WTFinance

Interview recorded - 20th of June, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Michael A. Gayed, Portfolio manager at Toroso Investments and publisher of  @leadlagreport .

During our conversation we spoke about whether we still are in a recession, why the FED will increase interest rates further, other macro drivers Michael is watching and whether we will experience a Melt-Up. I hope you enjoy!

0:00 - Introduction
1:27 - What is happening in lumber and real estate?
4:07 - Why will the FED increase interest rates further?
5:50 - Any other parts of the markets that you are concerned about?
9:42 - Concentration of stocks
11:32 - Nvidia and CISCO
13:22 - Other macro drivers Michael is watching?
15:22 - How long can debtors survive?
17:03 - Melt-up?
19:07 - One message to takeaway from our conversation?

Prior to Toroso Investments, Michael was the Co-Portfolio Manager and Chief Investment Strategist at Pension Partners, LLC, an investment advisor managing mutual funds and separate accounts. He is the author of five award-winning research papers on market anomalies and investing. Michael was an active contributor to MarketWatch for a number of years and has been interviewed on CNBC, Bloomberg, and Fox Business, as well as the Wall Street Journal Live for his unique approach to interpreting market movements.

Michael earned his Bachelor of Science degree with a double major in Finance & Management at NYU Stern School of Business. Michael became a CFA Charterholder in 2008.

Michael Gayed -

YouTube -  @leadlagreport  
Website - https://www.leadlagreport.com/
Twitter - https://twitter.com/leadlagreport
LinkedIn - https://www.linkedin.com/in/michael-a-gayed-cfa/
Instagram - https://www.instagram.com/leadlagreport/

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 June, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Lawrence Lepard, Founder of Equity Management Associates and Sound Money Advocate. 

During our conversation we spoke about what sound money is, whether our current economy can adapt to sound money, Bretton Wood 3.0 or BRICS currency, which assets will benefit and more!

0:00 - Introduction
0:20 - What is sound money?
6:20 - Can our current economy use sound money?
10:10 - How long does the FIAT system have?
17:35 - System will fight for as long as possible
20:18 - Bretton Wood 3.0?
22:55 - Could governments block the FIAT exits?
26:20 - Assets to protect wealth during hyperinflation?
27:42 - One message to take away from our conversation?
30:25 - Blackrock ETF good or bad for Bitcoin?

Larry founded Equity Management Associates, LLC (EMA) in 2006. EMA is an equity investment management firm that invests in growing private and public companies located around the world. 

Since 2008, EMA has focused on investing in companies which mine the monetary metals, gold and silver. Larry presently serves on the Board of Directors of two development-stage gold mining companies: Lavras Gold Corp. (Toronto/Brazil) and Rise Gold Corp. (California). He has been a frequent guest of many media outlets including Bloomberg Television for his expertise on the monetary metals market. Prior to founding EMA, he spent 13 years at Geocapital Partners (Geo) in Fort Lee, NJ. There, he was one of two Managing General Partners and was responsible for four venture capital funds, aggregating ~$500 million. At Geo, he invested and/or served on the boards of many successful deals including Autoweb, Jackson Hewitt, Netcom, and Realtor.com. 

Prior to Geo, Larry spent seven years at Summit Partners in Boston, MA and Newport Beach, CA, where he established Summit’s West Coast office. Larry was a General Partner in Summit I and Summit II and invested and/or served on the boards of Chips & Technologies and Software Spectrum, among other investments. Earlier in his career, Larry worked in the Mergers & Acquisitions Group of Smith Barney, Harris Upham & Co.

Lawrence Lepard - 

Website - https://www.ema2.com/
Twitter - https://twitter.com/LawrenceLepard

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 - 13th of June, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Jaspreet Singh, Serial Entrepreneur and founder of The Minority Mindset.

During our conversation we talked about the impending recession, whether it will be the same as 2008, how to benefit off a recession and more! I hope you enjoy.

0:00 - Introduction
1:00 - Current Macroeconomic Drivers Jaspreet is watching?
6:50 - Inflation to increase or decrease?
9:38 - Will this time be the same as 2008?
13:35 - Blackrock or other institutions to buy up distressed assets?
16:55 - How can individuals position to benefit off financial market distress?
22:45 - How will Jaspreet invest during this period?
26:50 - How do macro drivers effect Jaspreet’s portfolio?
27:45 - One message to take away?

Jaspreet “ @MinorityMindset ” Singh is a serial entrepreneur and licensed attorney on a mission to spread financial education. His YouTube Channel has over one million subscribers.

Although he didn’t receive any formal financial education – he’s on a mission to make financial education fun and accessible.

Jaspreet is the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel.

Jaspreet is self-taught. His parents are immigrants from the state of Punjab, India. Like many of his second generation Indians, Jaspreet grew up thinking that he needed to become a doctor. But he found a new path. He started his first business – an event planning company – when he was in college.

However, Jaspreet didn’t see a future with that company. After graduating college, Jaspreet pursued law school where he continued his entrepreneurial and financial ventures.

While in college, he started investing in real estate. But he quickly realized that if he wanted to continue investing in real estate, he’d need access to more capital. So, Jaspreet jumped back into entrepreneurship.

After a couple years of research, Jaspreet invented a water-resistant athletic sock.

During the launch of his sock company, he was scammed by a marketing company which cost him thousands of dollars. This scam pushed him to start an educational social media page, which he called Minority Mindset. The Minority Mindset implies thinking differently than the majority of people. It’s not a racial minority.

He started the Minority Mindset YouTube Channel as a hobby to teach others how to not make the same mistakes he made.

Around the time when his YouTube Channel hit 100,000 subscribers – his sock patent was denied. At this point, he was forced to make a decision…

Continue with the sock company, or pursue “Minority Mindset”?

The sock company was profitable while Minority Mindset was not. He decided to follow his passion and pursued Minority Mindset full time after graduating law school.

Now the Minority Mindset brand has grown into a number of companies including Briefs Media – a media company and Market Insiders – an investing education app. His brand has helped countless people get out of debt, start investing, and create a plan towards building wealth.

Jaspreet Singh -

YouTube -  @MinorityMindset  
Briefs Media - https://briefs.co/
Website - https://theminoritymindset.com/
Twitter - https://twitter.com/MinorityM1ndset

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 - 14th of June, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Nick Glinsman, Co-Founder at Malmgren-Glinsman Partners.

During this conversation we spoke about Nick's opinion on the FOMC meeting, why BRICS+ will be a disaster, the disaster that China currently is, what opportunities are available and more!

0:00 - Introduction
1:20 - Nicks opinion on the FOMC meeting
9:05 - Global Macro outlook
12:20 - European outlook
15:10 - BRICS+ is a disastrous idea
17:30 - Does the market believe the FED?
20:20 - Is risk in the equity market?
24:40 - Recession but huge fiscal spending
25:40 - Where is the opportunity?
33:40 - Bearish China
40:00 - One message to takeaway?

Nick Glinsman - 

Research Website - https://d5d0c2-2.myshopify.com/
Twitter - https://twitter.com/nglinsman
LinkedIn - https://www.linkedin.com/in/nick-glinsman-75b53/?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 - 13th of June, 2023

On this episode of the WTFinance podcast I had the pleasure of speaking with Eric Basmajian, Founder of EPB Research.

During our conversation we spoke about whether a housing crash is still on the cards, why this is linked to a recession, Eric's economic data analysis process, how employment has remained strong with these conditions and other macro drivers Eric is currently watching. I hope you enjoy!

0:00 - Introduction
1:10 - Is a housing crash still on the cards?
6:14 - International housing markets in a similar position?
7:02 - Eric’s economic data analysis process
14:40 - Are the data points weighted based on importance?
17:35 - Difficult to predict a recession
21:37 - Revising data
24:10 - How has employment remained strong with these conditions?
30:05 - How will markets react to recessionary data?
32:05 - Other macro drivers Eric is watching?
38:25 - Catalyst for the credit event?
41:05 - One message to takeaway from our conversation?

Eric Basmajian is an economic cycle analyst providing research on long-term and short-term trends in growth and inflation. With a degree in economics and experience at a quantitative hedge fund, Eric has developed a unique secular and cyclical framework to forecast major economic inflection points and the resulting impact on asset prices.

Eric holds a bachelor’s degree in economics from New York University. Eric started on the buy-side of the financial sector, as an analyst with Panorama Partners, a quantitative hedge fund specializing in algorithmically scanning for mispriced equity derivatives.

Eric Basmajian -

Website - https://epbresearch.com/
Twitter - https://twitter.com/EPBResearch
YouTube -  @EPBResearch  
LinkedIn - https://www.linkedin.com/in/eric-basmajian-32614116a/

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 - 9th of June, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Lyn Alden, Founder of Lyn Alden Investment Strategy. 

During our conversation we spoke about macro drivers impacting markets, potential for a liquidity crisis driven by the Treasury, the risk of higher inflation for longer, what this means for the debt end game and how Lyn is constructing her portfolio to mitigate these risks. I hope you enjoy!

0:00 - Introduction
1:05 - Macro drivers impacting markets
2:50 - Current Treasury funding challenge
6:05 - Correlation between liquidity and market performance
7:20 - Where will liquidity issues show up first?
8:40 - Lyn’s base case for treasury funding
12:25 - Repeat of March Bank Collapses?
14:10 - Commercial real-estate another challenge for banks?
16:05 - Is todays economy more similar to the 1940’s than 1970’s?
20:30 - Japanification or financial repression?
23:40 - What is the current debt end game?
27:05 - What would Lyn do if she was the Fed Chair?
28:35 - What does Lyn want to own?
30:35 - Macro, Geopolitics & valuation weightings in investing
32:25 - How does Lyn construct and manage risk in portfolio?
33:30 - One message to take away from conversation?

Lyn runs an investment research service for both retail and institutional investors at LynAlden.com. Her focus is on fundamental investing with a global macro overlay, with an emphasis on equities, currencies, commodities, and digital assets. 

Lyn has also worked for over a decade in the aviation industry in a range of roles, starting as an electronics engineer and moving into project and facility management, and engineering finance. Eventually she became the head engineer and head of technical procurement for the facility, before retiring in my 30s. 

Lyn has a bachelor's in electronics engineering and a master's in engineering management, with a focus on engineering economics and financial modelling. 

Lyn Alden - 

Website - https://www.lynalden.com/
LinkedIn - https://www.linkedin.com/in/lynalden/
Twitter - https://twitter.com/lynaldencontact?lang=en

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 - 8th of June, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with David Hay, Co-Chief Investment Officer of Evergreen Gavekal.

During our conversation we spoke about key drivers of the current market, whether we are still in the biggest bubble of history, how the current debt cycle risks collapse and why nuclear energy is the future of non-carbon energy. I hope you enjoy!

0:00 - Introduction
0:50 - Key drivers of current markets?
4:30 - Can the FED save the US economy?
7:15 - Will we see stagflation or disinflation?
10:30 - Are we still in a bubble?
13:28 - Industries/geographies that David is watching?
17:00 - How would Treasury funding issues effect market?
20:00 - Will they run inflation hot?
24:00 - The end of a debt cycle?
26:10 - Pensions and other levered bond holders to be punished?
31:30 - Stock picking during market uncertainty?
34:30 - Future energy crisis and why nuclear is vital
38:15 - Why is nuclear better than other non-carbon energy producers?
42:10 - One message to takeaway from our conversation?

David Hay acquired the majority interest in Evergreen Gavekal (at the time, Evergreen Capital Management) in 2002. He continues to serve his long-time clients and acts as Co-Chief Investment Officer with special emphasis in macro-economic research.  

David has been employed in the securities industry since 1979 when he joined Dean Witter Reynolds, now Morgan Stanley. He rose to the position of Senior Vice President in 1983. In 1985 he was the youngest member to be elected to Dean Witter’s elite Chairman’s Council. David and his team joined Smith Barney in 1990 and were instrumental in establishing the Portfolio Advisory Program. Fulfilling the positions of Senior Vice President, Senior Portfolio Manager and Director, David also served on the Smith Barney Directors Advisory Group, gaining valuable experience in merger integration and client service enhancement.  

In 2022, David released his highly anticipated book, Bubble 3.0:  Who blew it and how to protect yourself when it blows apart. The book explores why he believes the financial markets are headed toward a third iteration of past market rotations. Accordingly, he believes there are a number of investment areas/asset classes poised to benefit from what he has begun referring to as “The New World Disorder”.  

David currently spends the winter months in Indian Wells, Ca., with his wife, Mindy, and two dogs, Nova and Roscoe.  In early June, they will be moving into their new home in Liberty Lake, Wash.

David Hay Interviews - 

Haymaker as Host interview: https://www.youtube.com/watch?v=EnDy6SGoG00

MicroNuclear explanatory video: https://www.youtube.com/watch?v=Fb2Op0mWlUw

David Hays - 

Twitter - https://twitter.com/Haymaker_0
Website - https://evergreengavekal.com/
Substack - https://haymaker.substack.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 - 30th of May, 2023

On todays episode of the WTFinance podcast I have the pleasure of hosting Adrian Day, Chairman & Chief Executive Officer of Adrian Day Asset Management. 

During our conversation we spoke about key economic drivers Adrian is watching, why this will lead to a 'serious recession', how counterparty risk will be the main driver and why gold and gold stocks could be a great beneficiary of such an event. I hope you enjoy! 

0:00 - Introduction
1:30 - Key drivers Adrian is currently watching?
4:20 - What is currently happening with the US consumer?
8:55 - Collapse in consumption?
9:55 - Will this impact the FED’s actions?
14:45 - Double/triple counting employed or job openings
17:00 - How bad will the recession be?
20:55 - Counterparty risk?
21:45 - Treasury bill issuance to impact prices?
24:55 - Why is there a disconnect between markets and the economy?
28:10 - The risk of an earnings recession?
30:25 - What assets to perform during a recession?
36:15 - What does Adrian look for before investing in a company?
37:40 - Is gold undervalued?
42:40 - One message to take away from our conversation?

Adrian Day is considered a pioneer in promoting the benefits of global investing in this country. A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders. His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010). Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad. He is a popular speaker and frequently invited to lecture at financial conferences and seminars around the world. His pleasures include fine dining, reading (especially history), and the opera.

Adrian Day - 

Website - https://adriandayassetmanagement.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 - 24th of May, 2023

On todays episode of the WTFinance podcast I had the pleasure of welcoming back Grant Williams, an experienced investor who is the author of the Newsletter Things That Make You GO Hmmmmm and Co-Founder of the Real Vision Group.

During our conversation we spoke about the rising risk in the markets, whether we will see the FED put re-emerge, how to protect your portfolio from a market 'air pocket' and what would be needed to avoid a hard landing. I hope you enjoy!

0:00 - Introduction
1:00 - What is Grant seeing in the markets?
4:20 - Uncommon events more likely to happen
5:30 - The risk of concentration in markets?
8:45 - Crowded trades move quickly
10:15 - The FED put
14:10 - What would happen if interest rates remain high?
16:05 - A push away from monetary to fiscal policy
18:45 - Results of a credit event?
22:23 - How do you protect from a market ‘air pocket’?
26:25 - How to know what to be worried about?
27:15 - Could there be a soft landing and how would it be achieved?
29:20 - Any key trends not given enough attention?
38:30 - What does bottom up and top down mean?
41:54 - One message to takeaway from our conversation?

Grant Williams, much to his dismay, has logged over 35 years in finance. During that time, he’s lived and worked in seven major financial centres from London to Sydney, building the kind of network that many others can only dream about.

He began his career in the Japanese equity market in the mid-1980s, before a three-year posting to Tokyo ensured he had a ringside seat as the twin bubbles in equities and real estate burst simultaneously and spectacularly at the end of 1989. After a short stint back in London, Grant relocated once again, this time to New York, where he spent 7 years. Subsequent postings have taken him to Hong Kong, Sydney, Singapore, and the Cayman Islands.

Currently, he is a senior advisor to Matterhorn Asset Management AG https://goldswitzerland.com/ in Switzerland, and a portfolio and strategy advisor to Vulpes Investment Management https://www.vulpesinvest.com/ in Singapore.

Back in 2014, Grant’s ambition to bring the most intelligent, engaging, and original people in finance to a wider audience led him to co-found Real Vision https://www.realvision.com/, an on-demand internet-based financial media platform.

Grant’s twin Real Vision interview series, 'In Conversation With…' and 'On The Road' raised the bar for financial content – engaging and educating viewers in equal measure and helping them learn the secrets behind a group of extraordinary investors’ success.

Long before Real Vision, however, Grant was guiding people around the fringes of finance with his regular newsletter, Things That Make You Go Hmmm… https://www.grant-williams.com/ttmygh_newsletters/, a publication which, from humble beginnings as a daily note to a few friends and colleagues, has grown into one of the most widely-read financial publications in the world.

Grant Williams - 

Website - https://www.grant-williams.com/](https://www.grant-williams.com/
Twitter - https://twitter.com/ttmygh

WTFinance -

Instagram - https://www.instagram.com/wtfinancee/
Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfn
TikTok - https://vm.tiktok.com/ZMeUjj9xV/
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 - 23rd of May, 2023

On todays episode of the WTFinance podcast I had the pleasure of welcoming back for a third time Dave Collum, Professor of Organic Chemistry and leading thinker on markets and the larger world around us. 

During our conversation we spoke about why markets seem to be performing despite negative news, how this is influenced by a small minority of companies, whether we could see further banking collapses', which country will win and more!

0:00 - Introduction
1:40 - What is Dave seeing in the current markets?
14:20 - Small number of companies propping up the markets
15:15 - Is there a reason why the top 5 companies are so highly valued?
23:35 - Will the debt ceiling be a red-herring?
26:00 - Are there other banks with issues?
30:35 - All countries have issues, who wins?
34:50 - constant swinging to political extremes?
40:10 - Potential for AI exponential growth?

David Collum received a BS in biology from Cornell in 1977 and an MA, MS, and PhD in chemistry from Columbia University in 1980. Dave currently is the Betty R. Miller Professor of Chemistry at Cornell University. While at Cornell Dave has served as Director of Undergraduate Studies, Director of Graduate Studies, associate chairman, and chairman while running a research program in organic chemistry for forty years, which include collaborations with a host of large-cap pharmaceutical companies exemplified by Merck and Pfizer. In recent years he has become interested in the interface where politics and markets meet. He compiles an annual Year in Review, does several dozen podcasts per year, and occasionally stirs up trouble on more mainstream media sources.

Dave Collum - 

Twitter - https://twitter.com/davidbcollum?s=21&t=xvXQIRnoZm5mxXw68trHEQ
Year in Review - https://peakprosperity.com/2022-year-in-review-all-roads-lead-to-ukraine/

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