From the renewed and growing power of American organized labor to the case for minting a $1 trillion coin to end debt-ceiling brinkmanship once and for all, Bloomberg’s Odd Lots podcast has tried to tackle some of the most important topics related to the economy and financial markets. From Modern Monetary Theory to Bidenomics, the show hasn’t found a topic it can’t chew on.Now, the podcast’s hosts get the chance to answer some questions instead of asking them. Tracy Alloway and Joe Weisenthal joined the What Goes Up podcast to give their takes on some of the hot-button issues of the day.   See omnystudio.com/listener for privacy information.

From the renewed and growing power of American organized labor to the case for minting a $1 trillion coin to end debt-ceiling brinkmanship once and for all, Bloomberg’s Odd Lots podcast has tried to tackle some of the most important topics related to the economy and financial markets. From Modern Monetary Theory to Bidenomics, the show hasn’t found a topic it can’t chew on. Now, the podcast’s hosts get the chance to answer some questions instead of asking them. Tracy Alloway and Joe Weisenthal joined the What Goes Up podcast to give their takes on some of the hot-button issues of the day.   See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The `Odd Lots' Crossover Episode

The price of gold tends to do well in times of elevated uncertainty about economies and financial systems—something the world has seen a lot of in the past few years. Yet each time the precious metal rallies above $2,000 an ounce, it quickly falls back below that threshold.Why is that? Joe Cavatoni, strategist at the World Gold Council, joined the What Goes Up podcast to explain what drives the price of gold, what buyers need to know and why that magic number has served as a ceiling. One main reason, he says, is that when prices go that high, they tend to reduce the real-world demand for gold—including from buyers of jewelry in China and India. “These are price-sensitive businesses and price-sensitive consumers,” Cavatoni says. “So when you start seeing those types of price levels develop, that’s when you see those types of consumers back away from buying—and investors aren’t ready to step back in in the long-term.”See omnystudio.com/listener for privacy information.

The price of gold tends to do well in times of elevated uncertainty about economies and financial systems—something the world has seen a lot of in the past few years. Yet each time the precious metal rallies above $2,000 an ounce, it quickly falls back below that threshold. Why is that? Joe Cavatoni, strategist at the World Gold Council, joined the What Goes Up podcast to explain what drives the price of gold, what buyers need to know and why that magic number has served as a ceiling. One main reason, he says, is that when prices go that high, they tend to reduce the real-world demand for gold—including from buyers of jewelry in China and India. “These are price-sensitive businesses and price-sensitive consumers,” Cavatoni says. “So when you start seeing those types of price levels develop, that’s when you see those types of consumers back away from buying—and investors aren’t ready to step back in in the long-term.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

What You Need to Know About Gold

A rallying stock market and better-than-expected second-quarter economic growth are just the latest developments pointing Wall Street skeptics to the possibility of a US “soft landing.” That’s where the Federal Reserve gets inflation back down to around 2% without triggering a downturn. For more than a year, Fed Chair Jerome Powell has waged war on inflation while a chorus of adamant recession predictions has fallen flat. But even now, with inflation cooling and the economy looking to be on the glidepath, some big names remain uncertain that he can pull it off. Vanguard Group is one of them.Joseph Davis, the firm’s global chief economist and head of its Investment Strategy Group, joined the What Goes Up podcast to explain why that is, as well as offer his reaction to the latest interest-rate increase and give his outlook for the bond market. “To get inflation down that last yard to 2%, you have to see a modest weakening in the labor market, which means the unemployment rate’s going to rise—although hopefully not drastically, let’s say four-and-a-half percent over the next year,” he says. “Well, that’s a hundred basis-point rise. So by definition, that is a recession. Now, anyone who thinks that that’s a soft landing is spitting in the face of 150 years of history.”See omnystudio.com/listener for privacy information.

A rallying stock market and better-than-expected second-quarter economic growth are just the latest developments pointing Wall Street skeptics to the possibility of a US “soft landing.” That’s where the Federal Reserve gets inflation back down to around 2% without triggering a downturn. For more than a year, Fed Chair Jerome Powell has waged war on inflation while a chorus of adamant recession predictions has fallen flat. But even now, with inflation cooling and the economy looking to be on the glidepath, some big names remain uncertain that he can pull it off. Vanguard Group is one of them. Joseph Davis, the firm’s global chief economist and head of its Investment Strategy Group, joined the What Goes Up podcast to explain why that is, as well as offer his reaction to the latest interest-rate increase and give his outlook for the bond market.  “To get inflation down that last yard to 2%, you have to see a modest weakening in the labor market, which means the unemployment rate’s going to rise—although hopefully not drastically, let’s say four-and-a-half percent over the next year,” he says. “Well, that’s a hundred basis-point rise. So by definition, that is a recession. Now, anyone who thinks that that’s a soft landing is spitting in the face of 150 years of history.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Vanguard's Hard Pass on a `Soft Landing'

A slow-motion crisis is unfolding in the global commercial real-estate market, thanks to the double-whammy of higher interest rates and lower demand for office space following the Covid-19 pandemic.John Fish, who is head of the construction firm Suffolk, chair of the Real Estate Roundtable think tank and former chair of the Federal Reserve Bank of Boston, joined the What Goes Up podcast to discuss the problems facing the sector and what’s being done to help.  “The biggest problem right now is the capital markets nationally have frozen,” he says of the US. “And the reason why they’ve frozen is because nobody understands value. We can’t evaluate price discovery because very few assets have traded during this period of time. Nobody understands where bottom is.” One step in the right direction, he says, is recent guidance from federal regulators that allows lenders more flexibility when it comes to borrowers who need to refinance properties.See omnystudio.com/listener for privacy information.

A slow-motion crisis is unfolding in the global commercial real-estate market, thanks to the double-whammy of higher interest rates and lower demand for office space following the Covid-19 pandemic. <a>John Fish</a>, who is head of the construction firm Suffolk, chair of the Real Estate Roundtable think tank and former chair of the Federal Reserve Bank of Boston, joined the What Goes Up podcast to discuss the problems facing the sector and what’s being done to help.   “The biggest problem right now is the capital markets nationally have frozen,” he says of the US. “And the reason why they’ve frozen is because nobody understands value. We can’t evaluate price discovery because very few assets have traded during this period of time. Nobody understands where bottom is.” One step in the right direction, he says, is recent guidance from federal regulators that allows lenders more flexibility when it comes to borrowers who need to refinance properties.See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

When Will Commercial Real Estate Market Hit Bottom?

US Federal Reserve officials have been adamant that they’re looking to get inflation levels back down to 2%. But the path to that goal could bring pain to millions of workers, a possible trade-off that “doesn’t make sense,” according to Rick Rieder, BlackRock Inc.’s chief investment officer of global fixed income. “This whole idea of there’s a magic to 2% doesn’t make any sense to me. You just had immense stimulus—let it play out,” he says on this week’s episode of the What Goes Up podcast. “Interest rates—how much would you have to move them to get the unemployment rate to a level to slow wages? It’s not worth it. Why would you take millions of people out of work because you need to go from 2.7% to 2%?” He called the Fed goal a search for “mystical perfection.” BlackRock manages about $2.7 trillion in fixed-income assets for its clients. Rieder adds that the segment of the population that gets hurt by higher inflation is the one that would bear the brunt of any potential layoffs. Meanwhile, raising rates creates an income benefit to wealthier people who tend to be savers, he says. “It’s illogical to me.”See omnystudio.com/listener for privacy information.

US Federal Reserve officials have been adamant that they’re looking to get inflation levels back down to 2%. But the path to that goal could bring pain to millions of workers, a possible trade-off that “doesn’t make sense,” according to <a>Rick Rieder</a>, BlackRock Inc.’s chief investment officer of global fixed income. “This whole idea of there’s a magic to 2% doesn’t make any sense to me. You just had immense stimulus—let it play out,” he says on this week’s episode of the What Goes Up podcast. “Interest rates—how much would you have to move them to get the unemployment rate to a level to slow wages? It’s not worth it. Why would you take millions of people out of work because you need to go from 2.7% to 2%?” He called the Fed goal a search for “mystical perfection.” BlackRock manages about $2.7 trillion in fixed-income assets for its clients. Rieder adds that the segment of the population that gets hurt by higher inflation is the one that would bear the brunt of any potential layoffs. Meanwhile, raising rates creates an income benefit to wealthier people who tend to be savers, he says. “It’s illogical to me.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

There's No Magic to Fed's 2% Inflation Target

Global shifts in incomes and populations, geopolitics and the climate crisis are combining to drastically alter the outlook for the world’s food supply. Taimur Hyat, chief operating officer for asset manager PGIM, joined the What Goes Up podcast to discuss his research into the changing world of food and what opportunities and risks it all presents to investors.   “We think food is where the energy sector and this whole talk about energy transition was about 10 years ago,” Hyat says. “We are like 10 years behind in the thinking. And it’s going to catch up with us, because the current food system is simply not fit for purpose. It is not going to work for our planet, it’s not going to work for our consumption needs for a variety of reasons.”See omnystudio.com/listener for privacy information.

Global shifts in incomes and populations, geopolitics and the climate crisis are combining to drastically alter the outlook for the world’s food supply. Taimur Hyat, chief operating officer for asset manager PGIM, joined the What Goes Up podcast to discuss his research into the changing world of food and what opportunities and risks it all presents to investors.   “We think food is where the energy sector and this whole talk about energy transition was about 10 years ago,” Hyat says. “We are like 10 years behind in the thinking. And it’s going to catch up with us, because the current food system is simply not fit for purpose. It is not going to work for our planet, it’s not going to work for our consumption needs for a variety of reasons.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The World's Food Supply Needs to Change

The disconnect between a roaring stock market and stubborn recession predictions has left many investors scratching their heads. The equity strategists at Bloomberg Intelligence however have an intriguing explanation: Maybe the part of the economic downdraft most likely to impact stocks started last year, and the worst could already be over. That’s what an economic-regime model suggests, according to BI Chief Equity Strategist Gina Martin Adams and her team. She joined the What Goes Up podcast to explain how the model works, and offer her mid-year update on the market. The model uses month-over-month changes in capacity utilization, continuing jobless claims, ISM Manufacturing data and the University of Michigan Consumer Sentiment level to define the economy’s health. “This indicator started suggesting there were economic risks emerging for the equity market as early as June of last year,” Martin Adams says. “And then it hit just an outright low level, like a low that you never see outside of recession. We effectively had this big loss of momentum in the economy that impacted the equity market—extremely negatively—between June and December.” She says that, by the model’s measure, the economy still isn’t out of the woods. “It’s still terrible. The reading is awful. It suggests we may actually still be in some form of an economic correction or recession, but it’s off of the low,” Martin Adams says. “So this is what’s really meaningful for price direction: As we know, equity prices are driven by shifts in momentum.”See omnystudio.com/listener for privacy information.

The disconnect between a roaring stock market and stubborn recession predictions has left many investors scratching their heads. The equity strategists at Bloomberg Intelligence however have an intriguing explanation: Maybe the part of the economic downdraft most likely to impact stocks started last year, and the worst could already be over. That’s what an economic-regime model suggests, according to BI Chief Equity Strategist Gina Martin Adams and her team. She joined the What Goes Up podcast to explain how the model works, and offer her mid-year update on the market. The model uses month-over-month changes in capacity utilization, continuing jobless claims, ISM Manufacturing data and the University of Michigan Consumer Sentiment level to define the economy’s health. “This indicator started suggesting there were economic risks emerging for the equity market as early as June of last year,” Martin Adams says. “And then it hit just an outright low level, like a low that you never see outside of recession. We effectively had this big loss of momentum in the economy that impacted the equity market—extremely negatively—between June and December.” She says that, by the model’s measure, the economy still isn’t out of the woods. “It’s still terrible. The reading is awful. It suggests we may actually still be in some form of an economic correction or recession, but it’s off of the low,” Martin Adams says. “So this is what’s really meaningful for price direction: As we know, equity prices are driven by shifts in momentum.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

What If There Was a Recession and No One Noticed?

While in some places life has mostly gotten back to normal following the Covid-19 pandemic, there are aspects of economies and markets that may have been altered permanently. Jared Gross, the head of institutional portfolio strategy at J.P. Morgan Asset Management, joined the What Goes Up podcast to discuss his team’s research into the post-pandemic landscape.  According to Gross, some of the most-important legacies of the global health crisis will be disruptions to trade practices and the reaction of central banks to volatility in markets. Some highlights of the conversation:“It’s a rewiring of trade. The big pipe between China and the developed markets is being split apart. There’s a lot of reshoring, onshoring, friendshoring, nearshoring—all of that stuff is going on, and it’s a real thing, and it’s going to change the way trade happens,” Gross said.   Another big change is that investors can’t expect the US Federal Reserve to come to the rescue when markets wobble, he says. “The central bank put, which everyone used to talk about, has probably been replaced with a fiscal put. If you’re looking for a backstop for market volatility, you probably can’t depend on the monetary authorities as much as you used to, because they now have to be very careful given the amount of fiscal stimulus in the economy. They can’t just cut rates because stocks go down. They can’t just cut rates because a bank is wobbling.”See omnystudio.com/listener for privacy information.

While in some places life has mostly gotten back to normal following the Covid-19 pandemic, there are aspects of economies and markets that may have been altered permanently. Jared Gross, the head of institutional portfolio strategy at J.P. Morgan Asset Management, joined the What Goes Up podcast to discuss his team’s research into the post-pandemic landscape.   According to Gross, some of the most-important legacies of the global health crisis will be disruptions to trade practices and the reaction of central banks to volatility in markets. Some highlights of the conversation: “It’s a rewiring of trade. The big pipe between China and the developed markets is being split apart. There’s a lot of reshoring, onshoring, friendshoring, nearshoring—all of that stuff is going on, and it’s a real thing, and it’s going to change the way trade happens,” Gross said.   Another big change is that investors can’t expect the US Federal Reserve to come to the rescue when markets wobble, he says. “The central bank put, which everyone used to talk about, has probably been replaced with a fiscal put. If you’re looking for a backstop for market volatility, you probably can’t depend on the monetary authorities as much as you used to, because they now have to be very careful given the amount of fiscal stimulus in the economy. They can’t just cut rates because stocks go down. They can’t just cut rates because a bank is wobbling.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

How Covid Rewired Markets and the Economy

Enthusiasm for artificial intelligence has powered a breakneck rally in US equities this year, far overshadowing the US Federal Reserve’s campaign to raise interest rates. So how should investors sort out the fundamentals from the hype?Mark Baribeau, the head of global equity at PGIM’s Jennison Associates, joined the What Goes Up podcast to discuss how he’s viewing the opportunity. He’s the lead manager of the PGIM Jennison Global Opportunities Fund, which is beating 99% of its peers with a more-than 30% gain so far in 2023. “The infrastructure layer that allows for this accelerated computing to go on is the way to play AI right now. Because we’re in the R&amp;D phase, the applications are just getting developed,” Baribeau says. “Nvidia is an easy example. We kind of refer to their earnings release on May 24 as the ‘Big Bang’ because, in my history of doing growth equities since the ‘90s, I’ve never seen a company raise guidance for a quarter by $4 billion. That’s unprecedented.”See omnystudio.com/listener for privacy information.

Enthusiasm for artificial intelligence has powered a breakneck rally in US equities this year, far overshadowing the US Federal Reserve’s campaign to raise interest rates. So how should investors sort out the fundamentals from the hype? Mark Baribeau, the head of global equity at PGIM’s Jennison Associates, joined the What Goes Up podcast to discuss how he’s viewing the opportunity. He’s the lead manager of the PGIM Jennison Global Opportunities Fund, which is beating 99% of its peers with a more-than 30% gain so far in 2023.  “The infrastructure layer that allows for this accelerated computing to go on is the way to play AI right now. Because we’re in the R&amp;D phase, the applications are just getting developed,” Baribeau says. “Nvidia is an easy example. We kind of refer to their earnings release on May 24 as the ‘Big Bang’ because, in my history of doing growth equities since the ‘90s, I’ve never seen a company raise guidance for a quarter by $4 billion. That’s unprecedented.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

AI's 'Big Bang' Moment

Seema Shah

According to Seema Shah, the chief global strategist for Principal Asset Management, the US economy will enter a recession, likely at the end of this year. Though she says it could be mild and short-lived. Shah joined the What Goes Up podcast to discuss why she thinks there will be a downturn, and why it could last just two quarters. Earnings have come down and could continue to do so, she says, which may “weigh on asset prices.” And while the labor market looks strong right now, she warns that it’s a lagging indicator and could weaken fairly quickly.  “I know a lot of people out there who are expecting recession—they expect it to come in Q3. I look at the labor market, the strength of it, and I say that that's almost impossible,” Shah says. “By Q4, we would expect fairly mild negative growth, and then in Q1, a deeper downturn. But then by Q2, this is back to recovery. So this is historically a very short recession and historically a very, very mild recession.”See omnystudio.com/listener for privacy information.

According to Seema Shah, the chief global strategist for Principal Asset Management, the US economy will enter a recession, likely at the end of this year. Though she says it could be mild and short-lived. Shah joined the What Goes Up podcast to discuss why she thinks there will be a downturn, and why it could last just two quarters. Earnings have come down and could continue to do so, she says, which may “weigh on asset prices.” And while the labor market looks strong right now, she warns that it’s a lagging indicator and could weaken fairly quickly.  “I know a lot of people out there who are expecting recession—they expect it to come in Q3. I look at the labor market, the strength of it, and I say that that's almost impossible,” Shah says. “By Q4, we would expect fairly mild negative growth, and then in Q1, a deeper downturn. But then by Q2, this is back to recovery. So this is historically a very short recession and historically a very, very mild recession.”See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Seema Shah Makes the Case for a Short-Lived Recession

Hosts Mike Regan and Vildana Hajric are joined each week by expert guests to discuss the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.

Love the show and the competition every week!

Like the Yankees, I’m always routing against Mike.

Great show

Best combination of funny, insightful, and good guests. Great exploration of trends

My favorite financial market podcast

What Goes Up

Marko Papic, partner and chief strategist at hedge-fund seeder Clocktower Group, discusses how the current economic and market cycle will be vastly different than the tepid recovery from the global financial crisis. He jokingly uses slogans from Reddit’s WallStreetBets forum to describe the risk-taking posture he believes investors will maintain amid a period of fiscal largesse: “All I know is that for the next two years, it’s like diamond hands and to the moon.”Mentioned in this podcast:The Bubble's Final Paroxysm May Be Months AwayGet Ready for the Great U.S. Inflation Mirage of 2021See omnystudio.com/listener for privacy information.

Marko Papic, partner and chief strategist at hedge-fund seeder Clocktower Group, discusses how the current economic and market cycle will be vastly different than the tepid recovery from the global financial crisis. He jokingly uses slogans from Reddit’s WallStreetBets forum to describe the risk-taking posture he believes investors will maintain amid a period of fiscal largesse: “All I know is that for the next two years, it’s like diamond hands and to the moon.”Mentioned in this podcast:<a href="https://www.bloomberg.com/opinion/articles/2021-02-18/the-reflation-bubble-s-final-paroxysm-may-be-months-away" rel="nofollow" target="_blank">The Bubble's Final Paroxysm May Be Months Away</a><a href="https://www.bloomberg.com/news/articles/2020-12-07/get-ready-for-the-great-u-s-inflation-mirage-of-2021?sref=jaGkMhDb" rel="nofollow" target="_blank">Get Ready for the Great U.S. Inflation Mirage of 2021</a> See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Death of Austerity

Renewed trade tensions between the U.S and China arrived in markets like a “skunk at the garden party,” according to David Joy, the chief market strategist at Ameriprise Financial who has more than 40 years of experience in investment management. He tells co-hosts Sarah Ponczek and Mike Regan how he’s expecting markets to handle this pungent new arrival on the latest episode of the “What Goes Up” podcast.  Along with that skunk, Uber Technologies arrived at the garden party of public markets this week with its long-awaited initial public offering. Kathleen Smith, co-founder of Renaissance Capital and manager of the IPO exchange-traded fund, joins the podcast to assess Uber and the rest of the money-losing herd of unicorns that may make 2019 a record year for IPO issuance.   As always, the hosts and guests finish up with a discussion of the craziest things they saw in markets this week.  See omnystudio.com/listener for privacy information.

Renewed trade tensions between the U.S and China arrived in markets like a “skunk at the garden party,” according to David Joy, the chief market strategist at Ameriprise Financial who has more than 40 years of experience in investment management. He tells co-hosts Sarah Ponczek and Mike Regan how he’s expecting markets to handle this pungent new arrival on the latest episode of the “What Goes Up” podcast.  Along with that skunk, Uber Technologies arrived at the garden party of public markets this week with its long-awaited initial public offering. Kathleen Smith, co-founder of Renaissance Capital and manager of the IPO exchange-traded fund, joins the podcast to assess Uber and the rest of the money-losing herd of unicorns that may make 2019 a record year for IPO issuance.   As always, the hosts and guests finish up with a discussion of the craziest things they saw in markets this week.  See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Skunk at the Garden Party

The dislocations in markets last year created a fleeting opportunity to buy stocks that pay big dividends on the cheap. Sorting through which companies had the wherewithal to weather the pandemic and keep the payments flowing was not an easy feat, however, given the unprecedented economic shutdown and uncertainty about how long the virus would affect various types of businesses.Joining this week’s podcast to discuss his process for evaluating dividends – in normal times and crazy times – is Chris D’Agnes, a portfolio manager at Hamlin Capital Management, an income-focused investment advisory firm that oversees about $4.8 billion in separately managed accounts and an equity mutual fund.  Mentioned in this podcast:Tilray Plunges Most on Record as Cannabis Stocks TumbleDogecoin’s Creator Is Baffled by Meteoric Rise to $9 BillionSee omnystudio.com/listener for privacy information.

The dislocations in markets last year created a fleeting opportunity to buy stocks that pay big dividends on the cheap. Sorting through which companies had the wherewithal to weather the pandemic and keep the payments flowing was not an easy feat, however, given the unprecedented economic shutdown and uncertainty about how long the virus would affect various types of businesses.Joining this week’s podcast to discuss his process for evaluating dividends – in normal times and crazy times – is Chris D’Agnes, a portfolio manager at Hamlin Capital Management, an income-focused investment advisory firm that oversees about $4.8 billion in separately managed accounts and an equity mutual fund.  Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2021-02-11/pot-stocks-flash-back-to-2018-surge-as-record-gains-continue?sref=jaGkMhDb" rel="nofollow" target="_blank">Tilray Plunges Most on Record as Cannabis Stocks Tumble</a><a href="https://www.bloomberg.com/news/articles/2021-02-11/dogecoin-s-creator-is-just-as-baffled-as-you-are-about-its-rise?sref=jaGkMhDb" rel="nofollow" target="_blank">Dogecoin’s Creator Is Baffled by Meteoric Rise to $9 Billion</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Getting Paid to Own Stocks

Another week, another record high for stocks – even in the midst of political unrest. Vincent Deluard, director of global macro strategy at StoneX Group Inc., discusses the disconnect between stocks and reality, a so-called “bear market for humans,” his outlook for 2021, and the risk of inflation.Mentioned in this podcast:Stock Market Warns Workers That They’re the Problem for BusinessDay-Trader Heaven Arrives as Tesla, Bitcoin and Stock Options SurgeSee omnystudio.com/listener for privacy information.

Another week, another record high for stocks – even in the midst of political unrest. Vincent Deluard, director of global macro strategy at StoneX Group Inc., discusses the disconnect between stocks and reality, a so-called “bear market for humans,” his outlook for 2021, and the risk of inflation.Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2020-08-25/stock-market-warns-workers-that-they-re-the-problem-for-business" rel="nofollow" target="_blank">Stock Market Warns Workers That They’re the Problem for Business</a><a href="https://www.bloomberg.com/news/articles/2021-01-07/day-trader-heaven-arrives-as-tesla-bitcoin-stock-options-surge" rel="nofollow" target="_blank">Day-Trader Heaven Arrives as Tesla, Bitcoin and Stock Options Surge</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Perpetual Motion Stocks

If it can happen in Chile, it can happen anywhere. That’s what Bloomberg Opinion columnist John Authers wrote this week as demonstrations broke out across the South American nation, long considered one of Latin America’s most-stable democracies. He joins this week to discuss the consequences for markets and societies with similar economic systems. Also joining the podcast is Bloomberg reporter Molly Smith, who gives her take on the current state of credit markets.Mentioned in this podcast:Chile's Violence Has a Worrisome Message for the World Authers' Newsletter: When Pensions Fail, People Get AngrySee omnystudio.com/listener for privacy information.

If it can happen in Chile, it can happen anywhere. That’s what Bloomberg Opinion columnist John Authers wrote this week as demonstrations broke out across the South American nation, long considered one of Latin America’s most-stable democracies. He joins this week to discuss the consequences for markets and societies with similar economic systems. Also joining the podcast is Bloomberg reporter Molly Smith, who gives her take on the current state of credit markets.Mentioned in this podcast:<a href="https://www.bloomberg.com/opinion/articles/2019-10-22/chile-s-violent-protests-have-a-worrisome-message-for-the-world" rel="nofollow" target="_blank">Chile's Violence Has a Worrisome Message for the World</a><a href="https://www.bloomberg.com/opinion/articles/2019-10-23/authers-newsletter-chile-shows-inequality-leads-to-unrest" rel="nofollow" target="_blank"> Authers' Newsletter: When Pensions Fail, People Get Angry</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Chile’s Popular Unrest Is a Lesson for the World

Near record-low, and even negative, interest rates have captivated investors around the world. But are they here to stay? Chad Morganlander and Kevin Caron, portfolio managers at Washington Crossing Advisers, discuss how imbalances between China and other major economies have helped lead to a savings glut that’s depressed rates, and how the nation’s gradual shift to a more consumer-oriented economy could unwind this dynamic.Mentioned in this podcast:China Hits Back at Trump With Higher Tariffs on Soy, Autos Powell Speaks, Trump Tweets, China Reacts, Markets Freak. RepeatHow China Trade Policies Lead to U.S. DebtSee omnystudio.com/listener for privacy information.

Near record-low, and even negative, interest rates have captivated investors around the world. But are they here to stay? Chad Morganlander and Kevin Caron, portfolio managers at Washington Crossing Advisers, discuss how imbalances between China and other major economies have helped lead to a savings glut that’s depressed rates, and how the nation’s gradual shift to a more consumer-oriented economy could unwind this dynamic.Mentioned in this podcast:<a>China Hits Back at Trump With Higher Tariffs on Soy, Autos</a><a> Powell Speaks, Trump Tweets, China Reacts, Markets Freak. Repeat</a><a href="https://washingtoncrossingadvisors.com/how-chinas-trade-policies-lead-to-u-s-debt/" rel="nofollow" target="_blank">How China Trade Policies Lead to U.S. Debt</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The China Syndrome

The bond market has taken a major U-turn in recent weeks, causing the ever-important 10-year Treasury yield to jump from a three-year low of less than 1.43% in September to almost 2% on Thursday. Is this a turning point for fixed income or just a correction in an overbought Treasuries market? Robert Tipp, chief investment strategist at PGIM Fixed Income, shares his thoughts. Bloomberg Executive Editor Chris Nagi also explains what the rise in yields means for a U.S. stock market that touched record highs this week.  Mentioned in this podcast:Career Risk Flashing in Fund Land as Only 29% Beat BenchmarksU.S. Rates: Low for Long, But Likely PositiveRobinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’​​​​​​​Correction: This post incorrectly identified Robert Tipp’s title. The post has been updated.See omnystudio.com/listener for privacy information.

The bond market has taken a major U-turn in recent weeks, causing the ever-important 10-year Treasury yield to jump from a three-year low of less than 1.43% in September to almost 2% on Thursday. Is this a turning point for fixed income or just a correction in an overbought Treasuries market? Robert Tipp, chief investment strategist at PGIM Fixed Income, shares his thoughts. Bloomberg Executive Editor Chris Nagi also explains what the rise in yields means for a U.S. stock market that touched record highs this week.  Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2019-11-07/career-risk-flashing-in-fund-land-as-only-29-beat-benchmarks" rel="nofollow" target="_blank">Career Risk Flashing in Fund Land as Only 29% Beat Benchmarks</a><a href="https://www.pgim.com/pgim-fixed-income/thought-leadership/perspectives/US-Rates-Low-for-Long-but-Likely-Positive" rel="nofollow" target="_blank">U.S. Rates: Low for Long, But Likely Positive</a><a href="https://www.bloomberg.com/news/articles/2019-11-05/robinhood-has-a-glitch-that-gives-traders-infinite-leverage" rel="nofollow" target="_blank">Robinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’​​​​​​​</a>Correction: This post incorrectly identified Robert Tipp’s title. The post has been updated.See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Panic in the Bond Disco

New year, new predictions. With 2020 off to the races, projections from strategists across Wall Street are now set in stone. Will market leadership change? Will a correction materialize over the next few months? What are the biggest risks? Chris Harvey, the head of equity strategy at Wells Fargo Securities, gives his view.Mentioned in this podcast: Maybe It’s Time to Start Worrying About Euphoria in U.S. StocksSee omnystudio.com/listener for privacy information.

New year, new predictions. With 2020 off to the races, projections from strategists across Wall Street are now set in stone. Will market leadership change? Will a correction materialize over the next few months? What are the biggest risks? Chris Harvey, the head of equity strategy at Wells Fargo Securities, gives his view.Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2019-12-20/maybe-it-s-time-to-start-worrying-about-euphoria-in-u-s-stocks" rel="nofollow" target="_blank"> Maybe It’s Time to Start Worrying About Euphoria in U.S. Stocks</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Your 2020 Guide

Campbell Harvey, finance professor at Duke University and a senior adviser at Research Affiliates, joins Sarah Ponczek and Mike Regan in this week’s episode of the “What Goes Up” podcast. He discusses his dissertation on the yield curve and what he calls the “Four Horsemen” of a recession. He’s joined by Bloomberg strategist Cameron Crise, who gives a former macro trader’s perspective on how academic research like Harvey's influences buying and selling decisions. Mentioned in this podcast:The Fourth Horseman of the Next Recession ApproachesAlice’s Adventures in Factorland: Three Blunders That Plague Factor InvestingThe Management of Political RiskSee omnystudio.com/listener for privacy information.

Campbell Harvey, finance professor at Duke University and a senior adviser at Research Affiliates, joins Sarah Ponczek and Mike Regan in this week’s episode of the “What Goes Up” podcast. He discusses his dissertation on the yield curve and what he calls the “Four Horsemen” of a recession. He’s joined by Bloomberg strategist Cameron Crise, who gives a former macro trader’s perspective on how academic research like Harvey's influences buying and selling decisions. Mentioned in this podcast:<a href="https://www.fuqua.duke.edu/duke-fuqua-insights/harvey-yield-curve-2019" rel="nofollow" target="_blank">The Fourth Horseman of the Next Recession Approaches</a><a href="https://www.researchaffiliates.com/en_us/publications/articles/710-alices-adventures-in-factorland-three-blunders-that-plague-factor-investing.html" rel="nofollow" target="_blank">Alice’s Adventures in Factorland: Three Blunders That Plague Factor Investing</a><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2801334" rel="nofollow" target="_blank">The Management of Political Risk</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The 'Four Horsemen' of Recession

Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities.Mentioned in this podcast:Peloton Stock Is Pummeled on Backlash From ‘Gift That Gives’ AdA 20-Carat Blue Diamond Is Sold for Almost $15 MillionSee omnystudio.com/listener for privacy information.

Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities.Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2019-12-03/peloton-backlash-over-gift-that-gives-ad-pummels-stock" rel="nofollow" target="_blank">Peloton Stock Is Pummeled on Backlash From ‘Gift That Gives’ Ad</a><a href="https://www.bloomberg.com/news/articles/2019-11-15/a-20-carat-blue-diamond-is-sold-for-almost-15-million" rel="nofollow" target="_blank">A 20-Carat Blue Diamond Is Sold for Almost $15 Million</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The Right Way to Be Wrong

Climate change is arguably the biggest problem facing mankind in the 21st century, and any serious effort to slow it will require further massive investments in clean energy. At investment firm GMO, portfolio manager Lucas White leads a strategy that invests in companies which stand to benefit from the transition to green energy. It not only makes sound environmental sense, White says, but it also makes economic sense.Mentioned in this podcast:Thinking Outside the Box: How and Why to Invest in a Climate Change StrategySee omnystudio.com/listener for privacy information.

Climate change is arguably the biggest problem facing mankind in the 21st century, and any serious effort to slow it will require further massive investments in clean energy. At investment firm GMO, portfolio manager Lucas White leads a strategy that invests in companies which stand to benefit from the transition to green energy. It not only makes sound environmental sense, White says, but it also makes economic sense.Mentioned in this podcast:<a href="https://www.gmo.com/americas/research-library/thinking-outside-the-box-how-and-why-to-invest-in-a-climate-change-strategy/" rel="nofollow" target="_blank">Thinking Outside the Box: How and Why to Invest in a Climate Change Strategy</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Make Money, Save the Planet

Déjà vu? A week dominated by headlines of a spreading respiratory virus had investors recalling pandemics past, from SARS in 2003 to the Ebola scare six years ago. To discuss what the Wuhan virus could mean for markets, Dave Lafferty, chief market strategist at Natixis Investment Managers, and Ye Xie, a contributor to Bloomberg’s Markets Live blog, join the “What Goes Up” podcast.Some highlights from Natixis’ Lafferty:"There’s always sort of two phases: there’s the knee-jerk sort of risk-off, markets go down 1 percent, 2 percent, 3 percent, something like that, and then there’s a waiting period where we find out if it’s actually a more systemic problem. By and large in history, policy makers have gotten their arms around it, market tends to rally back.""The thing that worries me is that there’s so much optimism priced in, and people are worried about valuation. But valuation, in and of itself, isn’t a catalyst. So in that vacuum, people tend to look for catalysts and maybe some type of epidemic or pandemic becomes the excuse they’ve been looking for to either profit-take or sell down assets that they think are expensive. So I don’t think it’s necessarily the thing that makes or breaks the market, but I would agree at these valuations, with the way the market has run, it does make for kind of a convenient excuse to take a little profit here."Mentioned in this podcast:‘Sharp and Short-Lived’: The Impact of Health Scares on MarketsMarkets Upset From China Virus Is Only Getting LargerExtreme Valuation Cases Wanted for a Red-Hot Rally in EquitiesSee omnystudio.com/listener for privacy information.

Déjà vu? A week dominated by headlines of a spreading respiratory virus had investors recalling pandemics past, from SARS in 2003 to the Ebola scare six years ago. To discuss what the Wuhan virus could mean for markets, Dave Lafferty, chief market strategist at Natixis Investment Managers, and Ye Xie, a contributor to Bloomberg’s Markets Live blog, join the “What Goes Up” podcast.Some highlights from Natixis’ Lafferty:"There’s always sort of two phases: there’s the knee-jerk sort of risk-off, markets go down 1 percent, 2 percent, 3 percent, something like that, and then there’s a waiting period where we find out if it’s actually a more systemic problem. By and large in history, policy makers have gotten their arms around it, market tends to rally back.""The thing that worries me is that there’s so much optimism priced in, and people are worried about valuation. But valuation, in and of itself, isn’t a catalyst. So in that vacuum, people tend to look for catalysts and maybe some type of epidemic or pandemic becomes the excuse they’ve been looking for to either profit-take or sell down assets that they think are expensive. So I don’t think it’s necessarily the thing that makes or breaks the market, but I would agree at these valuations, with the way the market has run, it does make for kind of a convenient excuse to take a little profit here."Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2020-01-21/-sharp-and-short-lived-the-impact-of-health-scares-on-markets" rel="nofollow" target="_blank">‘Sharp and Short-Lived’: The Impact of Health Scares on Markets</a><a href="https://www.bloomberg.com/news/articles/2020-01-23/sars-lessons-don-t-apply-markets-ponder-threat-from-china-virus" rel="nofollow" target="_blank">Markets Upset From China Virus Is Only Getting Larger</a><a href="https://www.bloomberg.com/news/articles/2020-01-17/extreme-valuation-cases-wanted-for-a-red-hot-rally-in-equities" rel="nofollow" target="_blank">Extreme Valuation Cases Wanted for a Red-Hot Rally in Equities</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

A Market Immune From Illness

Short-seller Ben Axler’s Spruce Point Capital Management is thriving in the age of computerized investing by going where the machines don’t. He joins this week’s conversation to share how he digs deep into proxy statements and other obscure documents to sniff out the incentive targets that influence management, and then reverse engineers the ways they’re accomplishing them. Sebastian Boyd, a Santiago, Chile-based writer for the Bloomberg Markets Live blog, also discusses the state of credit markets and what to expect from the upcoming Federal Reserve meeting.   Mentioned in this podcast:The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’ Short Squeeze Fuels Junk-Bond ETF Jump After Record Bearish Bets Fed Seen on Track for 2019 Rate Cut Though Call Is Close See omnystudio.com/listener for privacy information.

Short-seller Ben Axler’s Spruce Point Capital Management is thriving in the age of computerized investing by going where the machines don’t. He joins this week’s conversation to share how he digs deep into proxy statements and other obscure documents to sniff out the incentive targets that influence management, and then reverse engineers the ways they’re accomplishing them. Sebastian Boyd, a Santiago, Chile-based writer for the Bloomberg Markets Live blog, also discusses the state of credit markets and what to expect from the upcoming Federal Reserve meeting.  Mentioned in this podcast:<a href="https://www.bloomberg.com/news/features/2019-05-20/the-tiny-activist-fund-that-reaped-24-return-by-unearthing-cockroaches" rel="nofollow" target="_blank">The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’ </a><a href="https://www.bloomberg.com/news/articles/2019-06-14/fed-seen-on-track-for-2019-cut-though-it-s-a-close-call-survey%20%20" rel="nofollow" target="_blank">Short Squeeze Fuels Junk-Bond ETF Jump After Record Bearish Bets </a>Fed Seen on Track for 2019 Rate Cut Though Call Is Close See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

The Fine Art of Short-Selling

Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market.Mentioned in this podcast:Job-Crusader Powell Signals Long Policy Pause Amid Low InflationFed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks It Took 13 Years for the Crisis to End in U.S. Financial StocksSee omnystudio.com/listener for privacy information.

Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market.Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2019-12-12/job-crusader-powell-signals-long-policy-pause-amid-low-inflation" rel="nofollow" target="_blank">Job-Crusader Powell Signals Long Policy Pause Amid Low Inflation</a><a href="https://www.bloomberg.com/news/articles/2019-12-12/fed-to-adjust-limit-for-some-daily-overnight-repo-operations" rel="nofollow" target="_blank">Fed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks</a><a href="https://www.bloomberg.com/news/articles/2019-12-12/it-took-12-years-for-the-crisis-to-end-in-u-s-financial-stocks" rel="nofollow" target="_blank"> It Took 13 Years for the Crisis to End in U.S. Financial Stocks</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Economic Worries Begin to Fade

U.S. benchmark stock indexes climbed to record highs this week even as the U.S. and Iran appeared to be on the brink of war. The return of investment-risk appetites was attributed to what appears to be a de-escalation of tensions after Iranian missiles hit U.S. targets in Iraq without causing any casualties. So is that the end of that? Not so fast, says Jonathan Mackay, senior market strategist at Schroders. Also joining the podcast is Bloomberg journalist Vildana Hajric, who discusses her reporting on how investors are reacting to the situation.Mentioned in this podcast:How Carlos Ghosn Became the World’s Most Famous FugitiveRed Flags Emerge With Record-High Stocks Brushing Aside Political TurmoilBuy the Dip, Wait and See, Add Hedges: Investors on Iran StrikeSee omnystudio.com/listener for privacy information.

U.S. benchmark stock indexes climbed to record highs this week even as the U.S. and Iran appeared to be on the brink of war. The return of investment-risk appetites was attributed to what appears to be a de-escalation of tensions after Iranian missiles hit U.S. targets in Iraq without causing any casualties. So is that the end of that? Not so fast, says Jonathan Mackay, senior market strategist at Schroders. Also joining the podcast is Bloomberg journalist Vildana Hajric, who discusses her reporting on how investors are reacting to the situation.Mentioned in this podcast:<a href="https://www.bloomberg.com/news/features/2020-01-06/how-carlos-ghosn-became-the-world-s-most-famous-fugitive" rel="nofollow" target="_blank">How Carlos Ghosn Became the World’s Most Famous Fugitive</a><a href="https://www.bloomberg.com/news/articles/2020-01-08/five-charts-raise-red-flags-with-stocks-brushing-aside-tensions" rel="nofollow" target="_blank">Red Flags Emerge With Record-High Stocks Brushing Aside Political Turmoil</a><a href="https://www.bloomberg.com/news/articles/2020-01-08/on-second-thought-markets-look-at-u-s-iran-risk-more-seriouslya" rel="nofollow" target="_blank">Buy the Dip, Wait and See, Add Hedges: Investors on Iran Strike</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Fundamentals in the Fog of War

Ken Fisher

While on the surface it looked like a calm week for the stock market, there was a lot of turbulence down below. Rising interest rates caused investors to rotate out of once high-flying momentum and growth equities in favor of beaten-down value stocks.This week’s “What Goes Up” podcast breaks it all down with Ken Fisher, the author of 11 books and billionaire founder of Fisher Investments.Mentioned in this podcast: Rob Arnott Wants to Take a Victory Lap on Factor Crowding CallSee omnystudio.com/listener for privacy information.

While on the surface it looked like a calm week for the stock market, there was a lot of turbulence down below. Rising interest rates caused investors to rotate out of once high-flying momentum and growth equities in favor of beaten-down value stocks.This week’s “What Goes Up” podcast breaks it all down with Ken Fisher, the author of 11 books and billionaire founder of Fisher Investments.Mentioned in this podcast: <a>Rob Arnott Wants to Take a Victory Lap on Factor Crowding Call</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Billionaire Ken Fisher Boxes With Wall Street

The stock market is trading near record highs yet concern about a potential recession continues to linger in the air, and that’s a tough dichotomy for investors to wrap their heads around, says Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. He joins the podcast to discuss how to position investments amid an uncertain outlook for the economy. Also joining the podcast is Brad Olesen, leader of Bloomberg’s U.S. stocks team, to discuss the highlights of the second-quarter earnings season. Mentioned in this podcast: S&amp;P 500’s Earnings Miracle Is Failing to Take Hold in the Second Half Boeing Warns It May Halt 737 Output If Max Grounding Drags OnSee omnystudio.com/listener for privacy information.

The stock market is trading near record highs yet concern about a potential recession continues to linger in the air, and that’s a tough dichotomy for investors to wrap their heads around, says Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. He joins the podcast to discuss how to position investments amid an uncertain outlook for the economy. Also joining the podcast is Brad Olesen, leader of Bloomberg’s U.S. stocks team, to discuss the highlights of the second-quarter earnings season. Mentioned in this podcast: <a href="https://www.bloomberg.com/news/articles/2019-07-24/earnings-miracle-failing-to-take-hold-for-s-p-500-in-second-half" rel="nofollow" target="_blank">S&amp;P 500’s Earnings Miracle Is Failing to Take Hold in the Second Half </a><a href="https://www.bloomberg.com/news/articles/2019-07-24/boeing-burns-1-billion-in-cash-as-737-max-grounding-costs-mount" rel="nofollow" target="_blank">Boeing Warns It May Halt 737 Output If Max Grounding Drags On</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Record Stocks Amid Recession Signals

With passive and factor investing dominating the strategies of more and more investors, one would be forgiven for thinking that traditional bottoms-up stock picking is a dying art. But they’d be wrong. This week features Glenn Gawronski, who led the JPMorgan Small Cap Equity Fund to a top 1% performance in its Morningstar category before leaving to start his own investing firm called Byron Place Capital Management. Also joining the show is Bloomberg columnist John Authers, who talks about some of his recent columns about value investing and the European debt crisis. Mentioned in this podcast:A Three-Legged Stool Approach to Finding Great Stocks To Invest In Value Investing’s Time to Shine Again Is Approaching Now We Can Say Euro-Zone Crisis Is Finally OverSee omnystudio.com/listener for privacy information.

With passive and factor investing dominating the strategies of more and more investors, one would be forgiven for thinking that traditional bottoms-up stock picking is a dying art. But they’d be wrong. This week features Glenn Gawronski, who led the JPMorgan Small Cap Equity Fund to a top 1% performance in its Morningstar category before leaving to start his own investing firm called Byron Place Capital Management. Also joining the show is Bloomberg columnist John Authers, who talks about some of his recent columns about value investing and the European debt crisis. Mentioned in this podcast:<a href="https://www.byronplacecapital.com/investment-philosophy-3/" rel="nofollow" target="_blank">A Three-Legged Stool Approach to Finding Great Stocks To Invest In</a><a href="https://www.bloomberg.com/opinion/articles/2020-02-12/value-investing-s-time-to-outshine-growth-stocks-is-coming-k6iujoyi" rel="nofollow" target="_blank"> Value Investing’s Time to Shine Again Is Approaching</a><a href="https://www.bloomberg.com/opinion/articles/2020-02-13/greek-german-bond-spread-shows-eurozone-crisis-is-finally-over-k6kc422n" rel="nofollow" target="_blank"> Now We Can Say Euro-Zone Crisis Is Finally Over</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Tales of a Top 1% Fund Manager

The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record. Joining the latest episode of the “What Goes Up” podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team. Mentioned in this podcast:Be ‘Prepared for Anything’ as Trump Slams Europe, China on FXOne Look at Passive Flows Explains the Story of Markets in 2019Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His JobSee omnystudio.com/listener for privacy information.

The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record. Joining the latest episode of the “What Goes Up” podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team. Mentioned in this podcast:<a href="https://www.bloomberg.com/news/articles/2019-07-03/be-prepared-for-anything-as-trump-slams-europe-china-on-fx" rel="nofollow" target="_blank">Be ‘Prepared for Anything’ as Trump Slams Europe, China on FX</a><a href="https://www.bloomberg.com/news/articles/2019-07-01/one-look-at-passive-flows-explains-the-story-of-markets-in-2019" rel="nofollow" target="_blank">One Look at Passive Flows Explains the Story of Markets in 2019</a><a href="https://www.bloomberg.com/news/articles/2019-06-28/trump-wants-fed-to-weaken-dollar-powell-says-that-s-not-his-job" rel="nofollow" target="_blank">Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His Job</a>See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

One Market That Volatility Forgot

Officials from China are heading to Washington for trade talks next week, just as President Donald Trump battles the House of Representatives over impeachment hearings. How should investors prepare for the collision of these two stories? Kristina Hooper, chief global strategist at Invesco, joins the latest episode of the “What Goes Up” podcast to discuss. "What the impeachment threat does is it creates fatter tails -- it increases the likelihood of extreme outcomes," says Hooper. "Whether it is greater likelihood that the U.S. takes minor concessions from China and calls it a deal. Or we could see something moving in the opposite direction where the U.S. takes a very extreme, aggressive position with China."  Hooper also discusses why she recommends investors should take a look at emerging market debt. Also joining the podcast is Bloomberg Businessweek economics editor Peter Coy to break down the latest indicators and discuss his “Wealth Number” gauge of an individual’s net worth. See omnystudio.com/listener for privacy information.

Officials from China are heading to Washington for trade talks next week, just as President Donald Trump battles the House of Representatives over impeachment hearings. How should investors prepare for the collision of these two stories? Kristina Hooper, chief global strategist at Invesco, joins the latest episode of the “What Goes Up” podcast to discuss. "What the impeachment threat does is it creates fatter tails -- it increases the likelihood of extreme outcomes," says Hooper. "Whether it is greater likelihood that the U.S. takes minor concessions from China and calls it a deal. Or we could see something moving in the opposite direction where the U.S. takes a very extreme, aggressive position with China."  Hooper also discusses why she recommends investors should take a look at emerging market debt. Also joining the podcast is Bloomberg Businessweek economics editor Peter Coy to break down the latest indicators and discuss his “Wealth Number” gauge of an individual’s net worth. See <a href="https://omnystudio.com/listener" rel="nofollow" target="_blank">omnystudio.com/listener</a> for privacy information.

Impeachment and Fat Tails

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