Finance & Business Videos

This week Real Vision uses Refinitiv's best-in-class data to look at how bond yields are reflecting the growth outlook whilst equities reflect the flow. This is an environment that favours a break-out to new highs by gold. US real yields have been falling and this has been very supportive over the last few years. The Chatter looks at the resilience of assets to an increase in COVID cases, but that resilience does not extend to the real economy of small businesses. The Whisper looks at the data on the data and how retail investors are engaging with markets.

Senior editor Ash Bennington hosts managing editor Ed Harrison to discuss a day of pain on Wall Street as the coronavirus shows no signs of relenting and the normally cautious Federal Reserve issued an alarming mandate to large-cap banks. Ed and Ash also flesh out their thinking on a potential "double-dip recession" and a second wave of coronavirus. In the intro, Jack Farley looks at COVID-19 data and analyzes the dire results from the Fed's "stress test" of the banking sector.

What happens when an upheaval so massive forces financial markets, governments, and society to rethink how our systems work? Michael Krieger, author of the Liberty Blitzkrieg, joins Real Vision to explain what coronavirus and the response to the outbreak has revealed about the condition of American systems – from financial markets to the health care system. Tracing the story of financial markets and societal trends over the past two decades, Krieger outlines how our systems have been pushed to the brink – focusing on emergency policy responses and the everything bubble. He also provides viewers with potential solutions to the systemic decay that has been brought to the forefront by the coronavirus outbreak.

Steve Greenhut, Western region director at R Street Institute and author of "Plunder: How Public Employee Unions are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation," joins Mike Green of Logica Capital Advisers to discuss his coverage of the political paralysis that surrounds the issue of pensions in California. He guides Mike on a deep-dive into the gargantuan public employee compensation complex and how that complex bleeds into every other aspect of California government spending. He argues that public employees have forced state and local governments into a corner wherein they cannot maintain their obligations because of the massive burden of pension disbursements and employee compensation. Due to a lack of transparency, pension assumptions based on guesswork, and legal precedent overturning democratic decisions, Greenhut says that the perfect storm that will surely "surprise" Californian politicians has been plain to see for longer than a decade. Filmed on February 6, 2020 in Sacramento, California.

Steve Greenhut, Western region director at R Street Institute and author of "Plunder: How Public Employee Unions are Raiding Treasuries, Controlling Our Lives and Bankrupting the Nation," joins Mike Green of Logica Capital Advisers to discuss his coverage of the political paralysis that surrounds the issue of pensions in California. He guides Mike on a deep-dive into the gargantuan public employee compensation complex and how that complex bleeds into every other aspect of California government spending. He argues that public employees have forced state and local governments into a corner wherein they cannot maintain their obligations because of the massive burden of pension disbursements and employee compensation. Due to a lack of transparency, pension assumptions based on guesswork, and legal precedent overturning democratic decisions, Greenhut says that the perfect storm that will surely "surprise" Californian politicians has been plain to see for longer than a decade. Filmed on February 6, 2020 in Sacramento, California.

With 5 days to go before The Crypto Gathering kicks off at 10.00am ET on June 29, we’re taking you backstage… Raoul Pal and Ash Bennington are your hosts – They’ll be sharing details on the event, stories from behind the scenes, and answering some of your questions.

Real Vision CEO Raoul Pal joins senior editor Ash Bennington to reflect on a week of muted volatility amid a "quadruple witching" and unprecedented interventions from the world's major central banks. Raoul and Ash analyze the ECB's recent meeting around fiscal policy, and whether the Bank of Japan (BOJ), European Central Bank (ECB), and Bank of England (BOE) will follow the Fed and go into "hyperdrive," as Raoul puts it. The pair also discusses Apple's decision to close stores in the U.S. as the coronavirus continues to spread. Lastly, the pair looks forward to the upcoming "Crypto Gathering" on Real Vision. In the intro, Jack Farley discusses the recent Wirecard scandal and gives an overview of new action in the burgeoning corporate debt market.

Libra and the Central Banks (w/ Raoul Pal & Bill Tai)

 |  Friday, 19 June 2020 17:18  |  Published in Finance & Business Videos

Raoul Pal and Bill Tai end their discussion by talking about Libra and the central banks. They also go into discussing Shopify and their own currency system. Tai believes that oil is on the decline with regards to importance and makes a great analogy about the importance of electricity and oil. They end by discussing how lower friction leads to lower cost and makes doing business worldwide easier.

Getting into Bitcoin Early (w/ Raoul Pal & Bill Tai)

 |  Friday, 19 June 2020 17:17  |  Published in Finance & Business Videos

Raoul Pal and Bill Tai are back, this time discussing investing in Bitcoin. Tai goes into the evolution of Silicon Valley over time. He says in the early days of Silicon Valley, it was all about miniaturization, but now the world is affected by technology everywhere. He discusses how a book had a profound impact on his life, and the thinking behind economies. Tai is a big proponent that people live two lives: digital and real. He says that Bitcoin first caught his attention by being a “peer to peer” technology. Tai then goes into the evolution of Bitcoin mining, and how he and his peers helped to fund one of the world’s largest Bitcoin mining organizations. They conclude by discussing the Byzantine general’s problem.

Back to the Future? (w/ Raoul Pal & Bill Tai)

 |  Friday, 19 June 2020 17:17  |  Published in Finance & Business Videos

Real Vision CEO and founder Raoul Pal is with venture capitalist Bill Tai, discussing what excites them for the future. Tai says that data is very exciting to him. He says that there were multiple waves of digitization, that even led to the internet. He says digitization has left its mark all the way from places like Walmart to Uber. He says even humans have been digitalized. They discuss the “Zoom Revolution.” He believes that humanity is returning to where it once was thousands of years ago, with most content being free. He believes all goods will need to be tracked and identified at all ties, and we’re just at the start. Tai ends on discussing blockchain and asset tracking.

Venture capitalist, Bill Tai, has been at the intersection of venture capitalism and innovation since the early days of Silicon Valley before the orchards were replaced with technology company corporate headquarters. He joins Real Vision’s Raoul Pal to provide his uniquely qualified perspective, having experience on both the technology development and financing sides of Silicon Valley. Tai and Pal discuss data science, Tai’s explanation of the “waves of innovation,” and where Tai sees the next wave of innovation currently developing. Tai also talks about his early investment in Bitcoin, his view of digital assets separate from Bitcoin including CryptoKitties, digital currencies like Libra, and what he calls “the Electrodollar.” Filmed on May 27, 2020.

Dan Rasmussen, founder and CIO of Verdad Advisors is with Greg Obenshain, Verdad Advisors director of credit. They begin by talking about credit markets, and the “fools yield.” Obenshain believes over the last 12 months, the best you could do was a 4% return. Bonds that are trading as riskier have lower returns, and they end on the double b to single b split.

Dan Rasmussen and Greg Obenshain go back to the beginning and talk about investment opportunities right now. Obenshain still says he is watching the high yield market He believes that is not a hard investment to get. He says this is a very difficult market to predict, and we have no idea what is going to happen. They discuss people’s apprehension in buying into the market right now due to current world conditions. They conclude by talking about income portfolios and the possibility behind them.

Dan Rasmussen and Greg Obenshain discuss what is the biggest factor in determining corporate credit rates. In short, they agree that market efficiency plays a huge role in determining corporate credit rates. They agree it is interesting that yield is deemphasized, but what actually matters is if the credit is getting better or worse. They agree that the area with the highest potential for upgrades is just below triple b. The conclude by going back to shale, which they discussed back in the previous chapter.

Energy Credit (w/ Dan Rasmussen & Greg Obenshain)

 |  Wednesday, 17 June 2020 20:08  |  Published in Finance & Business Videos

Dan Rasmussen and Greg Obenshain continue talking about the current view of energy credit. They relate debt to high yield in energy, but that it is not in oil. However, Obenshain believes there was issues in energy prior to this crisis.

Dan Rasmussen and Greg Obenshain discuss the potential for return after the current COVID-19 crisis. They discuss valuation levels, and how coming into the crisis the market was quite unusual, with some sectors of the market being “overpriced” according to Rassmussen. They discuss how the Russell comes back before the S&P 500, and how corporate credit obligations pose a risk.

Dan Rasmussen and Greg Obenshain continue their discussion on yields, more specifically what area of the market will be hit the hardest. Obenshain believes that private equity funding will be hit among the hardest because they will need to take on new debt or restructure their debt to survive. He believes that companies with a lot of debt will have a tough time. They end by discussing leverage and how tough it will be.

Roger Hirst and Jharonne Martis, Director of Consumer Research at Refinitiv, talk about the findings of a recent Refinitiv survey that looked into the patterns of consumer behavior. The consumer has always been a key barometer of the health of the US economy but are there any permanent changes in the way consumers are purchasing goods?

Ursula Burns: Why I was hesitant to do this interview

 |  Tuesday, 16 June 2020 18:39  |  Published in Finance & Business Videos

Former Xerox CEO and the first black woman CEO of a Fortune 500 company, Ursula Burns, talks to CNN's Poppy Harlow about how Corporate America can address issues of racism and diversity.

Dan Rasmussen, the CIO and Founder of Verdad Capital Advisers, speaks with his colleague Greg Obenshain, Verdad's director of credit, to examine the credit market sell-off over the past two months. They focus on the recent widening of spreads and other areas of financial markets hit hardest by the recent acceleration. Rasmussen asks Obenshain what the biggest factors for returns in corporate credit are, the turmoil in the credit markets has impacted the energy sector, and where they see the biggest opportunities for investors will be coming out of the crisis. They also update Verdad's Fool's Yield thesis that the company has been writing about since January 2020 and that Rasmussen has presented to Real Vision members in the past few months. Filmed on March 17, 2020 over Skype.


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