Real Vision: Finance & Investing

U.S. retail sales numbers came in much stronger than expected after yesterday’s still-sticky inflation print. The stock market remains range-bound as investors consider the next directional catalyst. Imran Lakha, founder of Options Insight, joins Andreas Steno Larsen for a look under the hood at what’s driving the price action. Imran is an options expert, so he’ll share why volatility has collapsed of late, what bonds and gold are signaling, and how traders are positioning into March. We’ll also hear from Damian Horner and Roger Hirst on the delicate balance between unemployment and recession. You can watch that entire interview here: https://rvtv.io/3YJ06h4 Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. inflation rose 6.4% YoY last month, down from 6.5% in December but above expectations while monthly inflation rose 0.5% — the biggest increase in 3 months. Stocks largely shrugged in response, as markets remain relatively unchanged. Elsewhere, oil futures are down after the U.S. government announced it would release more crude from its Strategic Petroleum Reserve to help alleviate concerns over Russian production cuts. Maggie Lake is joined by Tony Greer, the editor of the Morning Navigator and founder of TG Macro, to assess the market’s CPI response and discuss the latest developments in energy markets. Plus, we’ll give you a look at Raoul Pal’s interview with David Dredge, who explains how he profits off of unexpected market events. You can watch that entire interview here: https://rvtv.io/3RSMmhO Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities pushed higher as investors look ahead to tomorrow morning’s U.S. CPI print. Ash Bennington sits down with Dave Floyd, founder of Aspen Trading Group, to discuss today’s price action and how Dave is positioning ahead of the January inflation data. Plus, Weston Nakamura will join the show with an update on what a new governor at the BOJ means for global markets, why the yen is slipping against the dollar, and how he’s trading navigating global markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this 90-minute AMA-style show, the Morning Navigator’s editor, Tony Greer, will answer your questions directly and offer unique insights about the current macro landscape. It’s your chance to get a unique moment with TG and learn what drives his thoughts on the markets. Grab a beer or a drink and tune in for a relaxed and conversational experience with Tony, while learning from one of the industry’s leading analysts. Live streamed on February 8, 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Following a speech last week by FOMC member Christopher Waller, Andreas Steno Larsen presents what he calls the “Waller Rule,” which suggests that QT will either need to slow or pause if USD reserves become equal to 10-11% of U.S. GDP. He then breaks down why this potential scenario might be bad news for risk assets in the second half of 2023. Recorded on January 24, 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

All three major U.S. equity indices are poised to clock in losses this week as investors brace for the latest CPI print due next Tuesday. So, are investors starting to think talk of a soft landing is overdone? George Goncalves, head of U.S. macro strategy at MUFG Securities, thinks it is. In this special extended Daily Briefing he joins Andreas Steno Larsen to unpack the week’s market action and the road ahead for central bank tightening across the globe. Join to understand Goncalves’s investing framework, and be sure to subscribe to learn how he executes it in the second half of the show. We’ll also give you a peek into Real Vision's “The Knitting Show” with Roger Hirst, discussing the changing consensus view on a recession for this year. Plus and Pro members can watch that entire interview here: https://rvtv.io/3YJ06h4 Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities gave up early gains and yields pushed higher as investors assess mixed earning results and economic data ahead of next week’s January CPI print. Despite the late selloff in stocks, a weekly survey from the American Association of Individual Investors showed that investors are net bullish for the first time in nearly a year. Jared Dillian, the editor of the Daily Dirtnap, joins Maggie Lake to discuss sentiment, commodities, and more. We’ll also hear a clip from Andreas Steno Larsen on why energy is underperforming despite China’s reopening. Watch that entire interview here: https://rvtv.io/3HQOcuL Learn more about your ad choices. Visit podcastchoices.com/adchoices

Federal Reserve board members continue to call for more rate hikes, a day after chairman Jay Powell reaffirmed the central bank’s commitment to higher interest rates. Markets are eager to be free of the shackles of inflationary forces and quantitative tightening, but Vincent Deluard of the StoneX Group sees the bright side of this bear market. He joins Ash Bennington to explore how this painful macro regime shift could lead to a better tomorrow. Plus, we’ll hear a clip from Looking for the Upside, where the author Dror Poleg discusses the evolving real estate market in the era of remote work. Watch that entire interview here: https://rvtv.io/3I8OL4A Learn more about your ad choices. Visit podcastchoices.com/adchoices

In today’s session at the Economic Club of Washington, chairman Jay Powell said the ‘disinflationary process’ had begun, but the Fed will likely need to continue raising interest rates to bring inflation down further. Powell’s comments sent risk assets swinging this afternoon, but overall markets remain relatively flat. Dale Pinkert, head of trader development at TradeGateHub, joins Maggie Lake to dissect the price action and discuss what’s happening in currencies and commodities.Plus, we’ll hear a clip from investor Harris Kupperman on why he thinks failing is all part of the game. Watch that entire interview here: https://rvtv.io/3I5e4EB Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities are flat-to-down and yields are pushing higher as many investors reconsider how the Fed may be forced to act following Friday’s strong jobs data. With uncertainty abound, Mike Alfred, managing partner of Alpine Fox LP, joins Maggie Lake to share his macro outlook and the value opportunities he’s spotting in this volatile market. Plus, we’ll hear a clip from Real Vision's new series, Buy-side Meets Sell-side, with Bob Elliott of Unlimited Funds discussing why a recession is a reasonable bet. You can watch that entire interview here: https://rvtv.io/3Y8mS2e Learn more about your ad choices. Visit podcastchoices.com/adchoices

When the U.S. breaches its debt limit, the Treasury will be forced to inject new liquidity into financial markets using various accounting gimmicks. Andreas shares how this extra cash flow could affect various asset classes and explores the potential multiple and ugly ramifications of this nightmare scenario. Recorded on January 17, 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today’s jobs report packed a serious punch, showing that 517,000 new jobs were added in the U.S. in January — far above median estimates — and bringing unemployment down to a 54-year low of 3.4%. Equities and bonds are selling off on the news. According to Spectra Markets’ president Brent Donnelly, a soft landing is just one of 5 possible macro narratives that could win out. Brent joins Maggie Lake to tease out the 5 outcomes facing investors in this special edition of the Daily Briefing. Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities continue to see broad gains in intraday trading after yesterday’s conference with Federal Reserve Chair Jay Powell, who announced a 25-basis point rate hike. Today, both the European Central Bank and the Bank of England hiked rates by 50 basis points. RTM Capital Advisors CIO Mark Ritchie II sees this as further proof of a new bull market. He’ll join Maggie Lake to unpack this “Run of the Bulls 2.0” and discuss the price action in gold and crypto. Plus, we’ll hear from natural resources investor Rick Rule on why he sees upside in precious metals. Watch the entire Looking for the Upside episode here: https://rvtv.io/3X0Vl16 Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Federal Reserve approved a much-anticipated quarter-point interest rate hike this afternoon — and suggested that another rate rise could be coming next — in its continued battle to tame inflation. And while the central bank’s statement reiterated that “ongoing increases in the target rate will be appropriate,” futures markets are still pricing in a rate cut by the end of 2023. In his press conference, Chairman Jerome Powell said that the Fed remains strongly committed to bringing inflation back down to 2 percent, and that “there remains much more work to do” to achieve sustained price control. Darius Dale of 42 Macro joins Andreas Steno Larsen to discuss the market’s reaction to the Fed announcement, what signals Powell sent to investors, and what other key market drivers we should be watching other than interest rates. Plus, we’ll hear from Danielle DiMartino Booth from the debut episode of The Deep Dive on why we may already be in recession. Watch that entire interview here: http://rvtv.io/3WV4pEQ Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. stocks made gains on Tuesday, closing the month of January on a positive note. Meanwhile, the U.S. housing market fell for the fifth straight month and is down 2.5% from its peak in June 2022. But that didn’t stop homebuilders from rallying today. Ash Bennington is joined by Tony Greer, the editor of the Morning Navigator, to discuss that surprising price action and give us an update on where he sees the energy sector heading. We’ll also give you a peek into our latest edition of Investor Tutorials where Jamie McDonald breaks down how the housing market works, and what’s really driving the price trends. Watch the entire episode here: https://rvtv.io/3HmLnlc Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities are down to start the week as investors look forward to the Fed’s next interest rate hike decision on Wednesday. As we progress through earnings season, large-cap tech is under the spotlight, with Apple, Google, Meta, and Amazon reporting this week. Maggie Lake is joined by Eric Jackson of EMJ Capital to discuss the current tech rally, whether it’s sustainable, and how long it could run. Plus, we’ll hear a clip from Real Vision’s new series, Deep Dive, where Danielle DiMartino Booth and Andreas Steno Larsen discuss a Fed divided. Watch that entire interview here: https://rvtv.io/3DpBFNK Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this inaugural episode of Looking for the Upside, Andreas Steno Larsen and Mark Nelson, managing director at Radiant Energy Group, explore opportunities in nuclear power and uranium for 2023. Mark walks us through the investment case, while Andreas offers ways to play it (wait for the end). The goal is for you to walk away wanting to explore this topic further or decide it’s not for you. Enjoy. Recorded on January 6, 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

China bids adieu to zero-COVID this week after its borders reopened, and investors are flocking in to capitalize on these long-awaited trading opportunities. Andreas takes a step back to examine the Chinese economy as it currently stands and digs into how the reopening may affect prices across various asset classes. Recorded on January 10, 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

According to the latest PCE price index data out this morning, U.S. households reduced their spending in December, bolstering the argument that an economic slowdown is near. Stock markets rallied on the news, as investors assume that the Fed will begin to slow its interest rate hikes. Mish Schneider of MarketGauge.com and Harry Melandri of MI2 Partners are here to explore whether this market is paying attention to all the necessary factors. We’ll also hear from Andreas Steno Larsen on the ripple effects that China’s reopening is having on commodities.You can watch the entire episode of Steno’s Signals here: https://rvtv.io/3JlzFd0 In the second part of the show, we’ll dive deep into the setup that Mish thinks is the next big trade. That part will be available only to Real Vision members. If you’re not a member yet, you can start a 7-day trial for $1 and see what you think. Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. economic growth rose 2.9% in Q4 2022, down 0.3% from the prior quarter but stronger than forecasts. Markets rallied on the news, as some investors saw cooler-but-growing GDP as proof that a soft landing may be possible. Andreas Steno Larsen joins Maggie Lake to explore some mysterious data contradictions now popping up — and why a recession may have started many months ago. Then, Francis Gannon of Royce Investment Partners joins the show to dive into why small-caps may offer equity investors the best value in this market environment. Learn more about your ad choices. Visit podcastchoices.com/adchoices

It’s been a roller coaster day for U.S. equities, as stocks plummeted after Microsoft issued weak forward guidance on its earnings call. But as of this writing, indexes have erased those early losses and the options market is now pricing in a Fed pivot after next Thursday’s Fed funds rate announcement. Imran Lakha, the founder of Options Insight, joins Maggie Lake to discuss his views of the macro landscape, explain what the options activity means for broader markets, and share some ways that investors can take action. Plus, we’ll hear from Marko Papic, chief strategist at Clocktower Group, on why he’s so confident the U.S. won’t enter a recession in 2023. You can watch the entire interview with Marko and Andreas Steno Larsen here: https://rvtv.io/antidavos Sign up for the Real Vision Academy for access to Imran’s course on options here: https://t.co/wRrZtPLopn Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities were flat today as investors weigh dual uncertainties: earnings season and a potential recession. Meanwhile, energy and interest rates both closed in the red, and business conditions contracted in January for the fourth month in a row, according to the latest S&P survey. Andreas Steno Larsen sits down with Eric Johnston of Cantor Fitzgerald to discuss the latest price action and hear why he believes there’s “very little upside” for stocks in the near-term. Plus, we’ll hear from veteran economist and strategist David Rosenberg, on why a rapid collapse in inflation could lead to a drawn-out recession. You can watch that entire interview here: https://rvtv.io/3DaMUt6 Learn more about your ad choices. Visit podcastchoices.com/adchoices

The U.S. stock market rallied to start the week, with the Nasdaq Composite leading the way after a slew of job cuts from major tech companies entering earnings season. Both the Nasdaq and the S&P 500 made new monthly highs and broke above key moving averages. Mike Coolbaugh, the founder of Element Macro Research LLC and a Real Vision analyst, joins Maggie Lake to discuss today’s price action and what macro data he’s watching we move into February. Then, technical trading legend Dave Floyd of Aspen Trading Group joins the conversation to read the charts and share how he’s identifying tradeable trends. We’ll also hear Jared Dillian’s take on gold from last Friday’s extended Daily Briefing. You can watch that entire interview right here: https://rvtv.io/3GZtF6O Learn more about your ad choices. Visit podcastchoices.com/adchoices

Turkey has been the best-performing equity market in the world in dollar terms in 2022. Meanwhile, the Mexican peso and the Brazilian real have been among the strongest currencies against the buck this year. Amid global upheaval unlike anything in recent memory, emerging markets have become much more attractive to investors. Is this a durable trend in asset allocation? Andreas Steno Larsen welcomes Whitney Baker, the founder of Totem Macro, for a conversation about the convergence of deglobalization, inflation, and quantitative tightening and the emergence of emerging markets as we transition to a multipolar geopolitical-macroeconomic regime. Follow Whitney on Twitter @TotemMacro. Recorded on November 23, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In the inaugural episode of Steno's Signals, Andreas walks us through why inflation will fall fast in the first quarter of this year, why that might not be a broad-based sign to buy equities—especially in the energy sector—and tells us how he’s setting up to trade it. Recorded on January 3rd, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Stocks rallied back on Friday but are still down on the week as another large round of job cuts hits the technology sector. In today’s extended version of the Daily Briefing, Jared Dillian joins Maggie Lake to discuss this week’s price action, overall market sentiment, and when he sees a true Fed pivot coming into play. In the second part of this extended show, we’ll dive deep into what Jared is specifically trading, how he’s positioning, and how to protect yourself in 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Stocks extended yesterday’s slide after lower-than-expected U.S. weekly jobless claims this morning suggested a still-resilient labor market. Meanwhile, December housing starts slowed less than forecasted, tech layoffs continue, and earnings reports suggest that the Fed’s rate hikes are beginning to manifest a recession. Tom Thornton, the founder of Hedge Fund Telemetry, joins Maggie Lake to make sense of the market action and share how he’s positioning his portfolio as earnings season picks up. Plus, we’ll hear from Andreas Steno Larsen on why the U.S. breaching its $31.4 trillion debt ceiling could impact equity investors. You can watch Andreas’ new series, Steno’s Signals, right here: https://rvtv.io/3QUIoof Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities gave back this week’s gains as investors try to parse producer-side deflation, the probability of recession, and the Bank of Japan’s decision to leave its yield curve control policy unchanged. The BoJ on Wednesday maintained its ultra-low interest rates, which sent the yen lower and led to interesting action in Japanese government bonds. Global markets contributor Weston Nakamura joins Andreas Steno Larsen to discuss what this BoJ news means from various asset classes, how the action is trickling into U.S. markets, and key takeaways from this morning’s PPI release. Plus, we’ll hear from Ruchir Sharma, founder and CIO of Breakout Capital, on why he is a little confused about where Japan sits in his EM portfolio. You can check out that entire interview right here: https://rvtv.io/3ZJ8YEX Check out Weston’s Twitter Spaces on the BOJ Here: twitter.com/i/spaces/1BdGYyNpYAyGX Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities began the week choppy as Goldman Sachs and Morgan Stanley both reported steep profit losses in Q4 2022. Banks see a recession coming, but does the rest of the market agree? Ash Bennington sits down with Tony Greer, founder of TG Macro and editor of the Morning Navigator, to hear what moves he’s watching in energy and commodities and how he feels about the broader rally in stocks. We’ll also hear from Andreas Steno Larsen on why he prefers precious metals over energy right now. You can watch Andreas’ new series, Steno’s Signals, right here: https://rvtv.io/3iuIO8j. Learn more about your ad choices. Visit podcastchoices.com/adchoices

What’s the trajectory of inflation in 2023? How about the likelihood of a severe recession? There’s no shortage of uncertainty as we look past the holidays, but Joseph Wang, Andy Constan, and James Helliwell have some thoughts on what’s to come. Don’t miss this discussion of how to navigate the markets in 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Are investors prepared to weather the storm that’s brewing for global markets? Welcome to the latest edition of V Questions, where expert guests answer 5 questions in 1 take with zero preparation. On today’s show, Felix Zulauf and Cullen Roche share their thoughts on the trajectory of inflation in 2023, the likelihood of a severe recession, and why patience will be key for anyone trying to navigate the markets in 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Earnings season for Q4 2022 kicked off today with both Bank of America and JPMorgan warning of a “mild recession” coming later this year. That’s a long way from the early-2023 crash that many analysts predicted not long ago. So, what changed? Real Vision co-founder and CEO Raoul Pal joins Andreas Steno Larsen for a special two-part edition of the Daily Briefing. Raoul and Andreas will discuss the evolving global macro landscape and the market’s response to new inflation data. In the second part of the show, we’ll dive deep into Raoul’s 2023 outlook and how he’s positioning himself. That part will be available only to Real Vision members, and you’re not going to want to miss it. If you’re not yet a member, you can start a 7-day trial for $1 and see what you think. Sign up here: https://www.realvision.com/discount10 Learn more about your ad choices. Visit podcastchoices.com/adchoices

The pace of U.S. inflation slowed again in December as overall consumer prices fell by 0.1% month-over-month, according to the latest CPI report. Stocks ticked higher as a result, and the market is now pricing in a 25-basis point interest rate hike from the Fed next month. On today’s show, Maggie Lake is joined by Dr. Komal Sri-Kumar, president of Sri-Kumar Global Strategies, to hear why he believes the market is getting ahead of itself with this latest rally and why the Fed has lost credibility. We’ll also hear from Andreas Steno Larsen on why he prefers precious metals over energy as China reopens. You can check out Andreas’ new series, Steno’s Signals, right here: https://rvtv.io/3iuIO8j Learn more about your ad choices. Visit podcastchoices.com/adchoices

Stocks are inching higher as we await tomorrow’s December CPI release, with tech leading the way as the Nasdaq Composite puts in a fourth straight green day. China-related equities and commodities are also rallying on optimism about China’s reopening. On today’s show, Andreas Steno Larsen is joined by Harry Melandri of MI2 Partners to discuss the state of markets, what China’s reopening means for the global economy, and preview tomorrow’s inflation data. You’ll also get a sneak peek at our newest series, Looking For the Upside, where we focus on a new investment theme and examine why right now may be the time to invest. Check out the new series here: https://rvtv.io/nuclearupside Learn more about your ad choices. Visit podcastchoices.com/adchoices

On today’s show, Shawn Hackett, president of Hackett Financial Advisors, joins Maggie Lake to discuss the latest developments in markets and the state of global macro conditions with an eye toward commodities. Shawn’s a commodities expert, and he’ll talk to the to the flooding in California, other erratic weather and upcoming patterns to explain what they mean for everything from agricultural products to energy to the U.S. dollar. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The stock market continued to rally on Monday, pushing higher from Friday’s big gains with the technology sector leading the way. At the time of this writing, the Nasdaq Composite is up 1.67%. On today’s show, Jared Dillian, editor of The Daily Dirtnap newsletter, joins Ash Bennington to discuss the overall market sentiment, why he’s monitoring Tesla ($TSLA), and how he’s positioning his portfolio for the months ahead. We also hear from Howard Lindzon, general partner at venture capital firm Social Leverage, who explains why he’s worried about growth in 2023. Watch the entire interview here: https://rvtv.io/3k2caLi Learn more about your ad choices. Visit podcastchoices.com/adchoices

There’s no shortage of uncertainty as we enter a new year, but don’t blink --- you might just miss the move that makes 2023. Welcome to the latest edition of V Questions, where expert guests answer 5 questions in 1 take with zero preparation. On today’s show, Milton Berg and Mish Schneider share their thoughts on the trajectory of inflation in 2023, the likelihood of a severe recession, and what sectors and assets they believe are ripe for profits in 2023. Don’t miss this discussion of how to navigate markets in the year ahead. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Welcome to the latest edition of V Questions, where expert guests answer 5 questions in 1 take with zero preparation. On today’s show, Mike Coolbaugh, Diego Parrilla, and David Higgins share their thoughts on the trajectory of inflation in 2023, the likelihood of a severe recession, and why volatility is hardly a bad thing for prepared investors. Are you ready to ride the new wave? Don’t miss this discussion of how to navigate the markets in 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

With Nonfarm payrolls coming in above estimates, and wage growth softer than expected, Atlanta Fed President Raphael Bostic said today that “the Fed needs to stay the course” with regards to raising interest rates in 2023. U.S. equities rallied on the news — essentially calling the Fed’s bluff as the market prices in a pause in the coming months and rate cuts in the latter half of the year. On today’s show, Maggie Lake sits down with Peter Boockvar, CIO of Bleakly Advisory Group, to sift through the market’s response to mixed economic data and hear why Peter believes that the Fed is almost done hiking rates. As he wrote in the latest edition of The Boock Report, Peter believes that the market won’t find a bottom “until everyone throws in the investing towel not wanting to ever own a stock again.” He’ll share where he believes we’re at in that process, and where he’s looking for opportunities along the way. Plus, we’ll also see a clip from our new series, Steno’s Signals, with Andreas Steno Larsen, on what falling inflation means for equities and energy. Watch the entire interview here: https://rvtv.io/3GqqeWL Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. stocks are down after new employment and jobless claims data released this morning indicated a still-resilient labor market. Private-sector employment rose by 235,000 in December, according to the latest ADP employment report, well above expectations. Annual pay for “job-stayers” rose 7.3%. Meanwhile, new jobless claims came in below estimates. On today’s show, Michael Gayed, the portfolio manager at Toroso Investments and editor of The Lead-Lag Report, joins Andreas Steno Larsen to discuss what signals caused him to switch from calling for a “melt-up” to an “imminent crash” at the end of 2022, and where he believes market conditions are pointing next. Plus, we hear from David Higgins about the possibility of a 2023 recession and why it might last longer than many expect. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Federal Reserve officials believe that “substantially more evidence” of slowing inflation is necessary before the central bank cuts interest rates this year, according to the December FOMC minutes which were released Wednesday afternoon. Fed officials cited concern that inflation could prove “modestly persistent,” and said that higher rates for longer will be necessary to fight inflation. Officials agreed that rate cuts shouldn’t happen in 2023. On today’s Daily Briefing, Darius Dale, the founder of 42 Macro, joins Maggie Lake to discuss the market’s response to this news, his view of inflation, and what it all means for global assets as we navigate the year ahead. Plus, we hear from Mish Schnieder of MarketGauge.com who gives us her opinion of where inflation will head in 2023. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The first trading day of 2023 is in the books and boy was it eventful. As warmer-than-average temperatures hold up across the globe, natural gas prices are falling off a cliff. At the time of this writing, natural gas futures are down 11.8%. Oil is down meaningfully as well. Meanwhile, U.S. stocks gave up early morning gains, with Apple and Tesla leading to the downside. On today’s show, Tony and Andreas will discuss the macro dynamics that are driving this sell-off in energy and share how they’re playing the sector in the new year. Plus, they’ll discuss why Elon Musk has become a problem for the typical Tesla investor and take a look at what else you should keep an eye on in the months ahead. Learn more about your ad choices. Visit podcastchoices.com/adchoices

There’s no going back to 2019, according to Jim Bianco, and the sooner we accept reality the better we’ll be able to see new opportunities. The post-pandemic global economy is fundamentally different, and the “easy money” era is over. In the final episode of our ‘Best of 2022’ series, Raoul Pal welcomes the founder of Bianco Research for a talk about inflation and the longer-term implications of soaring consumer prices. Raoul and Jim agree on many issues – that the U.S. is already in recession, for one. But they also disagree on other big points, such as inflation. As Jim sees it, the Federal Reserve is going to crush inflation, but consumer prices are still going to settle at a higher level. This is a can’t-miss conversation between two great macro minds on a critical “Make or Break” issue. Recorded on Wednesday September 21, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dario’s views of the global economy’s structure and how the next decade plays out are very different from those of most observers. He thinks the 1970s analogue is the wrong one to look at and that the postwar decades, the 1940s and the 1950s, provide a better framework. At the same time, he foresees a move toward a "tangible economy" and away from the "intangible economy" of the 2010s. In the fourth installment of our ‘Best of 2022’ series, Dario and Raoul talk about ramifications of this transition for inflation, growth, and interest rates. Recorded on May 12th, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

“Regionalization” is the transition from a world of stable prices and consistent growth to one of rising costs of living where the threat of global famine is real. The breakdown of an economic order framed by just-in-time supply chains requires a rethink of trade networks and relationships. Geopolitical strategist Peter Zeihan addresses these issues and more in his new book “The End of the World Is Just the Beginning: Mapping the Collapse of Globalization.” In the third episode of our ‘Best of 2022’ series, Zeihan joins Real Vision’s Maggie Lake to talk about implications of this transition, including the end of China’s time as a great power but the perpetuation of the U.S. dollar’s status as the global reserve currency. Recorded on May 31, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The transition to clean energy is an extremely important and noble cause but achieving future net-zero targets “will be very, very difficult.” That’s the message from Wil VanLoh, the Founder and CEO of Quantum Energy Partners, a private equity firm that’s been building energy companies for nearly a quarter century. Wil also happens to be a long-time friend of Kyle’s, and in the second installment of our ‘Best of 2022’ series, the pair discuss the urgency needed to address major problems in the global energy market and the necessity of the clean energy transition. As Wil puts it, “This is an issue of humanity, and if we don’t get it right, the consequences are dire.” Recorded on May 30, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Emad Mostaque is democratizing artificial intelligence. The hedge fund manager turned entrepreneur is the founder of Stability AI, the company behind Stable Diffusion, an image-generating algorithm that creates new, never-before-seen pictures. It’s the most advanced technology in AI, and Emad is bringing it to the masses. In the first episode of our ‘Best of 2022’ series, Emad shows Raoul how quickly AI is progressing, what that progress means for our future, and why he chose to make Stable Diffusion open source. This type of technology should be available to everyone in the world, Emad believes, not just corporate tech giants. His vision is AI of, by, and for the people – and with that comes great opportunity. Recorded on Wednesday October 12, 2022. Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equities took another tumble on Thursday as the worst December for stocks since 2018 continues. Meanwhile, Asia markets rallied on some upbeat earnings and a strengthened yen. On today’s show, the editor of The Daily Dirtnap, Jared Dillian, joins Maggie Lake to share how he’s deciphering the latest price action as we look ahead to the new year. Plus, we’ll hear from Weston Nakamura on why the Bank of Japan decided to tweak its yield curve control policy with only two meetings left in Governor Kuroda’s term. Watch the entire interview here: https://rvtv.io/3WCb335 Learn more about your ad choices. Visit podcastchoices.com/adchoices

The yen slipped slightly today after surging almost 4% on Tuesday, after the Bank of Japan surprisingly tweaked its yield curve control policy. U.S. equities are up for the second straight day, providing a glimmer of hope for a better-than-expected earnings season. On today’s show, Andreas Steno Larsen is joined by the founder of 42 Macro, Darius Dale, to discuss where we are in the global liquidity cycle and what that means for his 2023 outlook. Andreas and Darius are fielding audience questions, so be sure to get yours in. Plus, we’ll hear from Weston Nakamura on what everyone is missing in the BoJ’s hawkish turn. You can watch the entire breakdown here: https://rvtv.io/3YzHGAp Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Bank of Japan’s surprise move to change its policy and allow the 10-year JGB yield to move 50 basis points on either side of its 0% target, caught global markets off guard. In this deep dive, Weston Nakamura tells us what we’re all missing in the central bank’s slightly more hawkish tone. Learn more about your ad choices. Visit podcastchoices.com/adchoices