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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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Season 2, Episode 17: Finding ‘Disruptive Ideas’ In Autos, Media, Telecoms

Published May 27, 2020

With Vitaliy Katsenelson, author of ContrarianEdge.com

Vitaliy Katsenelson of ContrarianEdge.com joins the podcast to discuss his current views on markets and his recent thesis on automakers.

That industry has been disrupted by the entrance of Tesla. Other industries face a similar fate and Katsenelson discusses some of the winners and losers that can be expected to emerge.

Content Segments

  • The automotive industry faces an “unstoppable” tsunami and Tesla is at the forefront (1:58)
  • Tesla as “iphone”-type disrupter (7:27)
  • What other companies are exciting? Recent investment Twitter (14:12)
  • Value versus growth: Knowledge is cumulative (16:07)
  • Background on the guest (22:08)
  • Views on coronavirus (28:39)
  • Makeup of the portfolio and one notable recent addition (33:58)

Highlights From Our YouTube Channel

For More Information on the Guest:

Not intended as investment advice.

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Season 2, Episode 15: Healthcare, Tech Stocks May Not Be As Defensive As Believed

Published May 13, 2020

With Chris Brown of Aristides Capital

Christopher Brown of Aristides Capital joins the podcast to discuss his investment strategy, which has produced positive returns every calendar year since 2008.

Update: This podcast episode has been transcribed! Read it here.

In Brown’s view, healthcare and information technology stocks should not be treated as defensive investments that will protect portfolios in times of stress — especially after their recent run-up. There are reasons many companies in this sector are overvalued and could see their shares drop as the economy begins to see further difficulties from coronavirus.

Aristides Capital has an active short book, which framed most of the second half of the conversation.  

Content Segments: 

  • Why investors’ thinking about defensive stocks may be misguided (4:49)
  • Growth stocks’ recent performance is reminiscent of the late-1990s tech bubble (7:05)
  • The concerns with healthcare stocks (11:45)
  • Background on the guest (15:07)
  • Some of the red flags short sellers look for and why the “big picture” is often more pertinent (20:22)
  • Inovio Pharmaceuticals (NASDAQ: INO) discussion (22:52)
  • CytoDyn Inc. (OTC: CYDY) discussion (25:44)
  • Vuzix Corp. (NASDAQ: VUZI) discussion (28:37)
  • Accelerate Diagnostics (NASDAQ: AXDX) discussion (30:59)
  • Insider purchases are not always a bullish indicator (35:02)
  • Tesla Inc. (NASDAQ: TSLA) discussion, at the guest’s suggestion (host didn’t want to go there originally) and why it could be an indicator for future market direction (36:17)
  • Reasons to be bearish on markets and the economy (39:17)
  • How to protect your portfolio against inflation (42:13)

Highlights From Our YouTube Channel

For more information on the guest:

Not intended as investment advice.

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