Market Depth

In this debut episode of Market Depth, Tokyo- based Weston Nakamura takes a deep dive look into Haruhiko Kuroda’s decade-long tenure as the Governor of the Bank of Japan, who leaves his post as the most consequential major central banker in the modern era. 

Governor Kuroda was appointed (then re-appointed for a rare second term) by Prime Minister Abe in 2013, specifically to carry out radically aggressive monetary easing measures- for which Kuroda delivered upon from his very first policy meeting with QQE. A decade later, Kuroda certainly has delivered- perhaps even overdelivered on the “easing without backing down” promise by conducting the world’s largest and now increasingly controversial experiment in monetary policy easing: yield curve control.

As Kuroda now hands the keys over to a new governor, the Bank of Japan now owns more than half of the Japanese government bond market, and is capping long term yields at explicit levels by policy, battling market forces that are pushing for a higher yielding environment against a backdrop of inflation at 40 year highs. Despite a 4% CPI reading in Japan, Governor Kuroda’s only regret is that he “was unable to achieve the 2% inflation goal.”

Whether Kuroda had achieved his objectives or not is up for debate. The question is - in the process of attempting to pull Japan out of a deflationary spiral, did Governor Kuroda create a meteoric 500 trillion yen bubble in JGBs? And what happens when he is no longer there to keep the largest bubble in history inflated?

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Follow Weston: https://twitter.com/acrossthespread

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Disclaimer: Nothing discussed on Market Depth 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.

Introducing Market Depth, hosted by Weston Nakamura, a podcast giving you direct access into the Asia Pacific region. Reporting from Tokyo, Weston provides a unique insight into how the region influences global macro forces driving markets all around the world. With his extensive background at both Goldman Sachs and Jefferies specialising in equity & derivative sales, this is the perfect podcast to cut through the noise and get the key takeaways before your trading day starts.

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Follow Weston: https://twitter.com/acrossthespread

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Subscribe To Blockworks Macro: https://www.youtube.com/@BlockworksHQ

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Disclaimer: Nothing discussed on Market Depth 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.

On today's edition of Boiler Room, Alfonso Peccatiello walks through his most recent twitter thread after this weeks ECB meeting.

In this meeting, Lagarde gave an undoubtedly hawkish press conference to remind markets they have a lot further to go in their quest to fight inflation. Alfonso walks through how investors should interperit this hawkish tone from the ECB, and more importantly how it might effect your portfolio. To find out more, you'll have to tune in!

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Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Follow Boiler Room: https://twitter.com/PodBoilerRoom

Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Referenced In The Show:

This was the most important ECB meetings since the Draghi era: https://twitter.com/MacroAlf/status/1603409716339740672

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Timestamps:

(00:00) Introduction

(00:40) Breaking Down The ECB Meeting

(06:36) The ECB Is Leading Europe Into A Recession

(08:13) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of Boiler Room, Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "The BIS ''Hidden USD Debt'' Story Explained".

This week the Bank for International Settlements (BIS) released a bombshell report that made the rounds reporting on the roughly $100 Trillion in "hidden" USD debt. Alfonso walks through the mechanics of the report and dispels some of the doomsday scenarios that made some headlines. To find out more, you'll have to tune in!

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Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Follow Boiler Room: https://twitter.com/PodBoilerRoom

Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Referenced In The Show:

The BIS ''Hidden USD Debt'' Story Explained: https://themacrocompass.substack.com/p/usd-hidden-debt#details

Dollar debt in FX swaps and forwards: huge, missing and growing: https://www.bis.org/publ/qtrpdf/r_qt2212h.htm

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Timestamps:

(00:00) Intro

(02:14) King Dollar Matters

(05:46) What’s This ‘‘Hidden Debt’’ All About?

(09:18) Where Is The Problem?

(14:27) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Steve Keen Professor of economics and creator of the Minsky software.

Professor Keen joins the show to debunk the myth of government deficits by walking through the biggest misconceptions in the mechanics of money, government spending and private vs public sector deficits. To hear all this and more, you'll have to tune in!

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Follow Professor Steve Keen: https://twitter.com/ProfSteveKeen

Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

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Referenced In The Show: 

Building a New Economics: https://profstevekeen.substack.com/

Patreon: https://www.patreon.com/ProfSteveKeen

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Timestamps:

(00:00) Introduction

(01:03) The Process of Money Creation

(06:52) The Fiscal Spending of 2020

(12:02) The Mechanics of Bond Issuance

(15:47) How Government Spending Actually Works

(28:07) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of Boiler Room, Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "Let's Not Be Stupid Macro Investors".

As a long-term or tactical macro investor, the emotion-driven biases threatening to kill our performance are countless. Alfonso walks through his 3 investing principles to help investors best position themselves in markets so ensure they assets that are return additive and low correlation assets.

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As a listener of Boiler Room, you will be able to get access to TMC content for the entire 2023 by paying only 9 months instead of 12! 

Check out which subscription tier suits you the most and grab your last chance to be an early bird subscriber using the discount code ‘‘TMC2’’! https://www.themacrocompass.com/subscribe/

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Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Follow Boiler Room: https://twitter.com/PodBoilerRoom

Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Referenced In The Show:

Let's Not Be Stupid Macro Investors: https://themacrocompass.substack.com/p/stupid-mistakes-macro-investors#details

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Timestamps:

(00:00) Introduction

(01:57) Common Mistakes & How To Avoid Them

(04:13) You Sure You’re Running 5 Positions, Or Is It Just 1?

(06:58) Do Not Proxy Trade

(09:08) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room 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.

Link to Jared's book - Iceland's Secret: The Untold Story of the World's Biggest Con: https://amzn.to/3EQ0xxX

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Jared Bibler author of Iceland's Secret: The Untold Story of the World's Biggest Con.

Alfonso and Jared draw parallels between the financial fraud that took place in Iceland during the 2008 financial crisis, and the recent fallout of FTX. History doesn't repeat itselt, but it often rhymes. What is it that causes financial fraud and excessive leverage time and time again throughout history? To find out, you'll have to tune in!

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Follow Jared: https://twitter.com/jared_bibler

Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

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Referenced In The Show: 

All They Told You About Money Printing Is Really, Really Wrong: https://themacrocompass.substack.com/p/money-printing-myths#details

Iceland's Secret: The Untold Story of the World's Biggest Con: https://icelandssecret.com/

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Timestamps:

(00:00) Introduction

(00:45) All They Told You About Money Printing Is Really, Really Wrong

(03:37) The Untold Story of The World’s Biggest Con

(11:54) Parallels With The FTX Fallout

(15:55) History Doesn't Repeat, But It Often Rhymes

(21:17) How Did The Situation In Iceland End?

(24:33) Final Thoughts

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Eric Basmajian for a discussion on the rising risks of recession into 2023.

With a focus on the cyclical & secular forces driving the global economy, Eric shares his framework for assessing the risks of recession in Q1 of 2023. Using both real time and leading indicators, Eric evaluates the current cyclical trend in economic growth and inflation before sharing his outlook on what this means for markets. To hear all this and more, you'll have to tune in!

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Follow Eric: https://twitter.com/EPBResearch

Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

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Referenced In The Show:

Business Cycle Dating Procedure: Frequently Asked Questions: https://www.nber.org/research/business-cycle-dating/business-cycle-dating-procedure-frequently-asked-questions

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Timestamps:

(00:00) Introduction

(00:23) Eric's Secular & Cyclical Economic Outlook

(06:37) Are We In A Recession?

(13:21) Market's Are Not Priced For A Recession

(20:08 )Market Outlook Into 2023

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of Boiler Room, Alfonso Peccatiello walks through his most recent article on The Macro Compass titled "The Bond Market Is Talking: Are You Listening?".

While equities have rallied in recent weeks, investors are split between wether this signals a market bottom, or a bear market rally. With the end of the year often posting positive equity returns, we have to dig under the surface and look at the bond market to help us. Alfonso walks through the signals the bond market is telling and describes how we can position to benefit from that, but to hear that, you'll have to tune in! 

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Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Follow Boiler Room: https://twitter.com/PodBoilerRoom

Subscribe To The Macro Compass: https://themacrocompass.substack.com/ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Referenced In The Show:

The Bond Market Is Talking: Are You Listening?: https://themacrocompass.substack.com/p/bond-market-talking#details

Secure Your Spot on The Macro Compass! https://themacrocompass.substack.com/about

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Timestamps:

(00:00) Introduction

(01:07) When The Bond Market Talks, You Better Listen

(04:30) What Is This: 2001?

(07:54) The Fed Pivot... Or Pause

(11:07) What Is Happening In Markets? 

(14:40) The Macro Compass

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Disclaimer: Nothing discussed on Boiler Room 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.

On today's edition of "Boiler Room," Alfonso Peccatiello is joined by Julian Brigden Co-founder of Macro Intelligence 2 Partners to discuss the recent rally in markets.

In 2022, inflation remains Powell's single focus. After tightening financial conditions all year, markets in recent weeks have rallied on lower than expected CPI & PPI prints. Julian walks through the dynamics that could be at play for an end of year rally, but holds conviction that markets are not priced for a recession in 2023. 

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Follow Julian: https://twitter.com/JulianMI2

Follow Alfonso: https://twitter.com/MacroAlf 

Follow Blockworks: https://twitter.com/Blockworks_ 

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ 

Subscribe To The Macro Compass: https://themacrocompass.substack.com/

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Timestamps:

(00:00) Introduction

(01:03) Are Equties Signalling A Bear Market Rally?

(06:20) Inflation In The U.S

(10:06) Markets Are Not Priced For A Recession

(14:05) Equity Market Liquidity

(19:16) The End of Hyper-Financialization

(24:40) Powell Is Channelling His Inner Volcker

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Disclaimer: Nothing discussed on Boiler Room 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.