Afleveringen
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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
(00:33) China Exporting Deflationary Pressure
(05:20) "Froth" In Commodities
(11:27) The Future Of Fiscal Policy In The U.S.
(19:41) VanEck Ad
(20:21) How Forward Looking Will Central Bankers Be?
(34:35) Chinese National Accounts And Flows
(41:21) War And Finance
(45:30) Bank of Japan
(54:57) Bond Market & Fixed-Income Trades
(01:06:16) Currency Trades on The Yen & Yuan
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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. -
In this episode, Keone from Monad and Zon from Initia to discuss the spectrum between modular and integrated blockchain designs. They explore the tradeoffs in decentralization, performance and scalability between the two approaches. They explore AppChains, rollups, composability challenges in modular systems, EVM compatibility, and when to scale blockchains horizontally vs vertically. To close out Keone and Zon also share valuable insights on building Web3 communities organically. Thanks for tuning in!
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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(00:00) Introduction
(03:24) Modular vs Integrated
(11:47) Who are Appchains for?
(28:58) Composability in Modular World
(36:15) Monad's Endgame
(39:47) Importance of Decentralization
(48:05) Building Web3 Community
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Disclaimer:
Expansion was kickstarted by a grant from the Celestia Foundation.
Nothing said on Expansion is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Rex, Jon, and our guests may hold positions in the companies, funds, or projects discussed. -
Zijn er afleveringen die ontbreken?
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Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
Jens Nordvig on Twitter https://x.com/jnordvig
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Timestamps:
(00:00) Introduction
(00:53) Japan
(11:48) Wages Are Rising In Japan
(16:45) The Effective End Of Yield Curve Control (YCC) In Japan
(22:57) When Will The Bank of Japan Raise Interest Rates?
(25:03) VanEck Ad
(26:43) How High Will The Bank of Japan (BOJ) Go?
(33:12) Jens' View On The Japanese Yen
(56:00) Jens' Updated Views On U.S. Dollar And U.S. Rates
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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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This week Jack Farley joins us to discuss the biggest stories of the week. With economic data showing early signs of slowing, we deep dive into why inflation is still a problem for most citizens & although we are not in a recession, we are very much so in a "vibecession". Enjoy!
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Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii
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Disclaimer: Nothing discussed on On The Margin 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. -
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
(00:41) Jason Is "Neutral" On Stocks
(03:14) If Stocks Don't Rally On A Lower-Than-Expected PCE Number, There's Trouble
(06:30) Copper Has Become "The Favorite Trade On The Planet"
(13:00) Central Banks Have Painted Themselves Into A Corner
(20:50) "I Would Not Be Super Aggressive Here"
(22:37) VanEck Ad
(23:17) Jack's Push-Back Against "The Endgame" Take
(26:31) Trading Off A Macro View Is Dangerous As Hell
(27:37) Nvidia: The Mag One
(36:49) Bond Market Positioning
(41:10) U.S. Government Is Running A Pro-Cyclical Fiscal Deficit
(43:50) Jason Doesn't Trade On His Macro View Of Money-Printing Endgame, In The Same Way That A Profitable Sportsbetter From New York Doesn't Bet On The Knicks
(44:56) Barron's Roundtable Portfolio Is Up 2% This Year (Compared to 12% S&P 500)
(51:31) Jason's View Of Market Breadth
(56:49) Jason Is "Not A Big Believer In Chinese Stocks"
(01:06:15) Babyish Sentiment (People Freaking Out About Stock Market Being 5% Off Its Highs) Is Probably A Bullish Sign Argues Jason
(01:09:06) On A Short-Term Basis Jason Prefers Bonds To Stocks. What Would Have To Happen For That To Change?
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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. -
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
Jack Ryan’s book: https://www.simonandschuster.com/books/Bringing-Adam-Smith-into-the-American-Home/Jack-Ryan/9798888451946
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__
Timestamps:
(00:00) Introduction
(01:01) The Residential Agency Brokerage Business Is “The Largest Cartel In The U.S.” Argues Jack Ryan
(18:01) Is This Legal?
(23:24) Role of Multiple Listing Services (MLSs)
(28:32) Zillow’s Business Model
(35:24) VanEck Ad
(36:04) Rex’s Plans To Go Public Disintegrated After Material Slowdown In Business Upon Zillow Change
(39:39) Long And Short Ideas If Brokerage Fees Were To Go Down
(44:26) If Brokerage Is Such A Good Business, Where Are All The Excess Profits?
(48:40) How Zillow’s Business Decision May Have Impacted Rex Homes
(54:11) Rex’s Lawsuit Against Zillow, NAR, and Trulia
(01:05:55) National Association of Realtors (NAR) Has A Grip On Washington DC
(01:11:59) Closing Thoughts On Strength Of U.S. Housing Market
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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. -
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.
Kyla Scanlon’s Book, “In This Economy?” https://www.penguinrandomhouse.com/books/737854/in-this-economy-by-kyla-scanlon/
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Timestamps:
(00:00) Introduction
(00:19) In This Economy?
(07:44) How Are The Vibes Right Now
(11:43) Does The U.S. Have A Housing Crisis?
(14:21) VanEck Ad
(15:02) Does The U.S. Have A Housing Crisis? (continued)
(19:45) Declinism & Doomerism
(27:23) Wealth & Income Inequality In The U.S.
(32:46) Political Polarization
(34:16) The Origin Of Money
(36:10) MMT & Debt
(40:48) Elder Care & Child Care Costs
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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. -
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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Views expressed by James Fishback in this interview are solely his own and do not necessarily reflect the views of Jack Farley, Forward Guidance, Blockworks, or any other associated parties.
Although the title “head of macro” plays a central role in this ongoing legal dispute, James Fishback notes in this interview that his complaint also concerns his role in Greenlight’s macro returns during his employment. Recorded the evening of May 22, 2024.
James Fishback vs. Greenlight Capital: https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rGPZD1CfIoZE/v0
Greenlight Capital vs. James Fishback:
https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/r61keEZ5nJ1k/v0
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Timestamps:
(00:00) Introduction
(06:08) Job Offer And Title
(12:31) When Did James First Consider Himself To Be The Head of Macro?
(20:21) Greenlight's Two Loans To Fishback (Totaling $337,346.12 Before Accrued Interest, Totaling $345,698.65 After Accrued Interest)
(23:48) Van Eck Ad
(24:28) How To Define "Running Macro Investing"
(31:04) Written Evidence Of Greenlight Employees Referring To James As The "Head Of Macro"
(50:15) James Considers David Einhorn's "Tweet Heard Round The World" an "Insult" And "A Lie"
(56:52) Fishback: "I've Always Had The Itch To Be Entrepreneurial"
(58:04) James' Resignation From Greenlight In Early August 2023
(01:02:23) Fishback: A Billionaire Demanding That A Public University Take Down Content From A Student Organization Is A "Flagrant Violation Of The First Amendment"
(01:03:23) Political Differences Between James Fishback And David Einhorn
(01:10:17) James Fishback's Market Views: The Fed's "Lemonhead Problem"
(01:14:07) Fishback: Fixed-Rate Liabilities And Floating-Rate Assets Means Fed's Interest Rate Hikes Have Actually Been Net Stimulative
(01:19:17) Higher For Longer
(01:27:05) Why James Thinks Donald Trump Will Win The 2024 Presidential Election
(01:35:08) James' Bullish View On USD / JPY (Taking Advantage of Forward Curve)
(01:42:12) Fishback's View Of U.S. Stock Market, AI, And Microsoft
(01:46:37) Options & Path Dependency
(01:48:29) View On Long-Term Bonds (Duration)
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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. -
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
(00:37) Mel’s Background
(04:13) The More Debt Is Created, The More Investors Want It (Story of Past 50 Years)
(06:59) Mel On Gold And Stock Market
(11:31) Inflating The Debt Away: The 1940s Playbook
(14:30) The Pre-Bretton Woods “Sterling Standard”
(17:36) Offshore Dollars (“Eurodollars”)
(24:23) The Debt Spiral: Comparison to 1920s
(27:56) VanEck Ad
(28:38) Why Now?
(37:01) Great Depression
(43:24) Social Security = Ticking Time Bomb, Mel Argues
(48:30) Isn’t There A Self-Regulating Cycle Where Rising Bond Yields Slow Down The Economy (Which In Turn Creates Demand For Duration & Cash)?
(59:14) Timing: 2027
(01:04:52) Social Security Funding
(01:17:01) Gold and Inflation
(01:28:22) Mel’s Book, QUOZ
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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. -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
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__
Timestamps:
(00:00) Introduction
(00:30) Nick Favors Stocks Over Bonds Until He Sees Data That Say Otherwise
(05:25) Potential For An Bond Auction Failure
(06:44) U.S Government Borrowing: Treasury Bills vs. Treasury Coupons
(21:49) Conditions At Recent Treasury Market Auctions
(25:13) Short Bonds, But Not Wildly Bearish
(26:13) VanEck Ad
(27:14) Is Yield Curve Steepener Trade Positive Carry or Negative Carry?
(28:43) Inflation Volatility Is Bad For Term Premia
(33:13) Bull Steepener vs. Bear Steepener: How Will The Yield Curve Uninvert?
(39:10) Bull Steepeners Usually Occur Faster Than Bear Steepeners (Nick Thinks Bull Steepener Could Be More Likely)
(54:24) Volatility In The Bond Market
(01:02:21) Relative to Bonds, Nick Is Bullish On Stocks
(01:07:49) The Labor Market
(01:09:53) GameStop and the Return of Meme Stocks
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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. -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
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Timestamps
(00:00) Introduction
(01:07) An Overview Of Currencies
(09:19) The U.S. Dollar As A Hedge
(20:14) The Bond Market Is Not Safe
(25:41) Economic Outlook
(29:27) VanEck Ad
(30:28)
(34:02) Central Banks Management Of Currencies
(36:23) Emerging Market Currencies
(42:12) U.S. Trade Deficit And Fiscal Deficit
(45:08) Looking Back At Dollar Bear Market of 2000-2007
(49:05) China Is Screwed: Dicker on Chinese Yuan (CNY)
(01:00:27) View On Stock Market
(01:02:42) Which Are You More Bearish On, The Euro Or The Yen?
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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. -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
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__
Timestamps:
(00:00) Introduction
(00:24) Debt Service Ratio In U.S. Means Higher Interest Rates Haven't Caused Interest Expense To Skyrocket
(02:37) The "Higher Interest Rates Are Stimulative" Argument Has Gone War Too Far
(06:45) Outside Of The U.S., Higher Interest Rates Already HAVE Had A Big Effect
(08:46) Private Debt, Not Public Debt, Is The Cause Of Most Modern Financial Crises
(11:23) Eurozone Countries Can't Print Their Own Currency The Way A Monetary Sovereign Can
(14:04) Is Government Deficit The Surplus Of The Private Sector?
(21:43) VanEck ad
(22:50) Making Money And Being Right Are Often Different Things
(25:13) Is Private Sector Investment "Crowded Out" By Government Borrowing?
(26:51) The Four Factors That Impact Interest Rate Sensitivity Of An Economy
(29:53) U.S. Recession Risk Is Underpriced By Interest Rate Futures Market
(32:28) If Nominal GDP Comes In Below Consensus, Stocks Could Rally (Rather Than Sell-off)
(37:16) Macro Carry Strategies
(42:52) The Case For A Bull Steepener (Short-Term Yields Fall More Than Long-Term Yields)
(44:45) Weighing Probabilities Of Soft Landing vs. Recession vs. No Landing
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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. -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
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Timestamps:
(00:00) Introduction
(00:16) The Script
(02:49) Andy's Current View: Bearish On Stocks And Bonds, Bullish on Two-Year Notes
(04:17) Bond Market Might Be Underpricing The Chance Of A Recession
(07:29) Treasury Plumbing (Quarterly Refunding Announcement)
(13:10) At What Point Will Buyers Return To The Treasury Market?
(17:13) VaEck Ad
(18:15) How To Trade Something That Has So Many Drivers (Such As S&P 500)
(22:35) Stock Bond Correlation
(30:17) May Fed Meeting
(31:36) Odds That The Fed Hikes In 2024 (Rather Than Cuts)
(33:28) Andy Likes Two Year Notes Even Though He Thinks The Fed Could Not Cut At All This Year
(34:59) Andy Gets In-The-Weeds On Options-Implied Path of Fed Policy
(39:05) What Would It Take For Andy To Become Bullish On Stocks?
(41:24) Gold's Sudden Rise
(44:53) The Japanese Yen
(46:54) The Pressures On Interest Rates Will Emanate From The United States
(47:37) Chinese Equity Market
(49:35) Fed's Decision To Taper Quantitative Tightening (QT)
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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. -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
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Timestamps:
(00:00) Introduction
(12:50) Does China Face A Choice Between Deflation And Devaluation?
(19:38) VanEck Ad
(20:39) The Long-Term Debt Cycle
(29:30) How To Invest For A Recession Free Future
(34:40) Lags In Healthcare And Shelter Measures of Inflation
(42:03) The Fed
(55:20) Age Of Secularly High Inflation
(01:04:20) The Japanese Yen
(01:17:20) Asset Allocation Within Equity Space
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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. -
For access to 20% discount to annual subscription of Danielle DiMartino Booth’s “Daily Feather”: https://dimartinobooth.substack.com/forward
Or use code “FORWARD” at checkout. Deal expires on May 23, 2024. 20% discount applies to first year subscription.
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Timestamps:
(00:00) Introduction
(01:46) The QT Taper
(05:25) Was The May FOMC Meeting A Dovish or a Hawkish Meeting?
(09:01) The Fed Is Now Focusing On The Softening Labor Market, Argues Danielle DiMartino Booth
(22:53) U.S. Economy Entered Recession In October, Argues Danielle DiMartino Booth
(29:53) Consumer Spending
(33:11) Layoffs in 2024
(36:22) New Neutral Rate Of Interest
(38:32) Private Equity & Private Credit
(47:07) The Bernanke Doctrine
(51:24) Basel III Endgame
(56:33) Dissents
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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. -
This is a paid sponsorship on behalf of Van Eck Associates Corporation.
Today’s episode of Forward Guidance is a special fireside chat with Pranav Kanade, portfolio manager of the VanEck Digital Assets Alpha Fund. Kanade shares his philosophy for investing in crypto, and discusses his views on Prior to joining VanEck, Mr. Kanade worked as a Credit Portfolio Manager at Millennium Management.
Pranav’s Substack: https://killerapps.substack.com/
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Timestamps:
(00:00) Introduction
(00:31) Kanade's Journey Into Crypto
(10:43) Kanade's Investment Philosophy
(13:55) Is Crypto In A New Bull Market?
(35:32) Leverage And Funding Rates
(38:01) How Macro (And The Federal Reserve) Impacts Crypto
(48:45) Decentralized Physical Infrastructure Network (DePIN)
(52:42) Tesla
(54:54) Crypto Venture Capitalists (VCs)
(58:15) Eth vs. Sol
(01:01:12) At This Stage, Most AI Crypto Things Is "Nonsense"
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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. -
This week Harris Kupperman returns to the show for a discussion on how he is thinking about markets in 2024. Expecting bonds to continue selling off, will equity markets crumble or continue to melt up as fiscal dominance takes the reigns?
Harris then shares his thoughts on some of the best opportunities he is seeing in markets such as oil, gold miners, uranium & more. Enjoy!
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(00:00) Introduction
(01:14) Nobody's Ready For Higher Inflation
(02:59) Will The Fed Cut Rates In 2024?
(05:26) Gold
(09:25) Oil
(17:04) VanEck Ad
(18:07) The Uranium Trade
(30:37) Gaining Gold Exposure vs Owning The Miners
(37:06) The A.I Trade & Investing In Your Circle Of Competence
(39:59) Bitcoin
(42:58) The Bond Market Sell-Off Can Continue
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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. -
This week Ben Miller Fundrise Co-Founder and CEO joins the show. We begin by discussing the U.S public debt problem as debt to GDP remains elevated over 100%. For the second half of the conversation, we deep dive into the current state of the U.S real estate market focusing primarily on CRE. Enjoy!
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Forward Guidance is sponsored by VanEck.
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VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
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Timestamps:
(00:00) Introduction
(00:47) The U.S Debt Problem
(08:25) Private vs Public Debt
(15:02) VanEck Ad
(16:05) Can The U.S Handle Higher Interest Rates Past 2024?
(31:22) Commercial Real Estate & The Debt Duration Reset
(35:26) The Commercial Real Estate Time Bomb
(47:02) State Of The Housing Market
(49:24) Prices Are Not At Distressed Levels... Yet
(56:03) The Bull Case For CRE
(01:05:59) The Real Estate Sector Is Praying For A Recession
(01:07:28) Lending & Private Credit
(01:12:16) What Happens If Rates Stay Higher For Longer?
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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. -
Forward Guidance is sponsored by VanEck.
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VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
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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.
Timestamps
(00:00) Introduction
(00:37) Banking Net Interest Income Is "Flat To Down"
(04:26) Commercial Real Estate (CRE)
(13:26) VanEck Ad
(14:26)
(17:31) Consumer Deposits Have Become "Toxic"
(20:07) Schwab
(22:15) Chris Expects Mid-Size Banks To "Do Better Than The Big Guys" Next Year
(24:43) If There's No Recession, Are Bank Stocks Still Cheap?
(27:41) Higher For Longer Will Continue To Be Bad For Banks' Core Business of Taking Deposits And Making Loans
(30:19) Bank of America Should Be "Spanked"
(32:59) Only A Few Fed Cuts Are Needed To Improve Banks' Position
(35:13) Consumer Credit Continues To Be Fine ("Not Even At 2019 Levels")
(37:10) Credit Risk Issues For Banks Are Primarily In CRE
(38:12) New York Community Bank -
Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
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Michael Howell of Crossborder Capital and George Robertson of The Monetary Fronteir have two things in common: they both correctly predicted the renewed bull market in stocks and they both have been guests on The Forward Guidance podcast. That is where the similarities end, as Michael and George have entirely different explanations for what is driving the surge in equity prices. While Michael is renowned for his models on Global Liquidity and closely tracks the changes in central bank balance sheets (most notably the Fed’s), George dismisses the Fed entirely and thinks that monetary authorities have effectively zero influence on the economy and stock market. What ensues is a heated debate not just about what is driving the stock market and economy but about the very nature of money and credit creation itself. Recorded on April 10, 2024.
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Michael’s Substack https://t.co/7jRGW9iR0S
George’s Substack https://themonetaryfrontier.substack.com/
Michael’s Book https://www.amazon.com/Capital-Wars-Rise-Global-Liquidity/dp/3030392872
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Timestamps:
(00:00) Introduction
(00:32) Jack's Intro
(02:28) Michael's Opening Statement
(06:09) George's Opening Statement
(18:17) The Draining of The Fed's Reverse Repo (RRP) Facility
(24:59) VanEck Ad
(26:03)
(28:38) The Portfolio Rebalancing Theory (I.E. How Quantitative Easing (QE) Theoretically Works)
(45:21) Duration Impact of U.S. Treasury Issuing Longer-Maturity Paper
(51:39) Spread Between Agency Mortgage-Backed Securities (MBS) Yield And 10-Year Treasury Yield
(01:12:09) There's A Distortion In The Yield Curve, That's For Sure"
(01:17:47) Beyond The Fed's Balance Sheet
(01:23:18) Jack's Comment On Cause And Effect
(01:25:07) Views On Markets: George And Michael Remain Very Bullish
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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. - Laat meer zien
