WTFinance

Interview recorded - 22nd of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Gregory Mannarino, “The Robin Hood of Wall Street” and Founder of Traders Choice. During our conversation we spoke about the current banking crisis, how this could lead to a debt meltdown, what this means for personal freedom and how you can protect your wealth during such a situation. I hope you enjoy!0:00 - Introduction0:15 - What is Greg’s opinion on the banking crisis?2:40 - US regional banking system is unique3:35 - Consolidation of the banking system6:00 - How are central banks removing liquidity8:20 - Could there be protests against bank bail outs?9:54 - FED balance sheet growing11:15 - Treasuries and government bonds caused the current problem12:13 - Can markets hold up with current issues?16:09 - Unrealised losses on balance sheets19:00 - Race for the door21:55 - What will the catalyst for the next crisis?24:15 - Will the FED be the one bank in the US?27:30 - Assets to protect wealth during a debt crisis?30:40 - One message to takeaway from our conversation?Gregory Mannarino, also known as "The Robin Hood Of Wall Street," is an active/full time trader of the capital markets with a world-wide following.Born on July 22, 1965, he became interested in "Wall Street," like many others at the time, in 1987 after seeing the movie Wall Street with Michael Douglas. Around that time he was able to get an entry level position, then subsequently to the trading floor,  at the now defunct bank Bear Stearns, but within a relatively short time realized that working on Wall Street was not like the movies and moved on. He went on to get a medical degree and practiced medicine as a Physician Assistant beginning in 1996, now retired from practice. He also served in the United States Naval Reserve Medical Service Corps, having attained the rank of Lieutenant. Gregory even published a book on casino Blackjack strategies years later, and was banned from playing the game in Las Vegas casinos.Gregory Mannarino - YouTube - https://www.youtube.com/c/GregoryMannarinoTraders Choice - https://traderschoice.net/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Interview Recorded - 16th of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Michael Kao, a Private investor with 30 years experience and author of the great newsletter Kaoboy Musings.During our conversation we spoke about what is happening with the banking crisis, whether shadow banks will be at risk, if China could be the canary in the coal mind, structural inflation for longer and what this mean for assets moving forward. I hope you enjoy!0:00 - Introduction 1:38 - What is currently happening with the bank crisis?9:08 - Are Central Banks willing to do whatever it takes to save banks?15:34 - Illiquid asset funds at risk?21:38 - Can banks save themselves?24:13 - Why will interest rates and inflations be higher for longer?30:28 - When will supply singularity occur and will it be in all commodity markets?35:18 - What assets will perform during an inflationary, commodity period?39:58 - What indicators will tell Michael when we are at the bottom?45:28 - Which Central Banks will be more dovish?48:08 - Where do find Michael’s work?Mike has been in the investment business for ~30 years and has experience analyzing and investing in many markets and asset classes, spanning commodities to credit to convertible/capital structure/event arbitrage to distressed debt/equity investing. Mike began his career in the commodities unit at J. Aron/Goldman Sachs in NYC in the early 90’s and traded over 25 different commodity markets and their derivatives. Mike left Goldman to pursue an MBA in Finance at The Wharton School. After business school, Mike joined Canyon Partners, a credit-oriented hedge fund in Los Angeles, where he went on to become partner and co-founder of the Canyon Arbitrage Fund, which focused on various strategies including convertible and capital structure arbitrage as well as event-driven/risk arbitrage.After 5 years at Canyon, Mike decided to leave Canyon and begin his own investment firm, Akanthos Capital Management, LLC. At Akanthos, Mike ran an opportunistic, value-driven investment strategy that looked for “fulcrum securities” up and down the capital structure. Mike stopped actively managing external capital in 2019 and now invests primarily for his family office and enjoys blogging about the markets and economy on Substack at urbankaoboy.substack.com and Twitter @UrbanKaoboy. Mike holds a BS in Electrical Engineering/Computer Science from UC, Berkeley and an MBA in Finance from The Wharton School of the University of Pennsylvania.Michael Kao - Substack - https://urbankaoboy.substack.com/Twitter - https://twitter.com/UrbanKaoboyLinkedIn - https://www.linkedin.com/in/kaomichael/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Interview Recorded - 9th of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Ted Seidle, a former SEC attorney.His firm, Benchmark Financial Services, Inc. has pioneered over $1 trillion in forensic investigations of the money management industry. He’s nationally recognized as an authority on pensions and investment management matters, having testified before the Senate Banking Committee regarding fund scandals and is an expert in various Madoff-related and other litigations.Ted's new Substack - https://pensionwarriorsdwardsiedle.substack.com/During our conversation we spoke about the current pension system, why they have underperformed the market, whether they could collapse and how this could impact the markets. I hope you enjoy!0:00 - Introduction0:15 - What is currently happening in the pension system?3:13 - How do pensions work and why would company not want to pay pension?8:00 - Why have pensions underperformed?11:25 - No incentive for pension managers to change14:40 - Why has the pension system not changed?17:15 - Could pension funds collapse?21:00 - Issues with illiquid investments24:00 - Pension red flags28:00 - Will pensions run out of money?31:50 - How will pension crisis impact markets?33:40 - One message to take away from conversation?Ted Siedle - Website - https://siedlelawoffices.com/Twitter - https://twitter.com/EdwardSiedle?LinkedIn - https://www.linkedin.com/in/edward-si...WTFinance -Spotify - https://open.spotify.com/show/67rpmjG...iTunes -

Interview recorded - 11th of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with David Woo - A former top ranked Wall Street strategist, IMF economist & Founder of Unbound -  a global forum devoted to the promotion of fact-based debates about markets, politics, and economics.During our conversation we spoke about the SVB collapse, why it wont lead to a banking crisis within the US, what the aftermath of the collapse will be and changing macroeconomic trends. I hope you enjoy!0:00 - Introductions0:23 - How did SVB collapse, what it means for the banking system and the future?9:20 - Is there risk for B2B heavy banks?15:25 - Other institutions exposed to long duration bonds?19:25 - Ignoring interest rate risk23:22 - What is the aftermath of SVB?27:00 - Changing trends29:40 - Will China be investable?35:40 - One message to take away from our conversation?David Woo is the Founder/CEO of David Woo Unbound, a new global forum devoted to promoting fact-based debates about markets, politics and economics.Until 2021, David was the Head of Global Rates, Foreign Exchange, and Emerging Market Fixed Income Strategy & Economic Research at Bank of America, where he managed the top ranked global macro strategy team on Wall Street. Previously, David was the Head of Global Currency Strategy at Barclays Capital and the Head of Local Markets Strategy for Central and Eastern Europe, Middle East and Africa at Citigroup.David is known on Wall Street for his bold and out-of-consensus calls that includes the RMB devaluation in 2015 and Trump’s victory in 2016. He was also the first Wall Street analyst to initiate coverage on Bitcoin in 2013. Business Insider voted David as one of the 12 smartest people on Wall Street in 2016 and Bloomberg calls him one of the “most outspoken voice on Wall Street."David started his career at the International Monetary Fund in Washington D.C.. He received his Ph.D in Economics from Columbia University.David Woo - Website - https://www.davidwoounbound.com/YouTube -  @DavidWooUnbound  Twitter - https://twitter.com/DavidwoounboundWTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 9th of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Neal Berger, President at Eagles View Asset Management. During our conversation we spoke about the recent monetary regime change, why this caused all assets to go down in 2022, how the same thing will happen in 2023 and whether we will see a 2018 like pivot. I hope you enjoy!0:00 - Introduction0:12 - What happened in 2022?17:35 - Central Bank liquidity main driver of all markets19:15 - Why did bonds depreciate with stocks in 2022?21:10 - Are all assets going to go down in 2023?26:50 - We have seen a Central Bank Regime change28:00 - Could we see 2018 like pivot?31:50 - What else could you keep an eye on?35:30 - One message to take away from our conversation?Neal Berger is the Founder of Eagle’s View Capital Management, LLC, a hedge fund advisory firm and the investment manager to a number of fund-of-fund vehicles. Mr. Berger has over 25 years of experience on Wall Street and has been in the hedge fund industry for over 20 years. He has been allocating to hedge funds for over 18 years.Prior to founding Eagle’s View, Mr. Berger was the Founder and Director of the multi-strategy funds Apogee Fund, Ltd. and New Edge, Ltd. Mr. Berger had previously been employed as a global macro trader at New York-based Millennium Partners.Mr. Berger has allocated capital to hedge funds on behalf of wealthy families and has also been employed as a Vice President of Proprietary Trading with Chase Manhattan Bank and Fuji Bank in New York. He also served as Vice President and senior member of a proprietary trading group for Union Bank of Switzerland. Mr. Berger started his career as a Financial Analyst at Morgan Stanley. Mr. Berger earned a B.A. in Economics from the State University of New York at Albany.Neal Berger - Email - nberger@evhedge.comLinkedIn - https://www.linkedin.com/in/neal-berger-972291/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseasThumbnail image from - https://corporatefinanceinstitute.com/resources/capital-markets/stock-market-crash/

Interview Recorded - 1st of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Joseph Wang - CIO at Monetary Macro, writer at the Fed Guy, author of the great book “Central Banking 101” and Former Senior Trader at the Federal Reserve Bank of New York. During our conversation we spoke about why QE has not cause hyperinflation, How QT is different to QE, Whether we will see a soft landing moving forward and impact high interest rates for longer will have on the markets. I hope you enjoy!0:00 - Introduction0:25 - Why has QE not caused hyperinflation?4:25 - Did we know what QE would do before starting it?6:05 - How can the FED help the economy?8:45 - How is QT different to QE?17:00 - How will treasury fund the deficit in higher interest rate environment?21:55 - Why has the market remained strong with high interest rates?25:00 - Will we see a soft landing this year?31:30 - The FED has become political34:20 - Todays policy similar to 1970’s?36:50 - Changing FED tone37:25 - What impact will high interest rates for longer have on markets?39:40 - Geopolitical risk42:40 - One message to takeaway from our conversation?Joseph is the CIO at Monetary Macro and previously a senior trader on the open markets desk. The Desk sits at the center of the dollar system as its ultimate and infinite provider of dollars. It has access to virtually all regulatory and financial data, as well as open lines of communication with all major market participants. It is one of the few places in the world where one can definitively learn how the system works.Earlier in his career, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.Joseph Wang - Website - https://fedguy.com/Course - https://fedguy.com/courses/Book - https://www.amazon.co.uk/Central-Banking-101-Joseph-Wang-ebook/dp/B08TV1MP8CTwitter - https://twitter.com/FedGuy12WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseasThumbnail image from - https://www.foxbusiness.com/economy/fed-likely-deliver-another-huge-interest-rate-hike-high-inflation-persists

Interview recorded - 1st of March, 2023On todays episode of the WTFinance podcast I had the pleasure of welcoming back Jeff Snider, one of the foremost experts on the monetary system, Host of  @eurodollaruniversity and Chief Strategist at Atlas Financial. During our conversation we spoke about why the markets have been resilient recently, what an inverted yield curve is, what a recession means for financial system and Jeffs outlook for 2023. I hope you enjoy!First Interview with Jeff - https://youtu.be/7MiY2TpKhRM0:00 - Introduction 1:29  - Why have the markets/economy been so resilient during high interest rates?4:07 - What does inverted yield curve mean for money markets?6:47 - How does the inverted curve end?8:32 - What data points implying a recession?13:17 - China’s reopening?17:02 - Shipping costs?19:12 - What does a recession mean for the financial system?22:57 - Not enough US Treasuries?24:02 - Risk in the shadow banking system?29:30 - FED buying up all collateral?33:07 - Any other ways to create dollars?36:27 - The longer we wait for recession, worse it could get38:32 - Outlook for 2023?41:27 - What does that mean for the markets?43:32 - One message to take away from our conversation?Jeff Snider is one of the foremost experts on the global monetary system, specifically the eurodollar money system, and all aspects of its misunderstood inner workings and how they impact global markets, commerce, and economy. His podcast - Eurodollar University - aims to educate the public on the evolution and nature, and nuances of the eurodollar system and true monetary principles. He is a regular contributor to Real Clear Markets and a columnist for the Epoch Times, and is active on Twitter as well as He has been a guest on countless programs including MacroVoices, and Real Vision for his insights into the Eurodollar system, LIBOR, and repo/securities lending markets., etc.Jeff Snider - YouTube -  @eurodollaruniversity  Website - https://www.eurodollar.university/Twitter - https://twitter.com/JeffSnider_AIPWTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Interview Recorded - Wednesday the 22nd of February, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Mark Spiegel, Managing Member & Portfolio Manager of Stanphyl Capital Partners.During our conversation we spoke about why the FED are causing a recession, whether stocks will go down big, why this will be led by Tesla and other overvalued stocks and what would have to change for Mark to go net long. I hope you enjoy!0:00 - Introduction0:50 - Overview of the markets3:38 - Are the FED causing a recession?5:50 - Risk free returns7:00 - Big stocks to go down?9:25 - Could a bear market be avoided?11:35 - What type of companies is Mark investing in?15:25 - Should you short Tesla due to its fanbase? 21:15 - No value on Tesla AI, Trucks or battery company?23:40 - Tesla target price?28:25 - What would have to change for Mark to go net long?30:30 - Any other industries that Mark is watching?34:25 - One message to takeaway from our conversation?Mark B. Spiegel is the Managing Member & Portfolio Manager of Stanphyl Capital Partners (founded in 2011) and is a New York based equity investor. From late 2003 through early 2009 he was an investment banker (most recently as a Principal with Piper Jaffray & Co.) financing smallcap & microcap public companies. Prior to becoming an investment banker Mark spent a year working for a microcap Nasdaq tech company, and he began his career with 17 years in the commercial real estate industry where he negotiated hundreds of transactions and experienced firsthand the opportunities and challenges faced by a wide array of businesses. Mark believes that all of these experiences– banking public companies, working for a small public company and securing real estate for a wide variety of companies– combine to provide the kind of “real world” experience that makes him a better investor.Mark Spiegel - Twitter - https://twitter.com/StanphylCapWebsite - https://stanphylcap.com/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseasThumbnail picture from - https://www.jbs.cam.ac.uk/insight/2021/defining-detecting-measuring-asset-price-bubbles/

Interview recorded - 22nd of February, 2023During todays WTFinance podcast I had the pleasure of speaking with John Rubino, Founder of dollarcollapse.com, author/co-author of 5 books and macro writer. During our conversation we spoke about why our financial system will implode, what that means for our world, when is the right time to position in real assets and what the next currency system will be. I hope you enjoy!0:00 - Introduction0:50 - Why will our financial system implode on itself?4:40 - What would cause a deflation or hyperinflation spiral?7:40 - Debt crisis or currency crisis?9:55 - Is there a way to inflate away the debt?14:05 - Does the dollar milkshake theory still occur before US currency implosion?17:17 - Short period of US Dollar strength before collapse?21:20 - When is the right time to position in real assets?23:25 - A risk of confiscation of precious metals?27:40 - Best tradeoff to make?30:50 - Next currency system after the implosion?35:00 - One message to take away from our conversation?John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops and Clean Money: Picking Winners in the Green-Tech Boom. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022.John's newsletter provides actionable advice, based on a couple of premises:- The financial world is spinning out of control and will get considerably worse before it gets better.- There are things we can do to improve our odds of surviving and thriving as the chaos unfolds.John Rubino - Substack - https://rubino.substack.com/LinkedIn - https://www.linkedin.com/in/john-rubino-a952146/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseasThumbnail picture from - https://coinpedia.org/opinion/the-u-s-dollar-could-collapse-in-next-4-months-heres-how-you-can-protect-your-finances/

Interview recorded - 21st of February, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Keith Dicker, Founder & Chief Investment Officer at IceCap Asset Management.During our conversation we spoke about where risk is currently in the markets, why we have been desensitised to risk, which country could be the catalyst and what assets would be protected during a global crisis. I hope you enjoy!0:00 - Introduction1:41 - Where is the risk in the markets?5:25 - What is currently happening in the macro environment?11:30 - Polycrisis 12:10 - Desensitised to risk 16:10 - Dollar Milkshake theory 18:30 - Which country are the most at risk of collapse and what does this mean for US assets?24:00 - The consequence of passive money flows26:14 - Central banks have more to protect fixed income28:02 - When will the crisis happen?29:30 - One message to take away from conversation?Keith Dicker, CFA founded the company in 2010 and is the President and Chief Investment Officer. He has over 20 years of investment experience as a portfolio manager focusing on managing wealth for clients all over the World.Keith started his career in Halifax as a portfolio manager with a large Canadian bank where he managed high net worth portfolios on a discretionary basis. Next, for ten years Keith managed portfolios for an offshore bank in Bermuda where as a senior portfolio manager and head of global equities, he was responsible for global investment strategies including asset allocation, equities, fixed income, commodities, alternative investments, and multi-currency. Keith earned the Chartered Financial Analyst (CFA) designation in 1998 and is a member of the Chartered Financial Analysts Institute.Keith has been recognized by the CFA Institute, Reuters, Bloomberg and the Globe & Mail for his perspective on global macro investment strategies. He is a frequent speaker on the challenges and opportunities facing investors today and is available to present to groups of any size. Please contact him directly.Keith Dicker - Website - https://icecapassetmanagement.com/Twitter - https://twitter.com/IceCapGlobalLinkedIn - https://www.linkedin.com/in/keith-dicker-cfa-64448221/Podcast - https://thelooniehour.ca/WTFinance - Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas