What Goes Up

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

See omnystudio.com/listener for privacy information.

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

See omnystudio.com/listener for privacy information.

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

See omnystudio.com/listener for privacy information.

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.

See omnystudio.com/listener for privacy information.

Stocks crashed back to Earth this week after a breathtakingly fast rebound from the bear market of February and March. What caused the plunge? And is the rally over?

Medley Global Advisors macro strategist Ben Emons and Bloomberg’s Cameron Crise discuss the drivers of the wild week in markets and the hoards of newly minted day-traders who took advantage of the rebound on the latest episode of the “What Goes Up” podcast.

Mentioned on this podcast: 

Hundreds of Thousands of Tiny Buyers Swarm to Insolvency Stocks

The Stocks-Only-Go-Up Strategy Falls Into a $2 Trillion Ditch

See omnystudio.com/listener for privacy information.

As lockdowns are eased across the country, Americans are slowly but surely getting out of their homes and engaging with the world outside again. That provides some opportunities for investors to benefit from the next group of stocks that will perform well, according to Shawn Snyder, head of investment strategy at Citigroup’s Personal Wealth Management unit. Still, some shares that did well during the lockdown represent the “future of America” and aren’t just flashes in the pan, he says.

Mentioned in this podcast:

The Really Big Stock Bull Case Says Fed Stimulus Doesn’t Go Away

Bears Thwarted Again by Stock Market That Believes in Recovery

See omnystudio.com/listener for privacy information.

Investors across Wall Street are beginning to wonder if the risk rebound has further room to run. Fed policy is extremely stimulative, economies are reopening, and slices of the market hit hard by Covid-19 are joining in on the rally. But GMO, the famous money manager founded by Jeremy Grantham, isn’t buying it.

Mentioned in this podcast: 

Investors Pile Into Stocks That Win in a Full Economic Recovery

U.S. Corporate Bond Sales Smash Record, Soaring Over $1 Trillion

Bored Day Traders Locked at Home Are Now Obsessed With Options

See omnystudio.com/listener for privacy information.

What explains the resiliency of the U.S. stock market, despite the worst economic data in most of our lifetimes? Susan Schmidt, head of U.S. equities at Aviva Investors in Chicago, says the market is already looking ahead to next year. That doesn’t mean there won’t be some more volatility in the near term.

Mentioned in this podcast:

U.S. Equity Markets Stubbornly Ignore the Doom Everywhere

Extreme Behavior Is on Display Everywhere in the Stock Market

Black Swan Author Spars With Quant Legend Over Tail Risk Hedges

See omnystudio.com/listener for privacy information.

It was 10 years ago this month that the S&P 500 dropped 5% in four minutes. Now, the infamous day is known as the Flash Crash of May 6, 2010, and a decade later global markets are again facing extreme volatility – albeit in a different way. Joining the “What Goes Up” podcast this week is Liam Vaughan, the author of a new book, “Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History,” to chronicle the historic day and how a 36-year-old day trader got caught in the middle of it all.

Also on the episode is Jafar Rizvi, portfolio manager of Harding Loevner Global Small Companies & International Small Companies Funds, who helps explain how to navigate investing in global small cap firms in the wake of the coronavirus.

Mentioned in this podcast:

The Work-From-Home Trader Who Shook Global Markets

Stock Market’s Winners Hint at Gloom Rather Than Quick Comeback

See omnystudio.com/listener for privacy information.

This is a year when unthinkable events have become commonplace. That has some investors wondering if the Federal Reserve could end up making what was previously an unthinkable move: purchasing stocks. Vincent Deluard, global macro strategist for brokerage INTL FCStone, discusses.

Mentioned in this podcast:

With Stocks Buybacks Halted, We’ll See How Much They Matter

Stock Fear Gauge Falls to Nine-Week Low After Topping 2008 Highs

See omnystudio.com/listener for privacy information.