WTFinance Anthony Fatseas

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

Interview recorded - 3rd of April, 2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Alasdair Macleod - Head of Research for Goldmoney.

During our conversation we spoke about how the FED have lost control, what this means for inflation and interest rates, the potential bond yield blowout, why the system hasn't collapsed yet, gold to continue to go higher and more. I hope you enjoy!

0:00 - Introduction
1:39 - Overview of markets
3:38 - What influenced stop of bond yield blowout?
6:57 - Financial repression to save system?
8:22 - Onshoring to benefit US?
9:42 - Why has system not collapsed yet?
11:20 - No strong economy challenging the US?
14:57 - What is behind the rise in gold?
19:12 - Shift in what credit buys you?
22:00 - Speculators benefit from currency depreciation
23:15 - Real assets to benefit?
28:13 - Other commodities to benefit?
30:45 - China indebted?
35:59 - One message to takeaway from our conversation?

Alasdair Macleod is Head of Research for GoldMoney. He is an educator and advocates for sound money through demystifying finance and economics. His background includes being a stockbroker, banker, and economist.

Alasdair Macleod started his career as a stockbroker in 1970 on the London Stock Exchange. Within nine years, he had risen to become senior partner of his firm.

Subsequently, he held positions at the director level in investment management and worked as a mutual fund manager. Mr. Macleod also worked at a bank in Guernsey as an executive director.

For most of his 40 years in the finance industry, he has been demystifying macroeconomic events for his investing clients. The accumulation of this experience has convinced him that unsound monetary policies are the most destructive weapon governments use against the common man. Accordingly, his mission is to educate and inform the public in layman's terms what governments do with money and how to protect themselves from the consequences.

Alasdair Macleod - 

Substack - https://www.goldmoney.com/research
GoldMoney - https://alasdairmacleod.substack.com/
Twitter - https://twitter.com/MacleodFinance
LinkedIn - https://www.linkedin.com/in/alasdair-macleod-9494b27/

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 Matthew Piepenburg. Matthew is a Partner of Von Greyerz AG.

During our conversation we spoke about what is currently happening in the economy, why speculators are the only ones making money, no alternative to the US Dollar, Financial repression, wealth divide and more. I hope you enjoy!

0:00 - Introduction
1:45 - What is currently happening in the economy?
5:57 - Debt owned by bottom 50%
13:25 - Speculators the only ones making the money?
18:22 - No alternative to the US Dollar
28:22 - Strong US Dollar moving forward in short-term?
33:23 - Potential for Financial Repression?
37:33 - Is there away out of the current crisis?
40:19 - How do you get rid of the wealth divide?
45:00 - Last question to takeaway from podcast?

Matt began his finance career as a transactional attorney before launching his first hedge fund during the NASDAQ bubble of 1999-2001

Thereafter, he began investing his own and other HNW family funds into alternative investment vehicles while operating as a General Counsel, CIO and later Managing Director of a single and multi-family office. Matthew worked closely as well with Morgan Stanley’s hedge fund platform in building a multi-strat/multi-manager fund to better manage risk in a market backdrop of extreme central bank intervention/support. The conviction that precious metals provides the most reliable and longer-term protection against potential systemic risk led Matt to join VON GREYERZ.

The author of the Amazon No#1 Release, Rigged to Fail, Matt is fluent in French, German and English; he is a graduate of Brown (BA), Harvard (MA) and the University of Michigan (JD). Along with Egon von Greyerz, Matthew is the co-author of Gold Matters, which offers an extensive examination of gold as an historically-confirmed wealth-preservation asset.

Matthew Piepenburg - 

LinkedIn - https://linkedin.com/in/matthewpiepenburg
Website - https://vongreyerz.gold/

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 March, 2024

On this episode of the WTFinance podcast I had the pleasure of speaking with Michael Howell. Michael is the CEO of CrossBorder Capital. 

During our conversation we spoke about Michael's outlook for liquidity, global central bank outlook, why interest rates are not always important, positive outlook for markets in the long term, deficit challenges, assets to perform and more. I hope you enjoy!

0:00 - Introduction
1:30 - What is Michael’s outlook on liquidity?
4:25 - What is the difference between taxes this year?
8:55 - Global central bank outlook
13:35 - Tax income lower than expected?
20:00 - Why is Japanese Yen still weak?
24:51 - Global Liquidity Slides - why is interest rate not important?
34:28 - Positive outlook for markets?
36:16 - Chinese liquidity scenario
43:08 - Does China have to devalue?
46:03 - Deficit challenges globally
47:23 - Assets to perform in current liquidity situation
49:48 - 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