Real Vision: Finance & Investing

Senior editor Ash Bennington joins managing editor Roger Hirst to discuss the latest developments in macro, markets, and coronavirus. Bennington and Hirst talk about the trajectory of the global recovery and growth—specifically, they explore the exponential increase in the savings rate, the vicious cycle the Fed might find itself in as they continue to support asset prices, and the potential for "zombification"of corporations through misallocated capital. They also dive into how sentiment is currently driving financial markets, why passive investors may not be prepared for the air pockets of potential drawdowns, and how easy monetary policy actually encourages growth deflation. In the intro, Nick Correa analyzes today’s ECB announcement to expand its Pandemic Emergency Purchase Program (PEPP). Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior Editor Ash Bennington joins Managing Editor Roger Hirst to discuss the latest developments in macro, markets, and coronavirus. Bennington and Hirst discuss what “returning to normal” means for markets—whether it’s breaking into a new regime or a return to the status quo. They also dive into “the dollar smile,” where bond yields are headed, and commercial real estate in the UK. In the intro segment, Real Vision’s Nick Correa talks about the 1968 influenza pandemic and how the world’s response to pandemics in the past was vastly different from the response today. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington hosts managing editor Ed Harrison to delve into whether the pandemonium in the U.S. will ever spread into capital markets. They analyze the historical performance of markets during times of civil unrest and explore whether U.S. equities have "priced in" the possibility that the ongoing mass protests in the U.S. could accelerate the spread of COVID-19. Ed and Ash also discuss the yield curve and retracement levels for the S&P. In the intro, Real Vision's Nick Correa talks about the 1957 pandemic, the Eisenhower recession, and how they may intersect. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington hosts managing editor Ed Harrison to discuss how the roiling civil unrest in the U.S. could affect businesses and financial markets. They look at the correlation of the Citi Surprise index and bond yields, and Ed introduces three historical parallels to compare to the current moment. Ed and Ash reaffirm that Real Vision’s core remit is to analyze markets. In the intro, Jack Farley gives an overview of global PMI data and Goldman Sachs’ revised forecast for the S&P 500. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Kiril Sokoloff, chairman and founder of 13D Global Strategy and Research, joins Raoul Pal, CEO and co-founder of Real Vision, to discuss the ongoing coronavirus pandemic and its long-term consequences on monetary policy, investing, and geopolitics. Pal and Sokoloff analyze how a protracted quarantine might slow economic activity to such a degree that central banks become more active than they ever have before, either by monetizing debt or by purchasing risk assets outright. The pair also explore how the crisis might affect the 2020 election, the practice of stock buybacks, and specific assets like oil, gold, and the Japanese Yen. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Recently the Federal Reserve has taken unprecedented steps to backstop the market, sending investors scrambling to relearn the “rules of the game,” and inciting arguably justifiable outrage from others. Matt Rowe, CIO of Headwaters Volatility, and Jared Dillian, editor of The Daily Dirtnap, debate the utility of this outrage and explore whether the level of shock is justified considering the long history of the “rules changing”. Additionally, they examine the misaligned incentives for investors and governments, try to make sense of the recent rally in equities and the bifurcation of the high-yield market, and look forward at the potential for big surprises like bailouts or the Fed stepping into the equity market. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins managing editor Ed Harrison to discuss the latest developments in markets and macro in the era of coronavirus. Bennington and Harrison talk through the risks and potential upside to growth as European institutions debate bailouts in Europe, the possible ripple effect of President Trump’s call to revoke Hong Kong’s special trade status, and the plausibility of the renminbi becoming a global reserve currency. In the intro, Real Vision's Peter Cooper discusses some of the latest economic data coming out of Canada. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor, Ed Harrison, joins managing editor, Roger Hirst, to discuss the latest developments in markets, macro, and coronavirus. They talk through why US equities are still not suffering even though the real economic data demonstrates an increasingly bleaker picture. In light of that, Harrison and Hirst break down what lessons to draw from this investing environment. In the intro, Real Vision’s Jack Farley looks at the continued layoffs in the airline and tech industries. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor, Ash Bennington, joins managing editor, Roger Hirst, to discuss the latest developments in macro, markets, and coronavirus. Bennington and Hirst analyze what’s happening in Europe, including the recently proposed EU stimulus package, ballooning European debt, and the underlying structure of the eurozone. They also discuss recent moves in equity prices and the current landscape of currency markets. In the intro, Real Vision’s Nick Correa shares the details of both the EU’s and Japan’s proposed stimulus bills for economic relief. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Managing editor Ed Harrison and senior editor Ash Bennington break down the brewing tensions between China and the United States. They comprehend the consequences of a potential "decoupling" between the two superpowers and analyze the possibility of a new Cold War. Ed and Ash also analyze the continued rise of U.S. equities and look forward to see whether the ongoing crisis will be the shortest recession in history or if there is some "post-snapback malaise" in store. In the intro, Jack Farley takes a look at what could be the first convertible bond default in the history of Chinese markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington joins Real Vision CEO and co-founder Raoul Pal to discuss the latest developments in macro and coronavirus. Bennington and Pal discuss the collapsing velocity of money and stagnant US growth, the Canadian and Australian housing markets, and what the future of commercial real estate may look like in a post-coronavirus world. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Dena Grayson speaks to Pedro Da Costa about the ongoing efforts of medical professionals to save lives and stop the COVID-19 pandemic in its tracks. She evaluates the promising new drug Remdesivir and discusses her work on similar drugs such as Galidesivir and Favipiravir. She shares her thoughts on herd immunity, the possibility of a vaccine, as well as the different efforts of governments worldwide to contain the pandemic. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Hugh Hendry, founder and former CIO of Eclectica Asset Management, joins Real Vision CEO Raoul Pal to analyze the state of markets at this unprecedented juncture of uncertainty and to reflect on a lifetime of macro investing. Raoul and Hugh explore how gold could perform in a debt deflation and whether central bank largesse is sufficient to help risk assets weather the storm. After a thorough investigation into the interplay between volatility and price, they contemplate the prospect of a “gilded depression” – one in which cataclysmic economic disaster is kept solvent by never-ending fiscal stimulus and where asset prices are continually re-inflated by incessant injections of central bank liquidity. Hugh can be found on Twitter at @hendry_hugh and on Instagram at hughhendryofficial. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Senior editor Ash Bennington sits down with Real Vision CEO and co-founder Raoul Pal to explore the latest developments in markets and macro. They dive into why debt mutualization won’t be enough to save Europe, what the elimination of GDP targeting means for China, and how Hong Kong’s limited autonomy is slipping from its grasp with China’s latest security law announcement. The pair also discuss the challenges of a solvency crisis, the rising threat of deflation, and the plummeting two year U.S. Treasury yield. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's managing editors Ed Harrison and Roger Hirst sit down to discuss the latest developments in markets, macro, and coronavirus. Nick Correa talks about the new waves of infections in South Korea and the country's unique challenges in containing and stopping the spread. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision’s senior editor Ash Bennington and managing editor Roger Hirst analyze the latest developments in markets. Bennington and Hirst discuss the implications of fiscal burden-sharing in the European Union within the framework of French President Macron and German Chancellor Merkel’s recent joint proposal for a €500 billion aid fund. The pair also unpack the technical and supply and demand dynamics driving oil markets, the concentration risk in the largest stocks of the S&P 500, and key technical levels in US equity markets. During the intro, Real Vision’s Nick Correa discusses the reopening of Spain, and the unique hurdles the Spanish will face as they begin their journey to economic recovery. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision senior editor Ash Bennington hosts managing editor Ed Harrison to discuss the retracement of the S&P 500 amid a distressing Bank of America study that found that only 10 percent of fund managers are anticipating the V-shaped recovery that has been promised. Ed and Ash also explore the troubling stories coming out of Latin America, the trouble in the European banking sector, and the potential of a redenomination of the Euro into legacy currencies. In the intro, Jack Farley takes a closer look at PNC Financial’s sale of its stake in Blackrock. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Long before the market’s most recent correction, underfunded pensions were already a huge concern. Now that prices have fallen along with interest rates, pensions are in an even worse position than before. Leo Kolivakis, publisher of Pension Pulse, returns to update Ed Harrison and Real Vision viewers on the state of the global pension system with a specific focus on how the short vol trade and private market investments have and will continue to be affected by the crisis. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision Senior Editor Ash Bennington hosts Managing Editor Ed Harrison to make sense of a roaring day on Wall Street. They analyze the extreme bullishness in today's session through the lens of Fed Chair Powell's remarks, and discuss yield divergences in European sovereigns, as well as the valuation of European banks. In the intro, Jack Farley takes a look at recent 13F filings. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Balaji Srinivasan is a highly accomplished investor, entrepreneur, executive, and academic. In this conversation with Real Vision’s Ash Bennington, Srinivasan unpacks his tech-centric view of combating the coronavirus — informed by his background in the medical testing space and his Ph.D. work in microbial genetics at Stanford. Srinivasan also served as the Chief Technical Officer at the digital currency behemoth CoinBase and as a general partner at the storied Silicon Valley venture capital firm Andreessen Horowitz. Srinivasan also shares his perspective on what changes the US government needs to institute in order to compete with China to control the coronavirus outbreak. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's CEO and co-founder, Raoul Pal, joins Senior Editor Ash Bennington to update viewers on his "Unfolding" thesis about the trajectory of the COVID crisis and its effects on the economy and markets. He also unpacks his views about the solvency risks in the BBB bond market and reviews highlights from his interviews with legendary investors Howard Marks and Kyle Bass. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision’s Managing Editor Ed Harrison is joined by Roger Hirst to discuss the latest developments in markets, macro, and the coronavirus crisis. Peter Cooper talks about how China, Hong Kong, and South Korea are facing setbacks with a new wave of cases. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's senior editor Ash Bennington sits down with managing editor Roger Hirst to discuss the latest in macro, markets, and coronavirus. They dive into the psychological and economic repercussions that the shutdown has had on both New York City and London. They also talk about how the Fed's intervention in markets has played a role in supporting asset prices, the level of uncertainty about where they will go in the future, and why currency markets are the optimal place to express a macro position. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's Ash Bennington and managing editor Ed Harrison discuss the latest developments in macro, markets, and coronavirus. They dive into the havoc wrecked on the jobs market, the continuously moving plans to reopen the US economy, and Dr. Fauci's warning today to the US senate. They also review what's happening in the Eurozone and which European economies may be a model for the US's own reopening. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Professor Mark Blyth and Professor Adam Tooze explore how coronavirus is laying bare the hidden risks embedded within our financial systems and how central banks worldwide are scrambling to paper over those chasms of danger. To them, it seems that the Federal Reserve has rewritten its remit, and they discuss how rather than try and keep prices stable or keep unemployment low, the sole focus of the Fed right now seems to be supporting asset prices at any cost, even if that means bailing out leveraged entities who took on too much risk. They also discuss Europe and how this crisis is heightening the contradictions within the Eurozone and pushing the European banking system to the brink. Learn more about your ad choices. Visit podcastchoices.com/adchoices

With every day of lockdown and every dollar of stimulus, policy and markets are becoming more and more intertwined. That is why Pedro da Costa has been conducting a series of interviews with central bankers, policymakers, and the economists who inform their views. Pedro continues this series with Dr. Adam Posen, president of the Peterson Institute for International Economics. Together they examine the efficacy of the current fiscal and monetary policy response and how this crisis is affecting globalization, emerging markets, and the state of the European Union. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's Ash Bennington and Managing Editor Ed Harrison discuss Raoul's Expert View, "Global Recession - What's Next?", which was released today. Bennington and Harrison then take a deep dive into the real economy with a special focus on the risks posed by debt deflation. The pair also talk about the reopening of the global economy with an eye toward recent events in Germany. In the intro, Jack Farley looks at a dramatic new chapter in the WeWork saga. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision Co-Founder and CEO Raoul Pal as they look forward to the biggest voyage Real Vision has ever gone on: Global Recession: What's Next? Over the course of this two-week content campaign, some of the brightest minds in finance will be sharing their views with you. Raoul and Ash also discuss the broad impact and context of the coronavirus crisis and look ahead to what we will learn in the coming weeks from economic data. In the intro, Jack Farley analyzes the unprecedented labor statistics and shares the story of one U.S. worker who lost his life on the job. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Columnist for HousingWire, Logan Mohtashami of AMC Lending Group sits down with Real Vision's Ash Bennington to discuss the "complete meltdown" he sees in the residential mortgage space during the coronavirus crisis. Mohtashami and Bennington discuss housing prices, the dynamics in the mortgage market in a time of crisis, and the overall lending environment. The pair also touch on the economics of US demography, commercial real estate, and the quantum shifts in retail property in commercial real estate. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision’s Managing Editor Ed Harrison is joined by Roger Hirst to discuss the latest developments in markets, macro, and the coronavirus crisis. Harrison and Hirst examine the effects of central bank liquidity on asset markets. Real Vision’s Peter Cooper gives an overview of the Eurozone’s economic future, the challenges Italy faces next as they descend from the peak of the outbreak, and Norway’s central bank cutting rates to zero. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Roger Hirst. Today, Bennington and Hirst explore the relationship between fundamental and technical analysis in the context of the Coronavirus crisis. The pair also discuss the role of the European Central Bank in light of the recent landmark decision by the German constitutional court. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision’s Ash Bennington and Tony Greer, editor of Morning Navigator, discuss recent market action. Bennington and Greer discuss price action in the S&P 500, whipsawing oil markets, and the reopening of the US economy. Real Vision's Peter Cooper discusses shifts in consumer spending over the last few weeks, J. Crew filing for Chapter 11 bankruptcy protection, and Hertz being granted emergency forbearance to avoid bankruptcy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Managing Editor Ed Harrison to discuss recent developments in markets, macro, and the coronavirus crisis. Today, Bennington and Harrison discuss Warren Buffett and his statements at the Berkshire Hathaway Annual Shareholders Meeting, the state of the airline industry, and the risks and limitations of reopening the global economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Peter Brandt, Founder of Factor LLC, speaks to Real Vision CEO, Raoul Pal, about the dramatic price action he’s witnessing in equities, commodities, currencies, gold, and bitcoin. A veteran technical analyst, Brandt tells Pal about the charts on his radar and how they are informing his investing perspective. Raoul discusses how he interprets these chart patterns through the lens of dominant market narratives and shares how they are informing his macro framework. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dr. Thomas Hoenig, distinguished senior fellow at George Mason University's Mercatus Center, joins Pedro da Costa, columnist at MarketWatch and Forbes, to discuss Dr. Hoenig's experience as former chief executive of the Kansas City Fed and former vice chairman of the Federal Deposit Insurance Corporation (FDIC). Drawing upon his experience as a voting member of the Federal Open Market Committee, the Fed's principal organ for making large asset purchases, Dr. Hoenig discusses the current extreme measures that the Fed is taking in order to support asset prices during this unparalleled exogenous shock that the quarantine has inflicted on markets. They explore how large the Fed’s balance sheet could get and what a sustained zero-interest policy will mean for investors, workers, and employers. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington joins Real Vision CEO Raoul Pal for an exploration of how to find the macro signal amid the noise of economic indicators, alternative data, and confounding price action. Raoul describes an alarming pattern he's been noticing in data on foot traffic, and gives his view on whether fiscal and monetary policy will be able to "paper over the cracks." Raoul and Ash then analyze the recent mortgage payment figures, and have a little bit of fun with Elon Musk's recent antics. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's Managing Editor Ed Harrison sits down with Roger Hirst to discuss what's going on in markets today. Harrison and Hirst touch on the economic numbers coming out of the U.S. and Europe, the possibility of China exporting deflation, and how the market will move forward in light of this information. Please take a moment to fill out the survey below. Your input will help us provide you with the best and most relevant content. https://survey.libsyn.com/adventuresinfinance Learn more about your ad choices. Visit podcastchoices.com/adchoices

Real Vision's Ash Bennington sits down with Roger Hirst to discuss the latest economic data: dismal GDP numbers, consumer spending, as well as other stats in the real economy. Bennington and Hirst analyze the recent technical levels on the S&P, and explore how the new COVID-19 treatments being tested could impact the timing and pace of re-opening the economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Managing Editor Ed Harrison to discuss recent developments in markets, macro, and the coronavirus crisis. Today, Bennington and Harrison discuss the U.S. recession outlook, economic sentiment, and whipsawing prices in global oil markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Managing Editor Ed Harrison for analysis of the day’s events. Bennington and Harrison discuss the shape & speed of the coming recovery as well as the different economic trajectories of the U.S. and Europe. Please take a moment to fill out the survey below. Your input will help us provide you with the best and most relevant content. https://survey.libsyn.com/adventuresinfinance Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Tony Greer, Editor of the Morning Navigator, to get a trader's-eye view of what’s happening in markets. Greer unpacks the underlying supply & demand dynamics of what drives markets higher during dismal news cycles in this must-see wrap-up of the week’s market action. With markets and headlines moving faster than ever, we are now bringing all Real Vision members a new ultra-timely show to help you keep up with the dynamic news cycle. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode of the Real Vision Daily Briefing, Managing Editor Ed Harrison hosts Roger Hirst for a discussion about emerging market credit risk, helicopter money, and the unwinding of the commodity daisy chain. With markets and headlines moving faster than ever, we are now bringing all Real Vision members a new ultra-timely show to help you keep up with the dynamic news cycle. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Roger Hirst for a discussion about governments’ response to coronavirus and its implications for fiscal and monetary policy. The pair also cover the broader outlook for the global economy and the risk of structural changes caused by the pandemic. With markets and headlines moving faster than ever, we are now bringing all Real Vision members a new ultra-timely show to help you keep up with the dynamic news cycle. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Ed Harrison, Real Vision’s managing editor, to break down the day’s events. In today’s episode, Bennington and Harrison continue their discussion on oil markets — and tie the broader macroeconomic fundamentals into technical market dynamics. The pair also discuss MMT, the structure of the USO ETF, and emerging market debt forbearance. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Ed Harrison, Real Vision’s Managing Editor, to break down the day’s events. Today, the pair take a deep dive into the chaos of the profoundly fractured oil markets. Bennington and Harrison also discuss the long-term prognosis for the eurozone in a post-coronavirus world. In the intro, Jack Farley discusses the teetering CLO market and analyzes a short play that has paid off big time. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Ed Harrison, Real Vision’s Managing Editor, to break down the week’s events. The pair cover the U.S. banking sector, risks to the commercial real estate market, Russian central bank policy action, and compare and contrast the timing and trajectory of the COVID Crisis to the GFC. Bennington and Harrison end on a discussion of the changing role of China in the global political and financial system in the wake of the current crisis. Learn more about your ad choices. Visit podcastchoices.com/adchoices

On today’s Real Vision Daily Briefing, Roger Hirst and Ed Harrison discuss FX markets, high yield credit, and EM fixed-income through the lens of Brent Johnson’s “dollar milkshake theory” and Mike Green’s thoughts on the concentration of capital. Harrison and Hirst analyze the impact that the Fed’s yield curve control will have on net interest margins for banks and whether central banks will draw a “line in the sand.” Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Roger Hirst to talk markets and economics. In this episode, Bennington and Hirst discuss the dismal economic data coming out of the U.S. including industrial production, retail sales, and the Empire State Manufacturing index. The pair also consider oil prices, the crisis’s impact on the money market, and potential durable shifts to the structure of the American economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Managing Editor Ed Harrison to discuss the day’s events. In this episode, the pair unpack new GDP growth forecasts, the latest economic warning from the IMF, and the first round of Q1 2020 bank earnings. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Ash Bennington hosts Real Vision’s Managing Editor Ed Harrison to discuss the events of recent days as the coronavirus crisis grinds forward. Harrison and Bennington focus on the role of banks in financial crises as a transmission mechanism to the broader economy. The pair also consider risks to the high yield market and the role that exchange traded products play in providing liquidity in the global debt markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices