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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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

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.

En attendant Notre-Dame, les vitraux de Claire Tabouret au Grand Palais