The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive in the financial future that they envision.
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India Is The Most Promising Emerging Market | Angus Shillington
Thursday, August 29, 2024 • Duration 01:16:47
This interview with Angus Shillington explores why India is the most promising emerging market, why it has outperformed the S&P 500, and the country’s favorable demographics. We also discuss the risks & rewards of investing in China, how Chinese equities compare to Indian equities, and the booming semiconductor market. This interview is paid sponsorship on behalf of the VanEck corporation. Recorded on August 22, 2024.
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Timestamps:
(00:00) Introduction
(00:18) Emerging Vs Developed Market Investing
(01:19) GDP Vs Equity Performance
(06:16) Risks & Rewards In Chinese Equities
(10:14) Chinese Real Estate Market
(11:54) Most Promising Emerging Market
(18:28) How India's Market Improved
(22:57) How India Companies Fund Themselves
(24:29) India's Favorable Demographics
(30:01) Best Performing Industries In India
(33:09) India Inflation
(35:31) India's Imports & Exports
(36:50) Indian Vs Chinese Equity Valuations
(45:58) Indian Investment Goals
(49:00) Indian Vs Chinese Financial Sector
(53:54) TSMC, NVIDIA, & The Semiconductor Market
(01:10:01) Does ASML Have A Monopoly
(01:12:26) Most & Least Favorable EMs
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets
Markets Will Get A Deficit President No Matter What | Jim Bianco & Jeremy Schwartz
Tuesday, August 27, 2024 • Duration 30:00
This interview with Jim Bianco and Jeremy Schwartz discusses the Federal Reserve’s policy path, whether inflation will actually come down, and if the economy is headed for a no landing. We also delve into the neutral rate, the key election issues for markets, and whether stocks will outperform bonds.
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Timestamps:
(00:00) Introduction
(00:48) Jim & Jack's Assessment Of The Economy
(02:58) The Fed & Interest Rates
(03:55) Unemployment & The Sahm Rule
(06:57) Is Inflation Coming Down?
(08:33) Real Interest Rates
(11:05) What Is The Neutral Rate?
(14:21) The Pace Of The Cutting Cycle
(18:41) Election Insights
(20:55) Deficits Are The Key Issue
(23:11) Will Stocks Outperform Bonds?
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets
Why Credit Conditions Have Actually Eased Over Past Year | Oaktree’s Wayne Dahl on High-Yield Bonds, Leveraged Loans, Private Credit, and the Recession Yet To Arrive
Monday, July 29, 2024 • Duration 01:09:46
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
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Timestamps:
(00:00) Introduction
(01:36) The High-Yield Bond Market
(10:08) VanEck Ad
(10:48) Putting Money To Work When Credit Is Priced Optimistically
(19:27) The Bank Loan Market (i.e. Leveraged Loans)
(25:04) How Are Loan Borrowers Handling 500 Basis Points Of Increased Debt Costs?
(28:59) Permissionless Ad
(29:58) The Rise of Private Credit: Are We In The Golden Age?
(41:34) Is Private Credit An Untested Asset Class In A Potential Recession?
(46:53) What Is The Private Credit Money Used For?
(52:57) Why Do Active Managers Manage To Outperform The Index In Credit, When In Equities So Many Underperform?
(58:51) Loan Refinancings Are Occurring At A Record Pace
(01:03:02) Structured Credit And Non-Agency RMBS (Residential Mortgage-Backed Securities)
(01:04:40) Specialty Retail and Emerging Markets
(01:07:02) Commercial Real Estate (CRE)
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Jens Nordvig: Interest Rates Have Peaked, The U.S. Dollar Is Overvalued
Friday, November 24, 2023 • Duration 01:09:36
Jens Nordvig, founder of Exante Data and Marketreader Inc., returns to Forward Guidance to provide a quantitative update on currency and bond markets. Jens makes the case that interest rates all across the yield curve are likely headed lower as the Federal Reserve’s last hike is in the rearview mirror, and he argues that the U.S. dollar could depreciate against “risk-off” currencies such as the Swiss Franc, Japanese Yen, and even gold. Filmed on November 22, 2023.
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Until November 27th, a 20% discount can be obtained on 4-pack passes to DAS as well. Use code “BLACKROCK” at checkout.
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
(00:00) Introduction
(00:25) It's Been A Busy Year
(02:29) Interest Rate Sensitivity Of U.S. Economy
(13:06) Will There Be A Recession In 2024?
(15:44) Jens' Bull Case For Rates
(22:27) Fed Will Be "Much More Relaxed" If Services Inflation Continues To Moderate
(28:41) Potential For "Big Cuts"
(31:07) An Extraordinary Summer In FX
(34:34) Jens' Bear Case For Dollar Against Gold and Risk-Off Currencies Such As Swiss Franc
The World’s Greatest Carry Trade May About To Be Unwound | Nicholas Glinsman
Tuesday, November 21, 2023 • Duration 01:10:35
Nicholas Glinsman, veteran macro investor and co-founder at Malmgren-Glinsman Partners, returns to Forward Guidance to update his views on fixed-income and the economy. He argues that shorting the yen // buy non-yen-denominated assets trade, the “greatest carry trade in the world,” may be unwound as the Bank of Japan steers away from yield curve control and potentially will raise interest rates. This would have massive implications on global markets, which Glinsman expounds on in depth. Filmed on November 20, 2023.
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MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake. Try MetaMask Portfolio: https://metamask.io/portfolio/?utm_source=blockworks&utm_medium=podcast&utm_campai[…]_Podcast_ForwardGuidance&utm_content=pDapp_podcast_FG_shownotes
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Timestamps:
(00:00) Introduction
(09:19) The Deficit Will Probably Increase, Not Decrease
(11:05) U.S. Election
(15:21) Crypto & European Sovereign Debt Crisis
(26:13) Germany's Fiscal Situation
(31:51) Geopolitics in Middle East
(35:26) The "Biggest Carry Trade In The World"
(56:03) Stock Market
(01:07:27) U.S. China Relations Are Improving
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Jason Shapiro: It’s Too Early To Get Long Bonds
Thursday, November 16, 2023 • Duration 01:11:21
Jason Shapiro, veteran trader and founder of Crowded Market Report, returns to Forward Guidance to discuss his philosophy for trading markets. Shapiro explains that while the only position he currently has on is being long the Swiss Franc, he still thinks stocks will likely outperform bonds based on positioning and sentiment. Filmed on November 16, 2023.
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Today’s interview is brought to you by Sustainable Bitcoin Protocol, an environmental solution for bitcoin. Interested parties can find out more at https://bit.ly/46gFlgr
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Timestamps:
(00:00) Introduction
(10:51) Stock/Bond Correlation
(14:39) Hindsight Is 20/20, Show Me The P&L
(16:30) Gold & Oil
(21:55) Narratives Are Cheap
(26:36) Investing Vs. Trading
(32:37) Banks & Commercial Real Estate (CRE)
(40:46) Correlations & Commodity Trading Advisors (CTAs)
(49:12) Jason's Long Position in The Swiss Franc
(55:26) The Role Of Stop Losses
(01:03:42) When To Get Out
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
George Robertson: The Fed Has No Control, There Will Be No Recession, and Fiscal Supremacy Will Drive Stocks To “Ponzi Stage”
Monday, November 13, 2023 • Duration 01:52:20
George Robertson joins Forward Guidance to argue that the exceptionally large fiscal stimulus will mean that the economic boom has no end in sight. Once the market realizes there will be no recession, Robertson continues, stocks will soar and the 10-year will rise. Robertson makes the case that the “true” risk-free yield curve is actually not inverted, a claim at odds with common conceptions and one of many claims that Jack pushes back on, some others being that the Federal Reserve’s monetary policy has effectively no impact on the economy and that the 10-year Treasury yield is an accurate gauge of future nominal GDP. FIlmed on October 30, 2023.
MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake. Try MetaMask Portfolio: https://metamask.io/portfolio/?utm_source=blockworks&utm_medium=podcast&utm_campai[…]_Podcast_ForwardGuidance&utm_content=pDapp_podcast_FG_shownotes
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Timestamps:
(00:00) Introduction
(04:00) The Huge Economic Boom Is Just Getting Started
(07:16) George Says Federal Reserve Has "Violent" Control of the Press
(11:49) George Says Risk-Free Rates Are Commonly Misunderstood
(20:32) Federal Reserve is "One Of Greatest Creations Of U.S. Democracy," Says George Robertson
(23:08) Debate About Interest Rate Impact on Mortgage Prepayment Speeds
(30:00) Debate About Whether Mortgage Curve Is "True" Yield Curve
(51:19) SOFR is Complete Useless Garbage
(01:02:14) Minsky Comes In: Hedge Phase to Speculative Phase to Ponzi Phase
(01:26:00) 10-Year Headed To 6% As "Cheap As Hell" Stocks Will Enter "Ponzi Phase"
(01:30:40) It's "Foolish" To Make A Call On Labor as Jobs Market At 50-Year High, Says George Robertson
(01:34:00) Modern Monetary Theory (MMT) & Inflation
(01:45:29) George's Experience With Long-Term Capital Management (LTCM)
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
The Massive Bond Short | “Recession Denier” Jonny Matthews (ex-Brevan Howard) On The Duration Bubble, Correlation Trades, and Variance Swaps
Friday, November 10, 2023 • Duration 01:22:43
Jonny Matthews, founder of Super Macro and former portfolio manager at Brevan Howard and managing director at Citi & Saloman Brothers, joins Forward Guidance to share his view on markets and the economy. Having netted a near 100% return in 2022 with a very large short in Treasury bonds, Matthews has been a proud “recession denier” for several years. While he is now concerned with some worrisome data in the U.S., Matthews continues to believe that an imminent recession in the U.S. is unlikely.
Matthews and Farley also discuss the dangers of correlation trades, the challenges of currency trading, the severe slowdown in Europe, and the perils of variance swaps in 2008 and Long-Term Capital Management. Filmed on November 2, 2023.
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MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake. Try MetaMask Portfolio: https://metamask.io/portfolio/?utm_source=blockworks&utm_medium=podcast&utm_campai[…]_Podcast_ForwardGuidance&utm_content=pDapp_podcast_FG_shownotes
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Timestamps:
(00:00) Introduction
(02:34) Jonny's Massive Trade Shorting Bonds
(07:18) Analyzing Bond Demand Is Too Hard: Jonny Prefers To Track The Economy
(11:47) Concerning Changes In Recent Economic Data
(17:29) Pushing Back Against Jonny's "Recession Denier" Thesis
(21:13) Manufacturing Can Enter Recession While Overall Economy Is Not In Recession
(22:53) Excess Savings Indicate American Consumer Still Flush With Cash
(26:59) Jonny's Macro Trades As Of November 2023
(29:41) Real Rates Are Unlikely To Go Much Higher
(31:55) Curve Will Likely Re-Steepen When Fed Cuts Rates
(39:39) Economy in Europe Is "Much Much Weaker"
(41:33) Views On The Dollar & The Euro
(42:55) Bank of England & Inflation In the U.K.
(47:47) View On British Stocks
(50:16) China & Japan
(01:00:22) Trading Volatility Is Different Than Trading The Underlying Asset
(01:03:08) The Danger of Correlations Trades: Ghosts of 2008
(01:05:40) Long-Term Capital Management (LTCM) Blow-up
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
Interest Rate Declines Will Bring Fated "Soft Landing," Says Earnings Maestro Sam Burns
Thursday, November 9, 2023 • Duration 01:03:25
In January of 2023, a time where extreme pessimism on stocks and the economy reigned, Sam Burns, founder of Mill Street Research, shared his bullish outlook on equities with Jack. Now that his prediction has come true, Sam returns to Forward Guidance to explain why he is much less overweight on equities now than in January, but that he remains somewhat constructive on risk assets even as he expects a modest slowdown in 2024. Filmed on November 3, 2023.
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Timestamps:
(00:00) Introduction
(00:59) Less Overweight Equities Than In January... But Still Overweight
(06:54) Monitor of Analysts’ Earnings Revisions (MAER)
(11:31) The Housing Market (& Homebuilding Industry)
(15:18) The Banks
(16:50) Commercial Real Estate (CRE)
(18:43) Healthcare & Commodity Sectors
(20:18) Chinese Stocks
(23:55) S&P 500 Earnings Estimates
(31:40) Equity Momentum Has Weakened
(34:39) Disinflation Will Continue, The Soft Landing Is Here
(42:40) At What Point Does Global Manufacturing & Trade Downturn Impact The U.S. Economy?
(48:10) Fiscal Tailwinds In The U.S.
(54:20) If Interest Rates Decline, Soft Landing Very Likely
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
The Bond Market Sell-Off Was Duration, Not Credit Risk | Ben Santonelli
Monday, November 6, 2023 • Duration 55:14
On Todays episode, Ben Santonelli Portfolio Manager at Polen Capital joins the show for a discussion on the state of the high yield bond market.
Expecting further weakness in the high yield space, but nothing outside the normal credit cycle, Ben explains where he is finding the best opportunities as "debt investors can now generate equity type returns". To hear all this & more, you'll have to tune in!
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Timestamps:
(00:00) Introduction
(03:49) Debt Investors Are Generating Equity Type Returns
(05:38) Default Rates Will Increase In 2024 & Beyond
(12:41) Loan-to-Value (LTV): Investing In High Quality Businesses
(20:05) Loan Demand Has Declined Since 2022
(22:35) Liquidity
(31:00) Credit Spreads Are Still Tight
(35:35) Credit's Performance During A Recession
(39:20) The Weakness In Credit Is Mostly Margin Compression
(46:46) If Interest Rates Remain Higher For Longer, We Will See Refinancing Issues
(50:41) Wages & Labor
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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