What Goes Up

Robert Hormats, who has worked in senior economic and trade policy roles under five different U.S. presidents and spent 25 years at Goldman Sachs Group Inc., believes the Covid-19 pandemic has forced the government to embark on what could be considered an involuntary experiment with Modern Monetary Theory.

Now a managing director at wealth-advisor Tiedemann Advisors, Hormats discusses MMT, the U.S.-China relationship, prospects for a coronavirus vaccine – and how investors should think about all of it.

Mentioned in this podcast:

A Beginner’s Guide to Modern Monetary Theory

Meet the Psychic That Big-Money Wall Street Traders Depend On

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At the benchmark level, equity levels by many measures look stretched. But Katie Koch, co-head of fundamental equity at Goldman Sachs Asset Management, says there’s plenty of areas within the stock market that offer good value for investors right now. She discusses which industries and companies she likes, including a couple that have been ravaged by the coronavirus like restaurants and retail.

Mentioned in this podcast:

How a Goldman Sachs Manager Is Preparing For a Post-Covid World

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Lee Ferridge, head of North America macro strategy for State Street Global Markets, has been bullish on gold since late 2018, when an attempt at quantitative tightening by the Federal Reserve sent markets into a tailspin. From that moment, he knew the central bank’s balance sheet would only grow larger, a boon for real assets like gold. Now, the precious metal is smashing records, beating both stocks and bonds in 2020.

Mentioned in this podcast:

Kodak Pivots to Drugs After Abandoning Photography, Crypto

At Center of ‘Erratic’ Market Moves Is a Raging Recovery Debate

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Rob Arnott, chairman and co-founder of Research Affiliates, has spent a lot of time studying market bubbles. He shares what he’s learned, and give his takeaways about the current environment for investors.

Mentioned in this podcast:

Rob Arnott Says It’s Insanely Stupid to Chase Market Bubbles

U.S. Stock Market Bull Run In Recession Makes Investors Anxious

Yes. It's a Bubble. So What?

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The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power.

Blood River premieres on July 27.

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Based in Sydney, Australia, David Adams, the chief investment officer at Reminiscent Capital, picked up on funding market stress early on. That helped his firm’s Asia-focused macro strategy implement a multi-step trade that delivered a 16.5% return in the first quarter of 2020. He joins the latest “What Goes Up” podcast to discuss how it worked, and what markets are signaling now.

Mentioned in this podcast: 

Bad Breath Offers a Rare Payoff in Listerine-Royalty Stake Sale

Banksy's Covid-19 Warning

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The furious rebound in the U.S. equity market over the last few months runs the risk of turning into a "melt-up," according to Wells Fargo strategist Anna Han. She explains what’s driving the surge and why it’s worrying.

Mentioned in this podcast:

Bleak Message of Economic Pain Underlies Tech’s Market Dominance

Tesla Short Shorts

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The U.S. stock market headed into the Fourth of July holiday with a full head of steam after the best quarterly advance since 1998. Yet risks lie ahead this summer. Chief among them is the possibility that Congress will fail to deliver additional fiscal support for the economy as the coronavirus continues to spread, according to Jack Janasiewicz, strategist and portfolio manager at Natixis Investment Managers. Also joining the show is Bloomberg reporter Felice Maranz, who discusses the state of affairs with bank stocks and what to watch in the upcoming earnings season.

Mentioned in this podcast:

No One Can Agree on Where the Stock Market Will Be in Six Months

Stock Bulls Need Proof They Were Right to Go All In on Recovery

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It’s a perennial debate among market wonks: when will growth stocks finally stop outperforming value stocks for more than a short period? And what has driven the outperformance? Daniel Davidowitz, co-head of the large-company growth team at Polen Capital Management, offers his take. First, he says, you have to deconstruct the meanings of “growth” and “value.”

Mentioned in this podcast:

Is Value Dead? Debate Rages Among Quant Greats From Fama to AQR

Stocks’ Covid Angst Takes Violent Turn After Simmering for Days

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This year’s volatility in markets has highlighted how investors can protect their portfolios with tail-risk hedging strategies. Meb Faber, co-founder and chief investment officer of Cambria Investment Management, joins this week to discuss the thinking behind his firm’s tail-risk ETF (ticker: TAIL), and offer his thoughts on the state of markets.

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