Real Vision: Finance & Investing

U.S. equity indexes surged early on Election Day but sagged heading into the last two hours of trading, rising perhaps in anticipation of a market-friendly divided government in Washington D.C. Gold rallied as well, a sign that investors may have some concerns about Republican promises to hold the line against future debt-ceiling increases without cuts to entitlement programs. And then there’s the fact that the second-largest crypto exchange in the world teetered on the edge of collapse before being rescued by its main competitor – is this a sign that Federal Reserve Chair Jerome Powell’s aims are coming true? Andreas Steno Larsen welcomes Jared Dillian, the editor of the Daily Dirtnap, to sort out today’s price action. And Ash Bennington joins the conversation for an update on Binance’s acquisition of FTX. Be sure to watch today’s Real Vision Crypto Daily Briefing here: https://rvtv.io/ftxbinance. Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. equity indexes held modest gains at midday Monday, as investors prepare for midterm elections with particularly global potential consequences. Andreas Sten Larsen goes around the world with Jacob Shapiro, the founder and chief strategist at Perch Perspectives, for briefings on the major geopolitical issues and their impact on financial markets, including Europe’s energy crisis, China’s reopening, and America’s elections. We also hear from Alexander Stahel, the founder and chief investment officer of Burggraben Holding AG, about the multiple challenges that will combine to extend Europe’s energy crisis into and beyond 2023. Watch the full conversation featuring Alexander Stahel and Andreas Steno Larsen here: https://rvtv.io/3WzREk0. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Luke Gromen, the founder and president of Forest for the Trees, is a highly respected voice in the global macroeconomic research community. Luke joins Harry Melandri to explain why he’s long energy. He also talks about major shifts in global trade and volatility in the sovereign debt market on another captivating episode of The Next Big Trade.Never miss an episode of Next Big Trade - subscribe here. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chris Sullivan, a portfolio manager of Hyperion Decimus, transitioned from traditional finance to crypto – and he says it’s the best move of his career. A lot of that has to do with crypto’s freek-market system, where bailouts are not an option. Chris explains how that cutthroat culture has attracted – and continues to attract – some of the best minds in the world.Never miss an episode of Next Big Trade - subscribe here. Learn more about your ad choices. Visit podcastchoices.com/adchoices

U.S. stocks opened higher but drifted lower through the trading day, digesting an October nonfarm payrolls report that showed a still-strong labor market in the aftermath of Federal Reserve Chair Jerome Powell’s forceful rejection of “pivot” talk earlier this week and ahead of crucial midterm elections next week. Traders are now pricing in a 5.25% peak policy rate via the June 2023 swap contract. “I don’t think this changes anything in the Fed’s calculation,” noted Peter Boockvar in response to the jobs report, “but I do believe the trend in the unemployment rate is now going higher and will be 4%-plus soon.” Boockvar, the chief investment officer of Bleakly Advisory Group, joins Andreas Steno Larsen for today’s Daily Briefing to talk about when the Fed might finally change, or at least pause, its current policy path and the implications of Tuesday’s voting in the U.S. We also hear from Alexander Stahel about why U.S. immunity to the global energy crisis is an illusion. Watch the full conversation featuring Alexander Stahel and Andreas Steno Larsen here: https://rvtv.io/3WzREk0. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Yesterday, the Federal Reserve announced a fourth consecutive 75-basis-point rate hike, and Chair Jerome Powell aggressively pushed back against any thoughts of a “pivot.” Today, the Bank of England followed the Fed with its own 75-basis-point rate hike, even as it warned what would be the country’s longest recession ever has already started and will continue through 2023 and into 2024. The dollar is strengthening against the pound again, though the prospect of a “soft landing” stateside seems to be growing more and more remote. “The world is confronted with many new threats,” writes Vincent Deluard in his most recent newsletter, “and the next twelve months feel abnormally uncertain.” Deluard, the Director of Global Macro Strategy at Stone X, joins Ash Bennington for today’s Daily Briefing to talk about recent moves by central banks, his 2023 outlook, and his “Holy Trinity” picks for this market. We also hear from Andreas Steno Larsen about the natural gas supply situation in Europe this heating season and, more importantly, next winter. Watch the complete conversation between Andreas Steno Larsen and Maggie Lake here: https://rvtv.io/3DCRpvQ. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Federal Open Market Committee added a couple of interesting phrases to its policy statement announcing a fourth consecutive 75-basis-point interest-rate increase, noting that it will take into account time lags and the impact of cumulative tightening during future meetings. In his post-FOMC-meeting press conference, Fed Chair Jerome Powell emphasized the centrality of price stability to sustained economic growth, acknowledged data indicating the U.S. economy is slowing, and noted the continuing strength of a still “out-of-balance” labor market. George Goncalves, the head of U.S. macro strategy at MUFG, joins Maggie Lake for today’s Daily Briefing to talk about whether the FOMC statement was neutral, hawkish, or dovish, overall liquidity heading into the end of the year, and why we need to keep an eye on overseas markets. We also hear from Jesse Felder, the author of The Felder Report, about why we face a period of elevated inflation and what investments will work in such an environment. Watch the full interview between Jesse Felder and Maggie Lake here: https://www.realvision.com/shows/make-or-break-inflation/videos/there-wont-be-a-crash-but-drpj?tab=details. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Chinese stocks and the yuan rallied on unconfirmed reports authorities have formed a committee to reconsider China’s “COVID zero” restrictions on economic activity. There was no follow-through in the U.S., though, as investors remain focused on Wednesday and the Federal Open Market Committee’s monetary policy decision. Tony Greer, the founder of TG Macro and the editor of the Morning Navigator, joins Andreas Steno Larsen for today’s Daily Briefing to talk about what impact a reopening of the Chinese economy China will have on global commodity markets and how to position for potential upside. We also hear from Jesse Felder, author of The Felder Report, about how changing investment patterns will impact the technology and energy sectors. Watch the full interview between Jesse Felder and Maggie Lake here: https://www.realvision.com/shows/make-or-break-inflation/videos/there-wont-be-a-crash-but-drpj?tab=details.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

“This should be fun,” tweeted Doomberg amid reports President Joe Biden will propose a “windfall tax” on profits of oil and gas producers, as political leaders continue to pose against the global energy problem. Andreas Steno Larsen welcomes the congenitally acerbic and always insightful Green Chicken for today’s Daily Briefing to talk about realistic solutions to a situation that only seems to be growing worse by the day – with inflation yet to peak and still more resource-scarcity promised by Russia’s withdrawal from the Black Sea Grain Initiative. We also hear from White Tundra Investments CEO Shubham Garg, who shares his reasoning for exponential growth in global oil demand. Watch Shubham Garg’s complete presentation here: https://www.realvision.com/shows/3-ideas/videos/where-to-pick-in-canadas-energy-patch-LwzQ?tab=details. THIS IS THE FINAL DAY OF REAL VISION’S “CRASH CAMPAIGN” DISCOUNTS! Head over to www.realvision.com/crashpricing to subscribe. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Which economic indicator is the most reliable for confirming we’re in a crisis? According to Verdad Capital founder and portfolio manager Dan Rasmussen, it’s high-yield spreads. Identifying the key relationships across the globe isn’t hard. Formulating an approach that surfaces alpha when spreads spike is where it gets difficult. Per Rasmussen, the best way to act in such environments is through small-value equities. Rasmussen explains why it makes sense and how to time the trade in a captivating episode of The Next Big Trade. Never miss an episode of Next Big Trade - subscribe here. Learn more about your ad choices. Visit podcastchoices.com/adchoices