WTFinance

Interview Recorded - 31st of March, 2023On today's episode of the WTFinance podcast I had the pleasure of welcoming back Clive Thompson, a retired Wealth Manager from Switzerland. During our conversation we spoke about what was behind the recent bank collapses, commercial real estate the next concern, what this means for the world of banking, how the FED can continue with unrealised losses and whether a BRICs currency could replaced the US Dollar. I hope you enjoy!0:00 - Introduction1:40 - What is behind the recent bank collapses10:30 - Commercial Real Estate the next issue?15:50 - Most inflated real estate cities to drop18:20 - Which banks have the most exposure to commercial real estate?19:30 - What does this mean for the world of banking?21:25 - Further concentration in largest companies?32:40 - Could the FED go bankrupt?40:10 - What does a pivot mean for currency and monetary system?43:05 - How bad would BRICS currency be for US Dollar?44:50 - One message to takeaway from our conversation?Clive has 47 years of experience in finance & wealth management. This encompasses structuring and advice relating to quoted investments, Private Equity investments, family businesses, tax, residency, real estate, inheritance, Wills, legal, lending, Trusts, Companies and Foundations and all kinds of personal and private advice. He has been actively involved for decades in the arena of Trust structures. This often involved negotiating and discussing the contracts relating to the sale of family companies.Clive's latest position before retirement was as Managing Director in the Anglophone Private Clients Department of Union Bancaire Privée, UBP SA, based in Geneva. He was responsible for wealth management services provided to a small number of wealthy English and French speaking families.Clive continues to remain very active in the world of wealth, with a strong focus on Private Equity, and direct Equity Investing via the global stock markets. His passion is the financial analysis of Balance Sheets, P&Ls, Cash Flow and business projections. Clive loves examining business opportunities, like Private Equity, and digging into the fundamentals of quoted companies to achieve a market beating performance.Clive Thompson - LinkedIn - https://www.linkedin.com/in/clive-thompson-661997251/Video - https://www.youtube.com/watch?v=L9aye4wQ8OkWTFinance - 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 - 31st of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Rafi Farber, The @endgameinvestor . During our conversation we spoke about the further banking collapses, why this could lead to a $100 trillion government bailout, what this means for inflation and what is currently happening in precious metals. I hope you enjoy!0:00 - Introduction1:07 - Current Take on what is happening at the moment?4:20 - Derivatives to collapse another Systemic Bank?8:10 - Trillion Dollar Bailout?10:38 - Could Shadow Banking system lead to further pain?13:25 - Last market push up?16:15 - M2 money supply the key metric to watch?17:40 - Chinese Yuan to reduce US hegemony?20:50 - What would an economic restructure look like?22:30 - Precious metal producers to be wealthiest countries?24:15 - What is happening in precious metals?26:10 - Correlation of commodities with markets no more?28:40 - One message to takeaway from our conversation?Rafi Farber - YouTube -   @endgameinvestor  Seeking Alpha - https://seekingalpha.com/checkout?service_id=mp_1347Patreon - https://www.patreon.com/endgameinvestorTwitter - https://twitter.com/RafiFarberWTFinance -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 - 27th of March, 2023On todays episode of the WTFinance podcast I had the pleasure of speaking with Robert Bryce - An author, journalist, podcaster, film producer and public speaker with other 30 years experience in the energy and electricity markets.During our conversation we spoke about what is currently happening in the electricity landscape, whether Europe can make it through the next winter, current red flags in the markets and what this means for our future. I hope you enjoy!0:00 - Introduction0:16 - What is currently happening in the electricity landscape?2:37 - Why is the energy market regional?4:00 - Some fuels more efficient to transport than others5:30 - Asia moving to coal?7:20 - Energy shift?9:25 - Is the US in a different boat?12:00 - Policy pushing investment away from gas?13:15 - Can Europe survive another Winter?15:08 - Secular shift away from Europe due to energy security fears?16:10 - Gas arbitrage between US & the rest of the world18:00 - Convergence on price?19:30 - Coal a stop gap for energy security in the short term until nuclear?21:28 - Uranium challenges due to Russian conflict?23:00 - Main red flags in the energy markets?25:38 - Everything will cost more in the future27:47 - Friendly energy & manufacturing countries to prosper29:00 - One message to take away from our conversation?Robert Bryce is a Texas-based author, journalist, podcaster, film producer, and public speaker.  Over the past three decades, his articles have appeared in numerous publications including the Wall Street Journal, New York Times, National Review, Field & Stream, and Austin Chronicle.His new documentary, Juice: How Electricity Explains the World, which he produced along with Austin-based film director Tyson Culver, was released in mid-2020 and is now available on numerous streaming platforms including: iTunes, Amazon Prime, Google Play, Vimeo, YouTube, Xbox, and Vudu. A review of Juice in Birth. Movies. Death said the message of the film “is delivered with ease and precision through smooth editing, narration, and interviews with succinct information from the past, present, and potential ideas for the future. Filled with beautiful aerial shots and poignant scenes on par with images out of National Geographic magazine, Culver’s documentary debut is enlightening and powerful.”Bryce has published six books. His first book, Pipe Dreams: Greed, Ego, and the Death of Enron, received rave reviews and was named one of the best non-fiction books of 2002 by Publishers Weekly. His second book, Cronies: Oil, the Bushes, and the Rise of Texas, America’s Superstate, was published in 2004. His third book, Gusher of Lies: The Dangerous Delusions of “Energy Independence,” published in March 2008, was favorably reviewed by more than 20 media outlets. The American magazine called Gusher “a strong and much-needed dose of reality.” A review of Gusher by William Grimes of the New York Times said that Bryce “reveals himself in the end as something of a visionary and perhaps even a revolutionary.”In 2010, Bryce published Power Hungry: The Myths of “Green” Energy, and the Real Fuels of the Future.Robert Bryce - Website - https://robertbryce.com/Twitter - https://twitter.com/pwrhungryYouTube -  @RobertBryce  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/AnthonyFatseasThumbnail image from - https://www.imf.org/en/Publications/fandd/issues/2022/12/beating-the-european-energy-crisis-Zettelmeyer

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