Death of Austerity
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.
19 Feb 2021
Skunk at the Garden Party
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.
10 May 2019
Getting Paid to Own Stocks
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.
12 Feb 2021
Perpetual Motion 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.
8 Jan 2021
Most Popular Podcasts
Chile’s Popular Unrest Is a Lesson for the World
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.
25 Oct 2019
The China Syndrome
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.
23 Aug 2019
Panic in the Bond Disco
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.
8 Nov 2019
Your 2020 Guide
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.
3 Jan 2020
The 'Four Horsemen' of Recession
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.
3 May 2019
The Right Way to Be Wrong
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.
6 Dec 2019
Make Money, Save the Planet
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.
29 Nov 2019
A Market Immune From Illness
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.
24 Jan 2020
The Fine Art of Short-Selling
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.
14 Jun 2019
Economic Worries Begin to Fade
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.
13 Dec 2019
Fundamentals in the Fog of War
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.
10 Jan 2020
Billionaire Ken Fisher Boxes With Wall Street
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.
13 Sep 2019
Record Stocks Amid Recession Signals
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&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.
26 Jul 2019
Tales of a Top 1% Fund Manager
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.
14 Feb 2020
One Market That Volatility Forgot
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.
5 Jul 2019
Impeachment and Fat Tails
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.
4 Oct 2019