VIDEOS

Raoul Pal continues his conversation with Dylan Grice, this time talking about diversification with regards to bonds, uranium, and CLOs. Dylan Grice believes there is a potential return of 20% on CLOs. Raoul believes that many people balance risk vs. reward when deciding whether or not to invest in an asset management firm. They also talk about assets being liquid, specifically catastrophe bonds. With regards to uranium, there have been a good deal of mine shutdowns which Dylan Grice feels that investing in Uranium is more “event driven” and may be a good investment. In conclusion, Dylan Grice believes there is no substitute for “doing your homework” and stresses the need for people to be informed.

Raoul Pal and Dylan Grice discuss when and when not to hedge or go all in. Grice believes it is “easier to react than to predict.” Him and Raoul discuss this topic at length and more. He emphasizes the need to act now rather than later. With regards to asset classes, they get into which classes are interesting to see from a market perspective, and discuss how credit effects them. There is an emphasis to get hands on and get “down and dirty” with regards to the markets and understanding investments. Finally, they end with emerging markets and the possibilities surrounding them.

Raoul Pal and Dylan Grice discuss the launch of Dylan’s new asset management business and the potential risks involved with it. They then begin to discuss the potential economic ramifications of the COVID-19 pandemic and the possibility of keeping borders closed for an extended period of time. The personal implications of COVID-19 are discussed, from just knowing people who have had to deal with the disease, to family who are presently dealing with it. They then go into the time period of the normal credit cycle, and how competitors can take advantage of it and how you must restructure your balance sheet because of it. Tying it all to COVID-19, Dylan Grice thinks we should “go low” and realize that we are 18-24 months away from making new highs in the market. Raoul then goes into discussion of how Dylan Grice sizes up the credit event, and he gives his thoughts on the matter.

Raoul Pal and Dylan Grice sit down to discuss his career, starting out as a banker to becoming a portfolio manager. Grice speaks on his journey on being an economist after graduating from the London School of Economics to becoming a prop trader on the equity desk, and then continuing on his career. Furthermore, Grice gets into his transition from being a “stock picker” to his next job in credit. To conclude, Dylan Grice talks on his responsibilities in his new job.

Dylan Grice, co-founder of Calderwood Capital, sits down with Raoul Pal, CEO and co-founder of Real Vision, to discuss the proper framework for successful investing in dark and uncertain times. While Grice believes that the coronavirus pandemic could trigger the "mother of all credit events," he is seeing bargains all across the asset universe, whether they're in well-known stocks, collateralized loan obligations (CLOs), catastrophe bonds, or uranium. Investors are thus subject to conflicting emotions: wanting to sell everything in order to avoid a market catastrophe, as well as wanting to buy high-quality assets that are trading at fire-sale prices. Grice describes how sophisticated investors, who have been researching specific securities for years and have enough cash to take risk now, can reconcile these conflicting inclinations by holding on to enough cash and, if one must put capital to work, sticking to the mantra, "buy what you know" – staying within what Warren Buffett calls one's "circle of competence."

Roger Hirst and Sherry Madera, Refinitiv’s Chief Industry & Government Affairs Officer, talk about the details of the European rescue fund that was unveiled by Ursula Von Der Leyen, the European Commission President.

Ric Edelman, chairman and co-founder of Edelman LLC, speaks to Real Vision senior editor Ash Bennington about how investors can position themselves for success during this unprecedented crisis. Edelman analyzes the ongoing calamity through the lens of behavioral finance, and gives recommendations for how investors should be thinking about their savings and investments. He recommends that investors take the long-term, thoughtful approach and not worry about short-term price gyrations - but he does prescribe caution for investors who are averse to wild swings.

This week Real Vision uses Refinitiv's best-in-class data to look at the latest conversations about monetary policies that continue to stack the rebound in favor of risk assets and large corporates, at the expense of the real economy. Are these policies continuing to damage the economy despite the recovery in equities? The Chatter looks at the sell-off in the US dollar and puts the bull vs bear debate in historical context. The Whisper looks at the potential rise of both bankruptcies and the zombie company.

Matt Rowe and Jared Dillian discuss what’s next for the market. They dive into what rules they believe will be changed. Dillian believes negative interest rates and buying equities are a possibility. The summer outlook is discussed and the possibilities are explained. The similarities between revolving bankruptcy doors are discussed and the possibility of giving people a put is staled about. They discuss why the government will not let the free market take over the energy industry as the have with airlines. They stress that being patient with the market seems like one of the best things to do. Moral hazards and risk positions are talked about as key factors with regard to the market and investing.

Matt Rowe and Jared Dillian discuss the halts that Covid-19 has placed on the world’s economy. They delve into what’s next and the possibility of a recession and other financial crises. Growth will be impacted but Jared believes equity valuations will remain high. Dillian believes we should be focusing more on what the fed will do vs what the fed should do. The Fed will avoid trying to be embarrassed. Dillian delves into his personal reasons why he believes many valuations are crazy and discusses the Canadian housing market. The parallels between GM in 2008 and the airlines today are discussed.

Matt Rowe and Jared Dillian discuss how a sense of right and wrong influences what we do with our money. They discuss the possibility of looking at cap structures more broadly and the effects on equity. Furthermore, Jared Dillian gives his views on buybacks and the potential problems that it could have on the market. The yields of bonds that the Fed is and is not buying are presented as great opportunities. Which companies will be allowed to fail and which won’t? Jared Dillian answers this and more.

Roger Hirst and Maria Dikeos, Refinitiv’s Head of Global Loans Contributions, talk about how certain investment themes, like ESG, were gaining momentum prior to the Corona Crisis. Now that investors are trying to preserve their capital, have we seen any trends emerge around these investment themes?

"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.