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Month: June 2020

Season 2, Episode 21: Prepare for the ‘L-Shaped’ Recovery

Published June 30, 2020

With David Neuhauser, Livermore Partners

David Neuhauser of Livermore Partners joins the podcast to discuss his expectation of a “L-shaped” economic recovery and corresponding sideways market activity in the years to come. 

There are still opportunities for investors. Here Neuhauser is bullish on certain companies tied to hard assets like oil and copper.

Content:

  • The “best days” of the market rally have likely passed (3:00), expect more rangebound markets in the short run (4:24);
  • What this period of low growth means for markets in the medium term (8:16);
  • What it means to be a contrarian today (9:39);
  • Background on the guest (12:11);
  • How he spends his time in terms of activist situations (17:40);
  • More specifics on opportunities in energy markets. Hint: it’s not in shale (20:31);
  • Concerns about the demand picture? (24:09);
  • There will be a “massive reset” in markets and fundamentals will take hold, causing “further grinding” to the downside, especially amid high-priced securities (26:45);
  • Neuhauser’s process for finding opportunities (27:46).

For more information on the guest:

Not intended as investment advice.

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Season 2, Episode 20: The Case for Investing in Sports Teams, With Jonathan Boyar

Published June 24, 2020

Jonathan Boyar, principal at Boyar Value Group, joins the podcast to discuss the merits of investing in the public equity of professional sports teams.

Boyar is specifically bullish on the Liberty Braves Group (NASDAQ: BATRA, BATRK), a tracking stock that consists of the Atlanta Braves Major League Baseball team and real estate development. 

Content Segments:

  • Sports teams as investments and two that have the guest’s attention at present (3:34);
  • Liberty Braves discussion (5:50);
  • Why now? “You’re at a point of maximum pessimism,” with MLB specifically (8:24);
  • The opportunity brought by sports gambling (14:06);
  • Background on the guest (16:38);
  • The Boyar Value Group’s investing style (19:15) and recent purchase of Twitter (20:50);
  • The makeup of the firm’s portfolio and how it deviates from the S&P 500 (24:22);
  • The opportunity with Hanesbrands (26:40).

For more information on the guest:

Not intended as investment advice.

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Season 2, Episode 19: Picking Spots in Volatility, Interest Rate Markets, With Chris Nicholson

Published June 16, 2020

Hedge fund portfolio manager Chris Nicholson joins the podcast to discuss his outlook on volatility, interest rates, and other markets.

Forecasting these assets has become increasingly problematic in recent years, but there are a few things Nicholson looks to in an effort to identify opportunities for arbitrage.

Content:

  • U.S. equity prices are determined largely by two axes (3:40);
  • Inflation expectations have been, well, inflated. This speaks for the relative value of certain bonds (7:03);
  • What drives inflation anyway? (11:38);
  • Where to look in currencies (19:05);
  • Nicholson’s Number One recommendation for investors: take the cheap borrow. Where to put it is the question (21:40);
  • Sometimes being contrarian is not the smart move. This may be one of those times, at least in FX markets (23:38);
  • China and the yuan versus the Japanese yen (29:24);
  • Equity markets in the U.S. and Japan (33:06);
  • The portfolio manager’s concern about a second wave of COVID (35:40);
  • Other issues that could be catalysts in 2020 (40:39);
  • How to trade these views (46:18);

For more information on the guest:

Not intended as investment advice

MoreSeason 2, Episode 19: Picking Spots in Volatility, Interest Rate Markets, With Chris Nicholson
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