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Category: Podcasts

A Global Economy Beset by Discrepancies, With Joseph Politano (Szn 5, Ep. 3)

Joseph Politano of Apricitas Economics joins the podcast to discuss his views on the various discrepancies in the global economy — and how the whole thing may play out.

Content Highlights

  • US home prices could be due for more declines, based on how housing starts and interest rates have been trending (2:15);
  • How much of the strength of the labor market is due to interest rate hikes not having taken full effect yet? (4:09);
  • Expecting a ‘mild recession’ may be as naive as anticipating a ‘soft landing’ (8:44);
  • Traditional leading indicators are out of synch, with manufacturing employment dropping precipitously but the services sector going from strength to strength (13:30);
  • The Fed may have already overdone it with interest rate hikes (14:57);
  • The ‘best case’ scenario may be akin to what happened in 1995-96 (18:15);
  • Background on the guest (22:23);
  • What to (possibly) expect from Fed policy the rest of 2023 (27:29);
  • Watch Japan’s monetary policy as well (34:17);
  • What about cryptocurrencies as a systemic risk? (39:08);

More on Joseph Politano

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China Reopening: Underestimating the Impact on Global Economy, Markets (Szn 5, Ep. 2)

With Mike Edwards, Weiss Multi-Strategy Advisers

This podcast episode was recorded Jan. 18, 2023, with a short clip of actionable highlights distributed to premium subscribers the following day. The full podcast episode followed a day after that. To become a premium subscriber and take advantage of this and a host of other benefits, visit our Supercast or Substack and sign up!

Mike Edwards, deputy chief investment officer at Weiss Multi-Strategy Advisers, joins the podcast to discuss China’s post-Covid reopening and why its impact on global markets is not being fully priced in by investors.

Content Highlights

  • China’s abrupt U-turn over ‘Zero Covid’ is unquestionably one of the biggest changes to take effect in the global economy over the last few months (2:23);
  • There have been reservations about this reopening, but it is happening with authoritative force and will have a major positive impact (5:08);
  • What about the US de-coupling from China and the embattled real estate sector? (11:00)
  • Where this will be felt most is in markets that have exposure to the Chinese consumer. It also points to Europe and emerging markets outperforming the US (17:54);
  • Chinese consumers were far more restrained than their US counterparts during Covid and have been slower to return — especially tourists. This is not just a one-off in terms of the resurgence of Chinese travel and services (24:20);
  • What to make of the latest economic developments in the US, especially with the consumer? (27:31);
  • Weiss’s house view is that the US will avoid recession this year (34:02);
  • Background on the guest (37:49);
  • China can re-emerge without the US as a major partner (51:36);
  • After some consolidation, the US economic and market cycle is marked by investors seeking to put money to work — slowly (57:18).

More on Mike Edwards

Not investment advice!

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Cyclical Stocks to Outperform as Inflation Drops to 3.5%: Barry Knapp’s 2023 Outlook (Szn 5, Ep. 1)

This podcast episode brought to you by Covey — Covey is designed to find, reward, and train the next top investment managers —from any background—that anyone can copy, so everyone can win.

Barry Knapp of Ironsides Macroeconomics rejoins the podcast to discuss his surprisingly sanguine view of the economy in 2023: Why cyclical stocks should outperform the technology and defensive sectors, and why he’s expecting inflation to drop to 3.5% by the second half of the year.

Content Highlights

  • Inflationary recessions are different from deflationary ones. The last four were the latter. If there is a recession this year, it will be the former (02:18);
  • Earnings downside is limited in this scenario, by 5% based on what happened in similar situations in the past, and earnings should actually go up (5:56);
  • Tech margins should continue to be under pressure but economically-sensitive cyclical stocks should see margin expansion (10:50);
  • The US labor market has actually started to weaken considerably — and not due to Fed policy (12:18);
  • There have been some big adjustments in the labor market post-pandemic (16:47);
  • The ‘wealth destruction effect’ from tech stocks selling off is negligible (27:35);
  • One point of concern: the deficit. This is where the implosion in wealth could affect things (32:59);
  • The coming budget battle in Congress is worth paying attention to (34:41);
  • The ‘higher for longer’ Fed interest rate hike thesis has gained traction. What this means for stocks (43:27);
  • Inflation: Expect 3.5% CPI by mid-year (47:37).

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Not intended as investment advice!

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