"Global Recession: What’s Next?" has been an incredible three weeks of programming. We’ve asked the question “what’s next?” of legends including Hugh Hendry, Lacy Hunt, Howard Marks, William White, Mike Novogratz, and many more more. Now it’s time for you to ask the questions. Members of the Real Vision editorial team will be answering your questions live.
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. Filmed on May 5, 2020.
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.
Roger Hirst is joined by Eric Muschinski, CEO and Founder of Gold Investment Letter, to talk about why now could be an exciting time to invest in gold miners. Whilst much of the world has been in lockdown, financial markets have continued to operate, often with spectacular results. Why Gold Miners? Why Now? And how to play it. Eric Muschinski is the founder and CEO of the Gold Investment Letter and specializes in alternative investment management, gold equities, hedge fund investing, private equity, and gold/silver investing.
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. Released March 26, 2020.
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. Filmed on April 30, 2020.
In this clip, Hugh Hendry and Raoul Pal discuss the fate of the U.S. dollar as it faces unprecedented headwinds, particularly as Modern Monetary Theory (MMT) is implemented in order to paper over the cracks in the financial system. Raoul and Hugh explore how gold could perform in a debt deflation and whether central bank largesse is sufficient to help risk assets perform. 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.
In this clip, Hugh Hendry and Raoul Pal discuss investing in island real estate as the ultimate way to hedge against financial volatility and geopolitical uncertainty. Hugh discusses a 5 million euro mortgage he took on from a French bank, and how recent developments serve as an example of “financial lubrication.” Hugh Hendry is the founder and former CIO of Eclectica Asset Management and he 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.
In this clip, Hugh Hendry, founder and former CIO of Eclectica Asset Management, tells Real Vision CEO Raoul Pal about an extremely rare correlation he has been keeping an eye on: the stock-volatility convergence.