WTFinance

Interview recorded - 11th of March, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with David Woo - A former top ranked Wall Street strategist, IMF economist & Founder of Unbound -  a global forum devoted to the promotion of fact-based debates about markets, politics, and economics.

During our conversation we spoke about the SVB collapse, why it wont lead to a banking crisis within the US, what the aftermath of the collapse will be and changing macroeconomic trends. I hope you enjoy!

0:00 - Introductions
0:23 - How did SVB collapse, what it means for the banking system and the future?
9:20 - Is there risk for B2B heavy banks?
15:25 - Other institutions exposed to long duration bonds?
19:25 - Ignoring interest rate risk
23:22 - What is the aftermath of SVB?
27:00 - Changing trends
29:40 - Will China be investable?
35:40 - One message to take away from our conversation?

David Woo is the Founder/CEO of David Woo Unbound, a new global forum devoted to promoting fact-based debates about markets, politics and economics.

Until 2021, David was the Head of Global Rates, Foreign Exchange, and Emerging Market Fixed Income Strategy & Economic Research at Bank of America, where he managed the top ranked global macro strategy team on Wall Street. Previously, David was the Head of Global Currency Strategy at Barclays Capital and the Head of Local Markets Strategy for Central and Eastern Europe, Middle East and Africa at Citigroup.

David is known on Wall Street for his bold and out-of-consensus calls that includes the RMB devaluation in 2015 and Trump’s victory in 2016. He was also the first Wall Street analyst to initiate coverage on Bitcoin in 2013. Business Insider voted David as one of the 12 smartest people on Wall Street in 2016 and Bloomberg calls him one of the “most outspoken voice on Wall Street."

David started his career at the International Monetary Fund in Washington D.C.. He received his Ph.D in Economics from Columbia University.

David Woo - 

Website - https://www.davidwoounbound.com/
YouTube -  @DavidWooUnbound  
Twitter - https://twitter.com/Davidwoounbound

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 - 9th of March, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Neal Berger, President at Eagles View Asset Management. 

During our conversation we spoke about the recent monetary regime change, why this caused all assets to go down in 2022, how the same thing will happen in 2023 and whether we will see a 2018 like pivot. I hope you enjoy!

0:00 - Introduction
0:12 - What happened in 2022?
17:35 - Central Bank liquidity main driver of all markets
19:15 - Why did bonds depreciate with stocks in 2022?
21:10 - Are all assets going to go down in 2023?
26:50 - We have seen a Central Bank Regime change
28:00 - Could we see 2018 like pivot?
31:50 - What else could you keep an eye on?
35:30 - One message to take away from our conversation?

Neal Berger is the Founder of Eagle’s View Capital Management, LLC, a hedge fund advisory firm and the investment manager to a number of fund-of-fund vehicles. Mr. Berger has over 25 years of experience on Wall Street and has been in the hedge fund industry for over 20 years. He has been allocating to hedge funds for over 18 years.

Prior to founding Eagle’s View, Mr. Berger was the Founder and Director of the multi-strategy funds Apogee Fund, Ltd. and New Edge, Ltd. Mr. Berger had previously been employed as a global macro trader at New York-based Millennium Partners.

Mr. Berger has allocated capital to hedge funds on behalf of wealthy families and has also been employed as a Vice President of Proprietary Trading with Chase Manhattan Bank and Fuji Bank in New York. He also served as Vice President and senior member of a proprietary trading group for Union Bank of Switzerland. Mr. Berger started his career as a Financial Analyst at Morgan Stanley. Mr. Berger earned a B.A. in Economics from the State University of New York at Albany.

Neal Berger - 

Email - [email protected]
LinkedIn - https://www.linkedin.com/in/neal-berger-972291/

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


Thumbnail image from - https://corporatefinanceinstitute.com/resources/capital-markets/stock-market-crash/

Interview Recorded - 1st of March, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Joseph Wang - CIO at Monetary Macro, writer at the Fed Guy, author of the great book “Central Banking 101” and Former Senior Trader at the Federal Reserve Bank of New York. 

During our conversation we spoke about why QE has not cause hyperinflation, How QT is different to QE, Whether we will see a soft landing moving forward and impact high interest rates for longer will have on the markets. I hope you enjoy!

0:00 - Introduction
0:25 - Why has QE not caused hyperinflation?
4:25 - Did we know what QE would do before starting it?
6:05 - How can the FED help the economy?
8:45 - How is QT different to QE?
17:00 - How will treasury fund the deficit in higher interest rate environment?
21:55 - Why has the market remained strong with high interest rates?
25:00 - Will we see a soft landing this year?
31:30 - The FED has become political
34:20 - Todays policy similar to 1970’s?
36:50 - Changing FED tone
37:25 - What impact will high interest rates for longer have on markets?
39:40 - Geopolitical risk
42:40 - One message to takeaway from our conversation?

Joseph is the CIO at Monetary Macro and previously a senior trader on the open markets desk. The Desk sits at the center of the dollar system as its ultimate and infinite provider of dollars. It has access to virtually all regulatory and financial data, as well as open lines of communication with all major market participants. It is one of the few places in the world where one can definitively learn how the system works.

Earlier in his career, Joseph was a credit analyst and in another life he practiced law. He holds a B.A. in Economics from Northwestern University, a J.D. from Columbia Law School, and an MSc. in Financial Economics from Oxford University.

Joseph Wang - 

Website - https://fedguy.com/
Course - https://fedguy.com/courses/
Book - https://www.amazon.co.uk/Central-Banking-101-Joseph-Wang-ebook/dp/B08TV1MP8C
Twitter - https://twitter.com/FedGuy12

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

Thumbnail image from - https://www.foxbusiness.com/economy/fed-likely-deliver-another-huge-interest-rate-hike-high-inflation-persists

Interview recorded - 1st of March, 2023

On todays episode of the WTFinance podcast I had the pleasure of welcoming back Jeff Snider, one of the foremost experts on the monetary system, Host of  @eurodollaruniversity and Chief Strategist at Atlas Financial.

During our conversation we spoke about why the markets have been resilient recently, what an inverted yield curve is, what a recession means for financial system and Jeffs outlook for 2023. I hope you enjoy!

First Interview with Jeff - https://youtu.be/7MiY2TpKhRM

0:00 - Introduction
1:29  - Why have the markets/economy been so resilient during high interest rates?
4:07 - What does inverted yield curve mean for money markets?
6:47 - How does the inverted curve end?
8:32 - What data points implying a recession?
13:17 - China’s reopening?
17:02 - Shipping costs?
19:12 - What does a recession mean for the financial system?
22:57 - Not enough US Treasuries?
24:02 - Risk in the shadow banking system?
29:30 - FED buying up all collateral?
33:07 - Any other ways to create dollars?
36:27 - The longer we wait for recession, worse it could get
38:32 - Outlook for 2023?
41:27 - What does that mean for the markets?
43:32 - One message to take away from our conversation?

Jeff Snider is one of the foremost experts on the global monetary system, specifically the eurodollar money system, and all aspects of its misunderstood inner workings and how they impact global markets, commerce, and economy. His podcast - Eurodollar University - aims to educate the public on the evolution and nature, and nuances of the eurodollar system and true monetary principles. He is a regular contributor to Real Clear Markets and a columnist for the Epoch Times, and is active on Twitter as well as He has been a guest on countless programs including MacroVoices, and Real Vision for his insights into the Eurodollar system, LIBOR, and repo/securities lending markets., etc.

Jeff Snider -

YouTube -  @eurodollaruniversity  
Website - https://www.eurodollar.university/
Twitter - https://twitter.com/JeffSnider_AIP

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 - Wednesday the 22nd of February, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Mark Spiegel, Managing Member & Portfolio Manager of Stanphyl Capital Partners.

During our conversation we spoke about why the FED are causing a recession, whether stocks will go down big, why this will be led by Tesla and other overvalued stocks and what would have to change for Mark to go net long. I hope you enjoy!

0:00 - Introduction
0:50 - Overview of the markets
3:38 - Are the FED causing a recession?
5:50 - Risk free returns
7:00 - Big stocks to go down?
9:25 - Could a bear market be avoided?
11:35 - What type of companies is Mark investing in?
15:25 - Should you short Tesla due to its fanbase? 
21:15 - No value on Tesla AI, Trucks or battery company?
23:40 - Tesla target price?
28:25 - What would have to change for Mark to go net long?
30:30 - Any other industries that Mark is watching?
34:25 - One message to takeaway from our conversation?

Mark B. Spiegel is the Managing Member & Portfolio Manager of Stanphyl Capital Partners (founded in 2011) and is a New York based equity investor. From late 2003 through early 2009 he was an investment banker (most recently as a Principal with Piper Jaffray & Co.) financing smallcap & microcap public companies. Prior to becoming an investment banker Mark spent a year working for a microcap Nasdaq tech company, and he began his career with 17 years in the commercial real estate industry where he negotiated hundreds of transactions and experienced firsthand the opportunities and challenges faced by a wide array of businesses. Mark believes that all of these experiences– banking public companies, working for a small public company and securing real estate for a wide variety of companies– combine to provide the kind of “real world” experience that makes him a better investor.

Mark Spiegel - 

Twitter - https://twitter.com/StanphylCap
Website - https://stanphylcap.com/

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

Thumbnail picture from - https://www.jbs.cam.ac.uk/insight/2021/defining-detecting-measuring-asset-price-bubbles/

Interview recorded - 22nd of February, 2023

During todays WTFinance podcast I had the pleasure of speaking with John Rubino, Founder of dollarcollapse.com, author/co-author of 5 books and macro writer. 

During our conversation we spoke about why our financial system will implode, what that means for our world, when is the right time to position in real assets and what the next currency system will be. I hope you enjoy!

0:00 - Introduction
0:50 - Why will our financial system implode on itself?
4:40 - What would cause a deflation or hyperinflation spiral?
7:40 - Debt crisis or currency crisis?
9:55 - Is there a way to inflate away the debt?
14:05 - Does the dollar milkshake theory still occur before US currency implosion?
17:17 - Short period of US Dollar strength before collapse?
21:20 - When is the right time to position in real assets?
23:25 - A risk of confiscation of precious metals?
27:40 - Best tradeoff to make?
30:50 - Next currency system after the implosion?
35:00 - One message to take away from our conversation?

John Rubino is a former Wall Street financial analyst and author or co-author of five books, including The Money Bubble: What To Do Before It Pops and Clean Money: Picking Winners in the Green-Tech Boom. He founded the popular financial website DollarCollapse.com in 2004 and sold it in 2022.

John's newsletter provides actionable advice, based on a couple of premises:

- The financial world is spinning out of control and will get considerably worse before it gets better.

- There are things we can do to improve our odds of surviving and thriving as the chaos unfolds.

John Rubino - 

Substack - https://rubino.substack.com/
LinkedIn - https://www.linkedin.com/in/john-rubino-a952146/

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

Thumbnail picture from - https://coinpedia.org/opinion/the-u-s-dollar-could-collapse-in-next-4-months-heres-how-you-can-protect-your-finances/

Interview recorded - 21st of February, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Keith Dicker, Founder & Chief Investment Officer at IceCap Asset Management.

During our conversation we spoke about where risk is currently in the markets, why we have been desensitised to risk, which country could be the catalyst and what assets would be protected during a global crisis. I hope you enjoy!

0:00 - Introduction
1:41 - Where is the risk in the markets?
5:25 - What is currently happening in the macro environment?
11:30 - Polycrisis 
12:10 - Desensitised to risk 
16:10 - Dollar Milkshake theory 
18:30 - Which country are the most at risk of collapse and what does this mean for US assets?
24:00 - The consequence of passive money flows
26:14 - Central banks have more to protect fixed income
28:02 - When will the crisis happen?
29:30 - One message to take away from conversation?

Keith Dicker, CFA founded the company in 2010 and is the President and Chief Investment Officer. He has over 20 years of investment experience as a portfolio manager focusing on managing wealth for clients all over the World.

Keith started his career in Halifax as a portfolio manager with a large Canadian bank where he managed high net worth portfolios on a discretionary basis. Next, for ten years Keith managed portfolios for an offshore bank in Bermuda where as a senior portfolio manager and head of global equities, he was responsible for global investment strategies including asset allocation, equities, fixed income, commodities, alternative investments, and multi-currency. Keith earned the Chartered Financial Analyst (CFA) designation in 1998 and is a member of the Chartered Financial Analysts Institute.

Keith has been recognized by the CFA Institute, Reuters, Bloomberg and the Globe & Mail for his perspective on global macro investment strategies. He is a frequent speaker on the challenges and opportunities facing investors today and is available to present to groups of any size. Please contact him directly.

Keith Dicker - 

Website - https://icecapassetmanagement.com/
Twitter - https://twitter.com/IceCapGlobal
LinkedIn - https://www.linkedin.com/in/keith-dicker-cfa-64448221/
Podcast - https://thelooniehour.ca/

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 - 16/02/2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Ted Oakley, Managing Partner and Founder of Oxbow Advisors.

During our conversation we spoke about what is happening in the markets, why investors shouldn't be paying attention to the FED, how the current economic environment could lead to many bankruptcies and what assets to watch out for in such an environment.

I hope you enjoy!

0:00 - Introduction
0:10 - Current thoughts on what will happen in markets this year?
0:55 - Are we not going to see a soft landing?
1:40 - Speculation is back
2:10 - Why haven’t we reached the bottom yet?
3:55 - Will we see disinflation over the coming year?
6:10 - What should investors be paying attention to?
7:40 - Shift from growth to value overperformance?
8:50 - The issue with regular investment coverage
9:55 - Speaking to individuals with skin in the game
10:45 - Why aren’t there many opportunities around?
12:00 - Mass bankruptcy coming?
13:40 - The issue with refinancing debt?
15:30 - Any assets to preserve wealth during this period?
17:25 - What level will markets get to?
20:00 - Will precious metals and other commodities benefit?
21:30 - Being positioned no matter what happens
22:15 - What are individuals missing out on?
23:30 - Any industry that is underperforming?
24:45 - One message to take away from our conversation?

Ted Oakley is Managing Partner and Founder of Oxbow Advisors.  With more than forty years of experience in advising high net worth clients in the investment industry, Oakley implements the firm’s proprietary investment strategies and the “Oxbow Principles” to provide a unique investment perspective.  He is a frequent guest on FOX Business News, Bloomberg Radio, KITCO News, Cheddar TV, Yahoo Finance, and many more.

Mr. Oakley is a Chartered Financial Analyst (CFA) and a Certified Financial Planner (CFP).  He is a member of the Austin Society of Financial Analysts.  He is also a Partner of Herndon Plant Oakley Ltd., an investment company. He is a Board Member of Texas State Aquarium, American Bank, and American Bank Holding Company. Mr. Oakley is a United States Army Veteran.

Mr. Oakley began his career in Dallas, Texas, over 35 years ago. He is the author of nine books: You Sold Your Company, $20 Million and Broke, Rich Kids Broke Kids – The Failure of Traditional Estate Planning, Crazy Time – Surviving the First 12 Months after Selling Your Company, Wall Street Lies, Danger Time, My Story, The Psychology of Staying Rich, and Your Money Mentality.

Mr. Oakley’s primary philanthropic interest is helping children. He is Chairman Emeritus and Founder of the Foster Angels of South Texas, the largest foster child foundation in South Texas, as well as Chairman Emeritus and Founder of Austin, Texas-based Foster Angels of Central Texas.  Also, President and Founder of Advocates for Foster Children Foundation.

Ted Oakley -

Website - https://oxbowadvisors.com/
Twitter - https://twitter.com/Oxbow_Advisors
LinkedIn - https://www.linkedin.com/in/ted-oakley-08444a32/
YouTube -  @OxbowAdvisors  

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 - 6th of February, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Sam Burns, Founder & Chief Strategist at Mill Street Research. 

During our conversation we spoke about Sam's thoughts on the market, how we could have had a market bottom, what indicators Sam is currently watching, why earnings won't be as bad as everyone thinks and why it is the time to put on some risk. I hope you enjoy!

0:00 - Introduction
0:28 - Sam's thoughts on the market
1:00 - ‘Sentiment extremes reverse’
2:45 - Why does Sam think he is bullish?
5:40 - Why is credit so bullish?
6:34 - What will happen in 6-12 months?
8:50 - Any chance of a secular shift?
12:00 - Bottom in the US equity market
14:00 - Long bonds in the coming years?
15:30 - Earnings the current driver of markets?
18:02 - What are analysts currently thinking at the moment?
20:46 - Is the negative trend the same speed?
24:00 - One message to take away from our conversation?

Sam Burns, CFA founded Mill Street Research, LLC as an independent research provider. He has served as the Managing Member and Chief Strategist since the company’s inception in February 2016.
Sam has over 20 years of experience as a market strategist, providing analysis and commentary to institutional investors globally.

Prior to founding Mill Street Research, Sam worked as a senior strategist at leading firms on Wall Street, including:

 ■ Oppenheimer & Co.
 ■ Brown Brothers Harriman
 ■ State Street Global Markets
 ■ Ned Davis Research

Sam graduated from Vanderbilt University with a B.A. in Economics, and completed his M.B.A. in Finance at the University of Texas at Austin. In his free time, he enjoys playing golf, hiking, reading, and TV and movies.

Sam Burns - 

Website - https://www.millstreetresearch.com/
Twitter - https://twitter.com/MillStResearch
LinkedIn - https://www.linkedin.com/in/sam-burns-cfa-53a51a4/

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 February, 2023

On todays episode of the WTFinance podcast I had the pleasure of speaking with Andy Constan, CEO & CIO of Damped Spring Advisor. 

During our conversation we spoke about Andy's thoughts on the markets, how he is short both stocks and bonds, the chance of having higher interest rates for longer and what would have to change Andy's mind. I hope you enjoy!

0:00 - Introduction
0:48 - Andy’s thoughts on the markets?
7:53 - High beta up, most other assets flat
13:41 - Higher interest rates for longer is not priced into markets
16:33 - Janet Yellen has control over QT
20:03 - Spreads between government bonds and credit
21:00 - Indicators to change perspective on market
24:13 - One message to takeaway from our conversation?

Andy has spent the past 35 years investing and trading global markets. Over the last 12 years, he has developed strong expertise in Macro investing working at Bridgewater Associates as an Idea Generator and most recently at Brevan Howard as Chief Strategist. Andy spent the first part of his career at Salomon Brothers and its successor companies. After 17 years at Salomon and as the Head of Global Equity Derivatives, Andy left and started two relative value hedge funds specializing in Multi-Asset Volatility Arbitrage and Capital Structure Arbitrage. Throughout his career, Andy has developed a keen cutting edge understanding of systematic quantitative research and investment while also deeply appreciating the importance of the insights that arise from discretionary investing strategies.

Andy Constan - 

Twitter - https://twitter.com/dampedspring
LinkedIn - https://www.linkedin.com/in/andyconstan/
Website - https://dampedspring.com/

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