WTFinance

Interview recorded - 27th of October, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Adam Rozencwajg -  Managing Partner at Goehring & Rozencwajg.

On this episode of the podcast we spoke about what is happening in the energy markets, underinvestment in energy over the past decade, risk of price fluctuations, what this means for prices and more. I hope you enjoy!

0:00 - Introduction
1:00 - What is Adam currently seeing in energy markets?
5:25 - CAPEX or Geopolitical issue in energy investment?
9:58 - Would embargo impact the US?
12:00 - Are the energy markets tight?
13:35 - Odds of an energy embargo?
16:53 - What happens with less buffer in energy markets?
17:45 - Key drivers of energy demand?
18:37 - What is happening in the gas markets?
22:10 - US upstream equities?
23:30 - Investment thesis behind uranium?
27:25 - Any mines scheduled to come online in near-term?
27:55 - Other commodities Adam is watching?
29:08 - 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 - 26th of October, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Michael Pento - President & Founder of Pento Portfolio Strategies. 

During our conversation we spoke about Michael's thoughts on current markets, why it could be stagflation or depression after a stock crash in 2024, what will happen for the dollar, whether it is possible to save the markets and assets to protect wealth during this period. I hope you enjoy!

0:00 - Introduction
1:09 - What is Michael’s thoughts on the market?
5:28 - Indicators to pay attention to?
9:00 - Stagflation period?
14:53 - Deflation during the recession?
17:17 - What will happen with the dollar?
19:58 - Bonds to de-correlate from equities?
24:50 - Is it possible to save the markets?
27:43 - What assets protect wealth during that period?
29:13 - Holding reverse ETFs
30:28 - One message to takeaway from our conversation

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.

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 October, 2023

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

During our conversation we spoke about whether the US is still driving enemies together, current Middle East conflict impact on energy, Europe this winter and more. I hope you enjoy! 

0:00 - Introduction
1:09 - Is the US continuing to drive enemies together?
3:34 - Greatest risk from the middle east conflict?
5:19 - Impact on energy security?
8:34 - Geopolitical risks globally
10:34 - What is happening in energy?
12:14 - Underestimating chance of a recession in the US?
14:39 - Where is the risk?
16:22 - Venezuela oil a benefit?
19:09 - Will Europe be ok this winter?
21:58 - 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 - 20th of October, 2023


On this episode of the WTFinance podcast I had the pleasure of speaking with Michael Howell - Founder & Managing Director of CrossBorder Capital.

During our conversation we spoke about what is currently happening in liquidity markets, whether the FED could go towards yield control, whether all liquidity is created equal, disconnect between inflation and bond prices and more. I hope you enjoy!

0:00 - Introduction
1:40 - What is currently happening in liquidity markets?
4:08 - Will Powell let the bond markets take control?
6:15 - Could the FED go towards yield control?
8:35 - Will they have to bring in financial repression?
13:18 - Potential for another bank financial crisis?
15:45 - Bigger liquidity required for the financial system
31:45 - Is all liquidity created equal or will we see diminishing returns?
33:53 - What does increasing liquidity mean for markets?
39:55 - Disconnect between inflation and bond prices?
40:23 - One message to takeaway from our conversation?

Michael Howell is CEO of CrossBorder Capital, a London-based FCA registered, independent research and investment company that he founded in 1996. Previously he was Head of Research for Baring Securities and Research Director of Salomon Brothers Inc, the US investment bank. The liquidity methodology he pioneered monitors cross-border flows and Central Bank behaviour across some 80 countries world-wide. Liquidity flows are a central part of CrossBorder Capital's asset allocation advice, which is currently provided to major global investors, including institutional asset managers, government agencies, Central Banks and endowment funds. Michael has been in financial markets since 1981 and is a regular conference speaker and media commentator. He graduated from Bristol and London Universities with a finance doctorate, specialising in Fixed Income.

Michael Howell -

Website - https://crossbordercapital.com/
Twitter - https://twitter.com/crossbordercap
LinkedIn - https://www.linkedin.com/in/michael-howell-357b1416/?originalSubdomain=uk

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 October 2023

On this episode of the WTFinance podcast I had the pleasure of welcoming on Jim Bianco - President and Macro strategist at Bianco Research.

On this episode we spoke about increasing yields on the long end, the new normal, why this could lead to higher inflation for longer, economic indicators that Jim believes show the new normal, assets to outperform current situation and more. I hope you enjoy!

0:00 - Introduction
1:19 - What is Jim currently watching?
5:14 - Why would a pivot increase yields on the long end?
13:44 - What level will bonds have to be for the FED to intervene?
17:19 - Have economist been caught of guard by the new normal?
22:04 - Current economic indicators to watch?
26:19 - Will fiscal spending remain the same?
29:43 - What assets outperform current scenario?
36:34 - One message to takeaway from our conversation?

Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets.

Jim appears regularly on CNBC, Bloomberg and Fox Business, and is often featured in the Wall Street Journal, Bloomberg News, Grants Interest Rate Observer, and MarketWatch. Prior to joining Arbor and Bianco Research, Jim was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Jim Bianco -

Website - https://www.biancoresearch.com/visitor-home/
Twitter - https://twitter.com/biancoresearch
YouTube -  @BiancoResearch

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 - 11th of October, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Didier Sornette - Emeritus Professor of Entrepreneurial Risks at ETH Zurich; and Chair Professor and co-Dean of the Institute of Risk Analysis, Prediction, and Management (Risks-X) at the Southern University of Science and Technology (SUSTech) Shenzhen.

During our conversation we spoke about whether you can predict financial crises, how this was done during 2008, what Didier is seeing in current markets and how this may link to the current bond markets. I hope you enjoy!

0:00 - Introduction
1:41 - Can you predict financial crises?
5:26 - Finding preluding indicators before crises?
9:21 - What did Didier see during 2008 to see risk in the housing markets?
16:21 - FED’s trying to reduce risk as much as possible
23:56 - Are we currently heading towards a crisis?
36:00 - Bond market housing market comparison?
42:01 - One message to takeaway from our conversation?

Didier Sornette is Emeritus Professor of Entrepreneurial Risks at ETH Zurich, and Chair Professor and co-Dean of the Institute of Risk Analysis, Prediction, and Management (Risks-X) at the Southern University of Science and Technology (SUSTech) Shenzhen. Since his recent retirement from ETH Zurich, Professor Sornette has been working actively with the private sector on developing socially important products with clear applications in the medical field and in dynamic financial risk management.

Professor Sornette is using data-driven mathematical statistical analysis to study the predictability and control of crises and extreme events in complex systems. His key contribution is to use nonlinear multi-variable dynamical settings that include both positive and negative feedback. The results obtained help us better understand the overall stability and instability of financial markets.

Didier Sornette - 

Website - https://emeritus.er.ethz.ch/about-us/people/sornette.html
Publications - https://www.researchgate.net/profile/Didier-Sornette

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 - 10th of October, 2023

On this episode of the WTFinance podcast I had the pleasure of welcoming back ​⁠​⁠​⁠ -  “The Robin Hood of Wall Street” and Founder of Traders Choice. 

During our conversation we spoke about the continued debt issue, what is happening with government bonds, why we are seeing a liquidity vacuum, the current system and more. I hope you enjoy!

0:00 - Introduction
1:04 - What are we currently seeing in the markets?
5:16 - What is happening in the debt market?
8:10 - What is happening in long duration government bonds?
11:55 - Why is there a liquidity vacuum?
15:45 - Will we see a changing system in the short term?
18:40 - What will be the first to crack?
21:10 - Crises to benefit assets?
26:45 - Precious metals benefit when debt markets have issues
28:10 - One message to takeaway from our conversation?

Gregory Mannarino, also known as "The Robin Hood Of Wall Street," is an active/full time trader of the capital markets with a world-wide following.

Born on July 22, 1965, he became interested in "Wall Street," like many others at the time, in 1987 after seeing the movie Wall Street with Michael Douglas. Around that time he was able to get an entry level position, then subsequently to the trading floor,  at the now defunct bank Bear Stearns, but within a relatively short time realized that working on Wall Street was not like the movies and moved on. 

He went on to get a medical degree and practiced medicine as a Physician Assistant beginning in 1996, now retired from practice. He also served in the United States Naval Reserve Medical Service Corps, having attained the rank of Lieutenant. Gregory even published a book on casino Blackjack strategies years later, and was banned from playing the game in Las Vegas casinos.

Gregory Mannarino - 

YouTube - https://www.youtube.com/c/GregoryMannarino
Traders Choice - https://traderschoice.net/

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 - 6th of October, 2023

On this episode of the WTFinance podcast I have the pleasure of speaking with Amir Goren - Principal at the Economic Defense Fund. 

During our conversation we spoke about whether a FED pivot will cause a stock market crash, what impact interest rates have on markets, strong economic drivers and how long the future recession could be. I hope you enjoy!

0:00 - Introduction
1:50 - What is Amir seeing in the markets?
6:56 - No clear FED expectations could crash markets?
10:32 - What would increasing oil prices do to markets?
13:32 - Strong employment numbers in the US
17:36 - What would influence a pivot?
21:42 - What will the future recession be?
22:37 - More pain for longer?
25:32 - Is there a risk of bonds impacting US government
29:49 - How far could the market drop?
33:07 - One message to takeaway from our conversation?

Amir Goren’s unique investment approach is based on a combination of his macroeconomic analytical and econometric expertise as well as his technological background.

He holds a Ph.D in Economics from UC Irvine, MS in Biomedical Enterprise from Harvard and MIT as well as MBA and Bachelors’ in Engineering degrees from Tel Aviv University.

Amir Goren - 

LinkedIn - https://www.linkedin.com/in/amirgoren/
Twitter - https://twitter.com/EconomicDefense
Substack - https://econdef.substack.com/
Website - https://www.economicdefensefund.com/

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 - 2nd of October, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Jesse Felder - Founder of Felder Investment Research and host of Superinvestors. 

During our conversation we spoke about what we are currently seeing in the bond markets, why this could be a wrecking ball, what would make the FED have to intervene and the potential for there being a debt death spiral. I hope you enjoy!

0:00 - Introduction
0:13 - What is Jesse watching in markets?
2:35 - Why is this time different in the US?
5:10 - Lots of factors coming into play?
7:52 - Disconnect between yields and interest rates?
9:30 - Could we see a dollar wrecking ball?
12:10 - Are we experiencing a secular shift?
16:40 - What would a debt death spiral look like?
18:17 - FED forced to intervene in the market?
19:31 - How will the secular shift change markets?
21:25 - The end of overperformance of growth stocks?
24:15 - Another down year for 60 - 40 portfolio
25:50 - Diversifying portfolio into real assets
26:55 - Which assets to perform during this period?
28:40 - 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

Interview Recorded - 29th of September 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Rick Rule - Former President & CEO of Sprott U.S. Holdings with decades of experience in the commodities business.

During our conversation we spoke about what Rick is currently seeing in the commodity market, potential supply gap for many commodities, who will be the winners in this scenario, whether a supply shock can be prevented and more!

0:00 - Introduction
0:15 - What Rick is currently seeing in the commodity markets?
2:18 - Short term risk of recession followed by commodity bull market
3:38 - Is there a way to fill the supply gap?
5:11 - Positive impact of innovations
6:45 - Which commodities will have the worst supply/demand gap?
9:22 - Winners in battery, industrial and precious metals?
14:36 - Precious metals diversification for bonds?
19:17 - Gold and Silver to act similarly?
21:12 - One message to takeaway from our conversation?

Rick began his career 47 years ago in 1974 in the securities business and has been involved in it ever since. He is known for his expertise in many resource sectors, including agriculture, alternative energy, forestry, oil and gas, mining, and water. In 1990, Rick founded the business now known as Sprott US Holdings” merging in into Sprott Inc. ( SII) in 2011. He retired from Sprott Inc., in 2021, and resigned from the board of directors in 2023, but remains Sprott’s largest shareholder. IMr. Rule is a sought-after speaker at industry conferences, and a frequent contributor to numerous media outlets including CNBC, Fox Business News and BNN. Mr. Rule is actively engaged in private placement markets, through originating and participating in hundreds of debt and equity transactions.

Rick Rule - 

Twitter - https://twitter.com/RealRickRule
LinkedIn - https://www.linkedin.com/in/rick-rule-1058921a/
Website - https://ruleinvestmentmedia.com/
Seminar - https://hopin.com/events/rick-rule-s-summer-investing-bootcamp-topic-tba-aa49dcf0-e168-4883-a761-c2ec78d84d77?utm_source=aff&utm_campaign=6

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