since starting his newsletter roughly a decade ago and then founding RealVision a few years later, Grant Williams has established himself as one of the preeminent creators and curators of financial wisdom in the world. His keen yet conversational interviews with some of the most interesting thinkers in the financial field have inspired investors of every ilk all around the globe and his monthly wr...

At just seventeen years old, John Hussman's introduction to the world of finance was a job hand drawing charts for an investment adviser who liked his handwriting. From that point on, he was hooked on markets. After receiving his PhD in Economics from Stanford in 1992, he went on to found Hussman Strategic Advisers and has been managing equity portfolios ever since. In this episode, John discusses...

After a successful career on Wall Street, Danielle DiMartino Booth spent years as special adviser to Richard Fisher while he was head of the Dallas Fed. In her role, she provided an invaluable, markets-based perspective to one of the most independent-thinkers to have served in a leadership position at the Federal Reserve. What's more, she did so during one of the most tumultuous periods in the cen...