David Kotok on Financial Stability, Federal Reserve, Stock Market, and Cuba

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David Kotok, co-founder and chief investment officer at Cumberland Advisors, joins Jack fresh off his trip to Cuba, to share insights about the Cuban financial system. Kotok argues that the Federal Reserve has demonstrated its commitment to financial stability, which is very bullish for U.S. financial assets. With that being said, Kotok has his concerns. Filmed on January 23, 2024. Kotok is also a board member of the Global Interdependence Center (GIC) and host of the eponymous “Camp Kotok.”

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Timestamps:

(00:00) Introduction

(00:38) The Bond Market Rollercoaster

(04:54) The Municipal Bond Market

(12:18) The Importance Of Financial Stability

(17:14) The Fed Prevented A Banking Run In March 2023

(22:36) Incentive for "Fed To Move Slowly"

(24:29) VanEck Ad

(25:09) Cuba

(29:43) U.S. Dollar Is The Most Popular Currency In Cuba

(35:42) Inflation and Credit In Cuba

(44:47) Cuba's International Relations

(48:25) David Kotok's View On The U.S. Stock Market

(51:53) U.S. Economic Outlook

(59:41) The Fed's Balance Sheet Policy In 2024

(01:03:00) Inflation In LCLoR (Lowest Comfortable Level of Reserves)

(01:06:00) Treasury's Quarterly Refunding Announcement (QRA) Is Not Very Relevant In The Long-Term

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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.