WTFinance

Interview Recorded - 15th of December, 2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Mario Innecco, Financial markets and macroeconomics analyst.During the conversation we spoke about the potential for a currency crisis, what catalysts to be aware of, whether a FED pivot would change the outcome and how you can protect your wealth from this crisis. I hope you enjoy!0:00 - Introduction0:21 - Overview of Mario’s thoughts about what is happening?5:30 - Currency crisis?7:58 - Catalyst that will cause the currency crisis?11:00 - Refinancing debt12:36 - Could the FED pivot?15:00 - Bretton Woods 2.0 or CBDC?18:00 - Median voter19:10 - Will real assets protect wealth during crisis?21:04 - One message to takeaway from our interview?22:36 - Thoughts on Crypto protecting wealth during currency crisisMario has been running his YouTube channel maneco64 since November 2015.His background is in financial markets and economics. He worked for over twenty years in the City of London and specialised in the exchange-traded derivatives market.​Mario dealt for major financial institutions and corporate entities advising clients on the government bond market, interest rates, financial markets in general and the economy. ​He has also been an ardent student of the Austrian School of Economics.​Through his videos and also articles here on his blog he endeavours to inform the public about how the financial markets and our current fiat monetary system functions.Mario Innecco - YouTube -  @maneco64  Twitter - https://twitter.com/maneco1964LinkedIn - https://www.linkedin.com/in/mario-innecco-a329416b/?originalSubdomain=ukWebsite - https://www.maneco64.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 - 13/12/2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Jay Martin, Host of The Jay Martin Show & President of Cambridge House International.During our conversation we spoke about Jay's investment approach, the current macroeconomic puzzle, investing in commodities and more! I hope you enjoy.0:00 - Introduction0:20 - What influenced Jay to go on this journey?4:20 - Figuring out this puzzle6:00 - What type of investor is Jay?8:14 - Time horizon for investments?9:35 - Major macroeconomic trends Jay is watching?14:40 - Barbell approach17:00 - How is Jay investing around energy challenge in Europe?21:35 - What geographies has Jay invested in?25:06 - Investing in gold for protection from Central Banks?28:40 - Gold has done well in other currencies31:18 - One message to take away from our conversation?Jay Martin is the Host of the Jay Martin Show and CEO of Cambridge House.His conference business gives him a unique access to thought leaders from all over the world. He shares the investment lessons he receives in his newsletter, videos and podcast.His content is inspired by two goals:1. Retain financial sovereignty by spotting and investing in early stage, asymmetric opportunities.2. Question the common narrative and think with ruthless independence.His newsletter shares lessons, advice and anecdotes from the personalities he encounters on my stage.Jay Martin - Website - https://cambridgehouse.com/YouTube - https://www.youtube.com/@UC9T_qxz0g7FKhj6sXz2LKyQ Twitter - https://twitter.com/JayMartinBCLinkedIn - https://www.linkedin.com/in/jay-martin-66257a37/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 - 08/12/2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Marko Papic, Partner & Chief Strategist at Clocktower Group, as well as author of the book “Geopolitical Alpha: An Investment Framework for Predicting the Future”.During our conversation we spoke about the greatest misconceptions individuals have about Geopolitics, the importance of the median voter, whether China’s bearishness has gone too far and keeping emotions outside of investing. I hope you enjoy!0:00 - Introduction0:25 - Greatest misconceptions individuals have about Geopolitics?3:25 - Why is the median voter important and what influence do they have?6:10 - Do central banks also have constraints based on Median Voter?10:00 - Differences between preferences and constraints?13:31 - Any other broader constraints not getting enough attention?17:00 - China aggression overstated?20:25 - How would you use framework to take a position?23:40 - Multiple variables impacting certain position24:40 - Has China bearishness gone too far?28:40 - Should you overcomplicate the trade?31:50 - Most of the capital comes from the US and China33:05 - One message to takeaway from our conversation?34:55 - Keeping emotions outside of investingMarko Papic is a partner and chief strategist at Clocktower Group, an alternative investment asset management firm. He leads the firm’s Strategy Team, providing bespoke research to clients and partners on geopolitics, macroeconomics, and markets. Previously, Mr. Papic founded BCA Research’s Geopolitical Strategy practice, the financial industry’s first dedicated political analysis investment strategy, which generated “geopolitical alpha” by identifying gaps between the market’s political expectations and the firm’s forecasts. He served as a senior vice president and the chief geopolitical strategist at the firm. Mr. Papic began his career as a senior analyst at Stratfor, a global intelligence agency where he contributed to the firm’s global geopolitical strategy and its analyst recruitment and training program. In his academic work, he helped create the Center for European Union Studies at the University of Texas at Austin. Mr. Papic is the author of Geopolitical Alpha: An Investment Framework for Predicting the Future, a book that introduces the constraint-based framework to investors. He earned an MA in political science from the University of Texas at Austin and an MA from the University of British ColumbiaMarko Papic - Book - https://amzn.to/3uEDPV0Twitter - https://twitter.com/Geo_papicLinkedIn - https://www.linkedin.com/in/marko-papic-geopolitics/China Research - https://twitter.com/ShanghaiMacroWTFinance - 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

Podcast recorded - 06/12/2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Michael Howell, Founder & Managing Director of CrossBorder Capital.  During our conversation we spoke about what liquidity is, how it is a precursor to negative economic & market actions, the key drivers of liquidity and what would happen if central banks remained hawkish. I hope you enjoy!0:00 - Introduction0:25 - Why liquidity?1:05 - What is liquidity and why does it change?2:45 - Shocks/bubbles due to liquidity3:25 - Is liquidity linked to other economic data points?6:15 - Was there a cycle between GFC and COVID?7:30 - Understanding what impact liquidity will have on markets12:40 - Any other countries Michael is analysing?15:03 - Inflections in the next few months?16:30 - Any other indicators to watch to analyse liquidity?18:55 - What would happen if central banks continue to tighten?25:45 - Going the way of Japan?30:33 - One message to take away from our interview?31:50 - Assets that could protect you from financial repression?Michael Howell is CEO of CrossBorder Capital, a London-based FCA registered, independent research and investment company that he founded in 1996. Previously he was Head of Research for Baring Securities and Research Director of Salomon Brothers Inc, the US investment bank. The liquidity methodology he pioneered monitors cross-border flows and Central Bank behaviour across some 80 countries world-wide. Liquidity flows are a central part of CrossBorder Capital's asset allocation advice, which is currently provided to major global investors, including institutional asset managers, government agencies, Central Banks and endowment funds. Michael has been in financial markets since 1981 and is a regular conference speaker and media commentator. He graduated from Bristol and London Universities with a finance doctorate, specialising in Fixed Income.Michael Howell - Website - https://crossbordercapital.comTwitter - https://twitter.com/crossbordercapLinkedIn - https://www.linkedin.com/in/michael-howell-357b1416/?originalSubdomain=ukWTFinance - 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 - 2nd of December, 2022On todays episode of the WTFinance I had the pleasure of speaking with Rafi Farber of The End Game Investor. During our conversation we spoke about what is currently wrong with our monetary system, how central banks are stealing from you, what the collapse would look like and what will protect your wealth. I hope you enjoy!0:00 - Introduction0:24 - What is currently wrong with our monetary system?3:40 - the theft is interest repayments on money?4:48 - Counterparty risk with non government currency?5:30 - How exactly will the central bank fail?7:45 - When will the collapse of our system happen?9:30 - Credit Suisse and Deutsche Bank insolvent?11:10 - Why is now the time? (not 2008, 2018 and 2020)13:00 - Is Bretton Wood 2.0 the next step?16:50 - Does this risk economic growth?18:05 - Gold/Silver ratio?20:50 - How has Rafi positioned his portfolio?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 Date - 28/11/2022During todays podcast I had the pleasure of speaking to Matthew Piepenburg, Commercial Director at Matterhorn Asset Management and co-founder of SignalsMatter.com, has extensive experience in alternative investments, law, and finance, with particular expertise in managed futures, credit and equity investingDuring our conversation we talked about why the monetary system will collapse, what the catalyst for the crash would be, potential for CBDC/Bretton Wood 2.0 & how to protect your wealth during this period. I hope you enjoy!0:00 - Introduction0:20 - Why will the monetary system collapse?7:22 - Is there a place for QE?12:25 - Can the FED tighten enough now?18:10 - Could we go into deflation with a recession?23:33 - Will the rest of the world become Japan?27:15 - Catalyst for a crash?31:50 - Run on banks at Credit Suisse and Deutsche Bank?37:00 - CBDC/Bretton Wood 2.0 the next step?42:00 - Protecting your wealth during this period46:33 - The importance of valuation51:15 - One message to take away from our interviewWith over 20 years of experience as the General Counsel and, later, CIO of a highly-capitalized single family office (J.H. Johnson); as the Managing Director of a multi-billion, multi‐family office (Massey Quick & Co); and as the Managing Director to a multi-manager hedge fund specializing in managed futures, long/short credit trades and global macro dynamics), Matt has overseen the allocation of over $5 billion in investable assets over a full range of portfolios and alternative investment vehicles.He has lead the quantitative and qualitative due diligence on hundreds of diverse hedge fund managers and strategies and has developed a unique expertise as to the best practices and diverse strategies of the world’s premier investment funds.Matt graduated from Brown University, with highest honors (Magna Cum Laude, Phi Beta Kappa). He holds a Master’s degree and Juris Doctor from Harvard University and the University of Michigan respectively. Fluent in French and German, (having also worked at Dresdner Bank, Frankfurt) he is the author of numerous international white papers on macro conditions, asset classes and global risk management strategies.Following his engagements with family offices, Matt became involved in structuring an launching hedge funds working closely with Morgan Stanley in selecting, allocating, and sizing the diverse, top-quartile portfolio managers which comprise a zero-beta multi-manager fund. With over two decades of experience investing in alternative investment vehicles, including selection of the managers within the aforementioned fund, Matt contributes a deep understanding of the strategies employed by carefully vetted managers and has an equally extensive grasp of constructing uncorrelated, multi-product/security portfolios around market themes with an omnipresent focus on market analysis and risk management.Matt’s collective expertise has forged a strong understanding of macro forces and their essential role in selecting the most efficient and timely strategies for long term asset preservation and growth in current conditions and those to come. His widely acclaimed and user-friendly blogs, straight-talk and conservative/defensive approach to investing are invaluable components of the Signals Matter community.Matthew Piepenburg - LinkedIn - https://www.linkedin.com/in/matthewpiepenburg/Books - https://amzn.to/3Ujf9M6Signals Matter - https://www.signalsmatter.com/matthew-piepenburg/Gold Switzerland - https://goldswitzerland.com/author/matthew-piepenburg/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://twi

Interview recorded - 23rd of November, 2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Brent Donnelly - President of Spectra Markets, an experienced currency, equity and futures trader, and author of two books on trading “Alpha Trader) and “The Art of Currency Trading”.During our conversation we spoke about Key Macro trends Brent is watching, whether we have seen the end of dollar strength (for now), how Brent is looking to position himself and historical periods that this market reminds him of. I hope you enjoy!Buy the books here - Alpha Trader - https://amzn.to/3VdUuKMThe Art of Currency Trading - https://amzn.to/3OxvYSh0:00 - Introduction0:20 - Key macro trends Brent is watching?5:50 - People love the FED trade8:25 - Pullback from Dollar strength and equity weakness?12:50 - Hot property markets 16:18 - Could debt serving risk become an issue in 2023?17:20 - Key data points in the US for recession?21:10 - What historical period does this market remind you of?27:30 - How are you looking to position yourself?38:10 - Any trends that aren’t getting enough trend?41:40 - JPY44:47 - One message to take away from our conversation?Brent Donnelly has been trading currencies since 1995 and writing about macro since 2004. He is currently President of Spectra Markets. Brent is the author of Alpha Trader (2021) and The Art of Currency Trading (Wiley, 2019). He writes a widely-read and highly-respected macro and FX daily called AM/FX. Over the course of his career, he has been a market maker, trader, and senior manager at some of the top banks in foreign exchange.He has extensive experience trading currencies, FX options, stock index futures, NASDAQ stocks, and commodities. Brent is a respected macro thinker with the unique perspective of a senior risk taker. He has been quoted by or featured in the Economist, Real Vision, Epsilon Theory, the Wall Street Journal, Financial Times, Bloomberg, and CNBC.Before joining Spectra, Brent was a senior FX trader at HSBC, head of G10 Spot Trading at Citi New York and global head of G10 FX Trading at Nomura New York. He was also a portfolio manager at a major hedge fund in Connecticut for three years. He created and wrote a cartoon called ‘‘Daft Planet,’’ which aired on TV in Canada, and he dreams of one day winning the Man Booker Prize.Brent Donnelly - Website - http://brentdonnelly.com/Twitter - https://twitter.com/donnelly_brent?LinkedIn - https://www.linkedin.com/in/brent-donnelly-98321187/Spectra - https://www.spectramarkets.com/am-fx/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 - 21st of November, 2022On todays episode of the WTFinance I had the pleasure of speaking with Weston Nakamura, Former Goldman Sachs and Jefferies trader in Tokyo and currently Global Markets Editor at Real Vision. During this conversation we spoke about Weston's unconventional route into finance, unique methods of analysing markets, following capital, the importance of the BoJ & a catalyst for further bond market volatility. I hope you enjoy!Weston has released multiple videos on the BoJ and his trading approach which I have share below - Why Global Markets are Addicted to the Bank of Japan - https://www.youtube.com/watch?v=t9l2flhMSVE&feature=youtu.beHow the Bank of Japan Blew Up Global Markets in 2022 - https://www.youtube.com/watch?v=_0a9DuqhVvUHow to (and not to) Trade Geopolitical Risk - https://www.youtube.com/watch?v=SvQkRhCpMkMTrading Geopolitical Risk Part 2 - https://www.youtube.com/watch?v=u2XW_TG8LFIIf you would like to see more of Weston's and other finance content, you can get instant access to their daily briefing with the link below - https://www.realvision.com/WTFinance0:00 - Introduction0:44 - Weston’s unconventional route into finance10:51 - What would have happened if he didn’t get a job?13:00 - Unique method of analysing markets?16:29 - Understanding what moves markets19:25 - Motives/goals of capital21:10 - Example of using this strategy26:25 - Current Bank of Japan policies and why they are unique?37:11 - Big pivot or just a small change in policy?39:30 - What would influence high volatility?42:45 - Catalyst for further bond market volatility?44: 50 - Anything else Weston is keeping a close eye on?48:30 - FTX and issues Weston has with Fintwit 56:30 - My own opinion?1:02:15 - One message to takeaway from our interview?Weston is the Global Markets Editor at Real Vision, based in Tokyo. As a former listed derivatives trader at Goldman Sachs and hedge fund sales at Jefferies, Weston takes a global approach across asset classes including equities, rates, currencies, commodities and crypto through the lens of price action, cross-asset relationships, central banks and policy, along with other market drivers. Weston makes his own original video content for Real Vision with a focus on non-consensus views, analysis, themes, ideas and trades, often presented with a twist of his signature humour.Weston Nakamura - Twitter - https://twitter.com/acrossthespread?LinkedIn - https://www.linkedin.com/in/westonnakamura/Website - https://acrossthespread.com/Weston Videos - https://t.co/mGEVHIzbbPWTFinance -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 - 17th of November, 2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Bob Elliott, Former Senior Investment Executive at Bridgewater Associates and currently Co-Founder, CEO & CIO of Unlimited Funds.During our conversation we talked about inflation, whether the Fed will pivot soon, how this is impact ting Europe and the potential for a secular shift. I hope you enjoy! 0:00 - Introduction0:21 - What are you currently paying attention to?3:05 - Is inflation becoming sticky?6:15 - Any comparisons to the past?10:20 - Will the FED pivot soon?12:15 - EU going to devalue against the dollar further?14:30 - All linked to Italy?19:06 - Any other macro trends?23:05 - Nearshoring?24:20 - Inflationary dynamic for longer?27:35 - More room for value investing companies?30:00 - What would have to happen to go back to 2019 markets?32:40 - Shift from passive to active management overperformance?35:45 - One message tot take away from our conversation?Bob Elliott is the Co-Founder, CEO & CIO of Unlimited, which uses machine learning to create index replication ETFs of 2&20 style alternative investments like hedge funds, venture capital & private equity. Prior to founding Unlimited, Bob was a Senior Investment Executive at Bridgewater Associates where he served on the Investment Committee (G7) and created investment strategies across equities, fixed income, credit, exchange rates, and commodities, including many used in the flagship Pure Alpha Fund. He also built and led Ray Dalio’s personal investment research team for almost a decade. He’s the author of hundreds of Bridgewater’s widely read Daily Observations and directly counselled some of the world’s foremost policy makers and institutional investor on economic and investing issues. Bob has also served as an advisor and executive at several startups including CircleUp, an investment company focused on early-stage consumer brands. There he revamped the investment strategy for the company’s $150mln venture funds leveraging big data approaches to improve decision making. He was also the co-founder of GiveWell, a startup charity evaluator which now directs more than $500mln in annual contributions. Bob holds a BA in History and Science from Harvard. Bob Elliott - Website - https://www.unlimitedfunds.com/Twitter - https://twitter.com/bobeunlimited?s=21&t=bEWfVJjh6KcziPA0zpyEPALinkedIn - https://www.linkedin.com/in/ttoillebobWTFinance -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 - 24th of October, 2022On todays episode of the WTFinance podcast I had the pleasure of speaking with John Williams, founder of ShadowStats, a website that calculates the “actual” inflation rate.During our conversation we talked about what is wrong with our current measurement, why inflation may actually be 16%, whether gold moves with this measurement of inflation and more. I hope you enjoy! 0:00 - Introduction0:26 - What is wrong with our current measurement of inflation?6:05 - Gold moving with inflation?9:10 - When else did we experience this type of inflation?11:35 - What was actual inflation like through the 2010’s?13:00 - Any indicators to watch what real CPI might be in the coming months?21:00 - How does the FED reduce Q1?21:45 - Impact on precious metals23:45 - One message to take away from interview?Walter J. "John" Williams was born in 1949. He received an A.B. in Economics, cum laude, from Dartmouth College in 1971, and was awarded a M.B.A. from Dartmouth's Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar. During his career as a consulting economist, John has worked with individuals as well as Fortune 500 companies.John has been a private consulting economist and, out of necessity, had to become a specialist in government economic reporting. One of his early clients was a large manufacturer of commercial airplanes, who had developed an econometric model for predicting revenue passenger miles. The level of revenue passenger miles was their primary sales forecasting tool, and the model was heavily dependent on the GNP (now GDP) as reported by the Department of Commerce.  Suddenly, their model stopped working, and they asked John if he could fix it. He realised the GNP numbers were faulty, corrected them for his client (official reporting was similarly revised a couple of years later) and the model worked again, at least for a while, until GNP methodological changes eventually made the underlying data worthless. That began a lengthy process of exploring the history and nature of economic reporting and in interviewing key people involved in the process from the early days of government reporting through the present. For a number of years he conducted surveys among business economists as to the quality of government statistics (the vast majority thought it was pretty bad), and his results led to front page stories in 1989 in the New York Times and Investors Daily (now Investors Business Daily), considerable coverage in the broadcast media and a joint meeting with representatives of all the government's statistical agencies.  Nonetheless, the quality of government reporting has deteriorated sharply in the last couple of decades. Reporting problems have included methodological changes to economic reporting that have pushed headline economic and inflation results out of the realm of real-world or common experience.Over the decades, well in excess of 1,000 presentations have been given on the economic outlook, or on approaches to analyzing economic data, to clients—large and small—including talks with members of the business, banking, government, press, academic, brokerage and investment communities. John has also have provided testimony before Congress. John Williams - Shadowstats- http://www.shadowstats.com/Twitter - https://twitter.com/shadowstats?s=21&t=Sfk6z767icOb135AC_Kx0wWTFinance -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