WTFinance

Interview recorded - 12th of June, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming on Louis-Vincent Gave.

During our conversation we spoke about Louis' outlook for global markets, why growth could remain strong with higher inflation, what this means for commodities, whether the Chinese economy has bottomed, Yen weakness and more. I hope you enjoy!

0:00 - Introduction
1:55 - Outlook on global markets?
4:32 - Pullback in emerging markets?
10:45 - Economic sentiment starting to change?
13:35 - FED cut on table?
15:01 - Markets increase when cut?
17:01 - Will inflation remain high?
19:23 - China bottom?
27:07 - China to be smarter with investment?
31:02- Chinese Yuan further depreciation?
33:17 - Yen to continue to be weak?
35:19 - What would change Louis perspective?
37:42 - One message to takeaway from conversation?

After receiving his bachelor's degree from Duke University and studying Mandarin at Nanjing University, Louis joined the French Army where he served as a second lieutenant in a mountain infantry battalion. After a couple of years, Louis left the army and joined Paribas where he worked as a financial analyst—first in Paris, then in Hong Kong.

Louis left Paribas in 1998 to launch Gavekal with his father Charles and Anatole Kaletsky. The idea at the time was that Asia was set to become an ever more important factor in global growth, and that consequently Gavekal needed to offer its clients more information, and more ideas, relating to Asia.

Louis has written seven books, the latest being Avoiding the Punch: Investing in Uncertain Times which reviews how to build a portfolio at a time of rising geostrategic strife, and when very low interest rates and stretched valuations on most assets announce constrained returns on most assets over the next decade.

Louis speaks English and French. He spent many hours studying Mandarin and Spanish, which he once spoke decently. He is married with two sons and two daughters.

Louis-Vincent Gave:

Website - https://research.gavekal.com/
Twitter - https://x.com/gave_vincent

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 4th of June, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Henrik Zeberg.

During our conversation we spoke about Henrik's current thoughts on markets, why bull market could extend to September, what this means for his portfolio, risk of an economic crisis "much worse than 2008" and more. I hope you enjoy!

0:00 - Introduction
0:54 - Current thoughts about markets?
2:30 - What has changed outlook?
5:20 - Prolonged bull market?
8:17 - Key economic indicators?
12:31 - Similar to end of 2022?
16:17 - Repeat of 2008?
21:27 - Exposure to high beta
24:18 - Crypto price targets?
24:33 - meme stock trend
28:05 - Position after top?
30:14 - Thoughts on precious metals?
32:58 - What happens after crash?
37:30 - One message to takeaway from our conversation?

Henrik Zeberg is a Macroeconomist (M.Sc. Econ) from the University of Copenhagen. He is a Business Cycles student, Elliott Wave practitioner, and Chartist. You can find out more about his newsletter on his Website.

Henrik Zeberg - 

Newsletter - https://www.thezebergreport.com/
Twitter - https://twitter.com/HenrikZeberg

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 29th of May, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Adam Rozencwajg. Adam is the Managing Partner at Goehring & Rozencwajg Associates.

During our conversation we spoke about Adam's outlook for energy markets, how the energy markets are still undervalued, why he sees US LNG as being vastly undervalued, Uranium, precious metals and more. I hope you enjoy.

0:00 - Introduction
0:42 - Overview of energy markets?
1:31 - Adam bullish on US natural gas
10:33 - What does this mean for global LNG markets?
14:53 - No LNG supply glut
20:21 - Oil markets and peak oil
26:05 - New oil to replace US?
28:52 - Still bullish on Uranium & Nuclear?
31:21 - How is Adam positioned?
38:03 - Silver have similar trend to Gold?
39:57 - Copper outlook?
44:30 - One message to takeaway from conversation?

Currently, Adam is the Managing Partner of Goehring & Rozencwajg, Natural Resource Investors.

Adam has many years of investment experience. Between 2007 and 2015, he worked exclusively on the Global Natural Resources Fund at Chilton Investment Company with Mr. Goehring.

Prior to joining Chilton Investment Company, Adam worked in the Investment Banking department at Lehman Brothers between 2006 and 2007.

He holds a Bachelor of Arts degree with a major in Economics/Philosophy from Columbia University and is a CFA charter-holder. 

Adam Rozencwajg - 

Website - https://www.gorozen.com/
Twitter - https://twitter.com/Go_Rozen
LinkedIn - https://www.linkedin.com/in/adam-rozencwajg-770614/

WTFinance - 

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 30th of May, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back David Hunter. 

During our conversation we spoke about David updating his price targets higher, risk of inflation, Russell 2000 to outperform, precious metals, geopolitical risk, US election and more. I hope you enjoy!

0:00 - Introduction
1:46 - Current outlook of markets?
4:11 - What caused David to update catalyst?
7:48 - Inflation?
10:50 - Disconnect between the economy and markets?
12:57 - Bearish sentiment?
14:45 - Russell 2000 to outperform?
19:16 - Institutions hedging with precious metals?
22:51 - Everything bubble?
25:01 - Which industries to benefit?
28:19 - Crypto to also perform?
29:36 - Geopolitical risk?
31:56 - Views on the US election?
33:34 - One message to takeaway from our conversation?

David is an investment professional with 25 years of investment management experience and 20 years as a sell-side strategist with strong expertise in macroeconomic analysis and portfolio management. His strong macro capabilities combined with a contrarian philosophy have allowed me to forecast economic cycles and spot market trends well ahead of the consensus. David is an intellectually honest, independent thinker comfortable with charting a course away from the crowd. Accomplished stock picker and value-oriented portfolio manager.

David Hunter - 

Twitter - https://twitter.com/DaveHcontrarian
LinkedIn - https://www.linkedin.com/in/david-hunter-668ba015/

WTFinance -

Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 13th of November, 2023

On this episode of the WTFinance podcast I had the pleasure of welcoming back Michael Oliver - Founder of Momentum Structural Analysis.

During our conversation we spoke about Michael's thoughts about the markets, why there is continued stress, what is happening with bonds, what assets will perform and more!

0:00 - Introduction
0:49 - What is Michael currently seeing in markets?
8:42 - Largest companies holding up indexes. Will they remain stable?
17:01 - Has cutting rate/QE been good for equities?
19:02 - What happens when bond prices decrease?
24:07 - What will happen with bonds?
28:53 - One message to takeaway from our conversation?

J. Michael Oliver entered the financial services industry in 1975 on the Futures side, joining E.F. Hutton’s International Commodity Division, headquartered in New York City's Battery Park.  He studied under David Johnston, head of Hutton’s Commodity Division and Chairman of the COMEX.

In the 1980s Mike began to develop his own momentum-based method of technical analysis.  He learned early on that orthodox price chart technical analysis left many unanswered questions and too often deceived those who trusted in price chart breakouts, support/resistance, and so forth.

In 1987 Mike technically anticipated and caught the Crash.  It was then that he decided to develop his structural momentum tools into a full analytic methodology.

In 1992 the Financial VP and head of Wachovia Bank's Trust  Department asked Mike to provide soft dollar research to Wachovia.  Within a year, Mike shifted from brokerage to full-time technical research.  He is also the author of The New Libertarianism: Anarcho-Capitalism.

Michael Oliver - 

Website - https://www.olivermsa.com/
Twitter - https://twitter.com/Oliver_MSA

WTFinance -

Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 7th of May, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Michael Pento. Michael is the President & Founder of Pento Portfolio Strategies.

Michael Pento serves as the President and Founder of Pento Portfolio Strategies (PPS). PPS is a Registered Investment Advisory Firm (RIA) that operates like an actively managed fund without all the expenses. The Model Portfolio uses a proprietary macroeconomic model to determine when and how to invest across an inflation/deflation and economic cycle spectrum. The 20-component model is used to determine the two most important factors when it comes to successful investing: the second derivatives of growth and inflation.

0:00  - Introduction
2:07 - Current outlook on the markets?
4:49 - Why is economy looking strong?
7:25 - Global economy
9:47 - FED have to drive economy into ground?
10:51 - Surprised that FED is dovish?
18:28 - How is Michael positioning himself?
20:18 - What will the FED do?
24:35 - One message to takeaway from our conversation?

Michael Pento - 

Website - https://pentoport.com/
Twitter - https://twitter.com/michaelpento?lang=en
LinkedIn - https://www.linkedin.com/in/michael-pento-a1882917b/

WTFinance 

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 19th of April, 2024

On this episode of the WTFinance podcast I had the pleasure to welcome back Doomberg. 

During our conversation we spoke about the current geopolitical situation, why this is highly inflating oil prices, how oil would be $50 without war, in-depth analysis of the gas markets, the US energy miracle and more. I hope you enjoy! 

0:00 - Introduction
2:57 - What does the current geopolitical factors mean?
6:04 - How have we gotten into the geopolitical mess?
8:37 - Missiles and drones are a positive outcome?
10:37 - Who are the good guys?
12:17 - What does this mean for energy?
15:54 - Could oil be lower than $55 with no oil?
20:02 - Is there a tight gas market?
23:21 - Will prices for gas go lower?
27:30 - What happens during a bifurcation of the global economy?
28:04 - Low energy help prevent recession?
31:14 - What impact will data centres have on electricity?
34:59 - One message to takeaway from our conversation?

The group started writing Doomberg in May of 2021 to highlight the fundamentals missing from many economic and policy decisions, and it quickly grew to be one of the most widely read finance newsletters on Substack.

This publication is their passion, and the content is borne out of the team’s deep experience in heavy industry, private equity, and the hard sciences. Family offices and c-suite executives hired them to deliver innovative thinking and clarity to complex problems – they operate as though their subscribers share those same expectations.

Read their full bio here - https://doomberg.substack.com/about

Doomberg - 

Substack - https://doomberg.substack.com/
Twitter - https://twitter.com/DoombergT

WTFinance 

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 17th of April, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Clive Thompson. Clive's entire career was in wealth management, mainly Swiss private banking. This provides him a unique insight into central banks.

During our conversation we spoke about why we didn't experience a banking crisis in 2023, whether it could be a risk moving forward, governments getting poorer while someone else is getting richer, stickier than expected inflation, financial repression, precious metals and more. I hope you enjoy!

0:00 - Introduction
2:16 - Should we be worried about further banking crisis?
11:21 - Light at end of the tunnel darkening?
13:20 - Maybe long end of yield curve to increase further
15:01 - Stickier than expected inflation?
16:31 - Banks under more pressure?
28:33 - FED and other central banks moving to financial repression?
33:36 - Is this why we’ve seen an increase in precious metals?
43:33 - One message to takeaway from our conversation?

Clive has 47 years of experience in finance & wealth management. This encompasses structuring and advice relating to quoted investments, Private Equity investments, family businesses, tax, residency, real estate, inheritance, Wills, legal, lending, Trusts, Companies and Foundations and all kinds of personal and private advice. He has been actively involved for decades in the arena of Trust structures. This often involved negotiating and discussing the contracts relating to the sale of family companies.

Clive's latest position before retirement was as Managing Director in the Anglophone Private Clients Department of Union Bancaire Privée, UBP SA, based in Geneva. He was responsible for wealth management services provided to a small number of wealthy English and French speaking families.

Clive continues to remain very active in the world of wealth, with a strong focus on Private Equity, and direct Equity Investing via the global stock markets. His passion is the financial analysis of Balance Sheets, P&Ls, Cash Flow and business projections. Clive loves examining business opportunities, like Private Equity, and digging into the fundamentals of quoted companies to achieve a market beating performance.

Clive Thompson - 

LinkedIn - https://www.linkedin.com/in/clive-thompson-661997251/
Video - https://www.youtube.com/watch?v=L9aye4wQ8Ok

WTFinance - 

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Original Interview - 16th of April, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming on Larry McDonald. Larry is the Founder of the Bear Trap Report and author of the recently released book “How to listen when markets speak”.

During our conversation we spoke about his book, why global inflation could be higher for longer, back to the 60's/70's, the commodity supercycle, debasement of the US Dollar, sanctions, China growth is coming back and more. I hope you enjoy!

Buy the book - https://www.amazon.com/Listen-When-Markets-Speak-Opportunities/dp/0593727495

0:00 - Introduction
1:26 - Influence for writing the book?
3:06 - Current views of macroeconomics?
5:06 - Global inflation
8:03 - Things going back to 60’s/70’s?
12:01 - What influenced the 40 year bubble?
13:11 - Austerity in the US during the 2010’s
15:31 - Why haven’t we experienced a crash?
20:03 - Commodity bull market to push economy into recession?
21:43 - Secular shift?
23:24 - Examples of financial repression?
25:19 - Debasing the US Dollar?
27:14 - Sanctions
28:04 - Commodity countries to benefit?
31:24 - More power to OPEC+?
33:07 - US has never produced more energy
34:24 - China growth is coming back
36:24 - Most surprising aspect of researching for the book
39:54 - One message to takeaway from our conversation?

New York Times bestselling author. Our latest -- "When Markets Speak" -- on sale date from our publisher Penguin Random House is March 26th. 

Our first book - “A Colossal Failure of Common Sense” is ranked by the CFA Institute in the "Top 20" Books All-Time in Finance. Now one of the bestselling business books in the world, it's translated into 12 languages with over 750,000 copies sold. Right behind PIMCO, Lawrence McDonald is the #2 influencer in the world in Fixed Income by http://www.rightrelevance.com/ - Join our nearly 120k followers on Twitter @convertbond .

Managing Director, former U.S. Macro strategy head at Societe Generale. 

As one of the leading risk managers and market strategists today, Larry is a frequent contributor to Bloomberg, CNBC, MSNBC, and Fox Business. Notably, Larry was a special advisor to the Financial Crisis Inquiry Commission and appeared in the Academy Award-winning documentary, “Inside Job."

Larry has delivered over 160 keynote speeches in 20 countries. He details the complexities of Lehman, why it was allowed to fail, and the aftershocks that have rocked the global economy, and continue today. 

From 2004- 2008, Larry was head of the Distressed Debt & Convertible Securities Trading group at Lehman. He ran an extremely successful joint venture between the firm’s fixed income and equity division. Larry was considered one of the firm's most profitable traders. Featured is his global bestseller, during the 2007-2008 period, he led his team in bets against the subprime mortgage crisis, netting over $100m in profits for the doomed firm.

Larry McDonald:

Website - https://www.thebeartrapsreport.com/
LinkedIn - https://www.linkedin.com/in/convertbond/
Book - https://www.amazon.com/Listen-When-Markets-Speak-Opportunities/dp/0593727495

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas

Interview recorded - 1st of April, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Jesse Felder. Jesse is the Founder of Felder Investment Research and host of Superinvestors. 

During our conversation we spoke about Jesse's thoughts on the markets, why we will have a recession, society of speculators, the everything bubble, economic data to watch, how is Jesse positioned and the potential for a commodity supercycle. I hope you enjoy!

0:00 - Introduction
1:31 - Overview of economy and markets
3:41 - Why will we have a recession?
6:14 - Bullish sentiment
9:36 - Titanic signal?
10:41 - What would you compare current market to?
13:52 - What is driving market inflows?
15:30 - Society is becoming more speculative
20:03 - Pressure on Asset Managers
23:27 - Everything bubble?
28:59 - Economic data to watch?
31:38 - Nvidia the stock to watch?
33:27 - Semiconductor arms race
35:13 - How is Jesse looking to position?
38:36 - Recession impact commodities?
40:31 - Production glut in Natural Gas?
43:45 - One message to takeaway from our conversation?

Jesse began his professional career at Bear, Stearns & Co. and later co-founded a multi-billion-dollar hedge fund firm headquartered in Santa Monica, California. Since founding Felder Investment Research, LLC, publisher of The Felder Report, his writing and research has been featured in major publications and websites like The Wall Street Journal, Barron's, Yahoo! Finance, Business Insider, Investing.com and more. Jesse also hosts and produces the Superinvestors and the Art of Worldly Wisdom podcast.

Jesse Felder - 

Felder Report - https://thefelderreport.com/
Twitter - https://twitter.com/jessefelder

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
iTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4
Twitter - https://twitter.com/AnthonyFatseas