David Kotok, chief investment officer and co-founder of Cumberland Advisors, welcomes Jack Farley to “Camp Kotok” with an interview. Kotok explains the origins of “Camp Kotok” and makes the case that, contrary to popular understanding, Fitch’s recent downgrading of U.S. debt is, in fact, a big deal. Filmed on August 5, 2023.
David Kotok's analysis on the debt ceiling: https://www.cumber.com/market-commentary/cost-debt-ceiling-crisis
About Camp Kotok: https://www.cumber.com/about/camp-kotok
Follow David Kotok on Twitter https://twitter.com/DavidKotokGIC
Follow Cumberland Advisors on Twitter https://twitter.com/CumberlandADV
Follow Global Interdependence Center on Twitter https://twitter.com/Interdependence
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Dave Nadig on Twitter https://twitter.com/DaveNadig
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
Big thank you to David Nadig of VettaFi for supplying the drone footage: https://www.youtube.com/watch?v=wT1H7or-sHo
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Timecodes:
(00:00) Introduction
(00:10) The History Of Camp Kotok
(11:11) Fitch's Downgrade Of U.S. Treasury Debt
(20:56) 2023 Debt Ceiling Drama Imposed Real Cost On Borrowing Rates
(28:58) Alternatives To The Global Dollar System
(31:29) Anecdote From Municipal Bond Market
(35:46) Will Interests Rates Go Even Higher?
(38:32) The Federal Reserve's Assistance To The U.S. Banking Sector In 2023
