May 1, 2021
Roger Mitchell of Albachiara SAGL is Grant’s guest for the eighth episode of The Grant Williams Podcast.
With the recent shambolic failure of the European Super League as a backdrop, the two discuss the escalating involvement of ‘big finance’ in the world of sport and Roger explains why American private equity money has found (and will continue to find) opportunity amidst ‘beautiful chaos’.
From salary caps to super leagues, from NFTs to AI and machine-learning, the world of sport is harnessing the zeitgeist like few other industries right now and Roger takes us on a fascinating journey inside the incredible change and broad opportunity spectrum offered by an industry previously seen as staid and unsalvageable.
April 26, 2021
Chris Bloomstran recently questioned Ark Investment’s open-sourced research model on Twitter which resulted in him engaging with Ark analyst Brett Winton in a very public forum about a certain electric car company.
For anyone who witnessed the exchange, it spoke volumes about the difference between what passes for analysis today and the kind of rigour displayed by those who have honed their craft in times of far more scrutiny.
Chris and Grant discuss that exchange, the company in question, what Chris learned from the discussion and how it recalls similar experiences he witnessed during the dotcom bubble of the late-1990s.
This is a discussion all value investors will relish but, given the euphoria surrounding markets today, it serves as an invaluable reality check for those believing they only go in one direction.
April 11, 2021
Bill and Grant welcome Gerard Minack of Minack Advisors in Sydney to The End Game to discuss certain 'issues' Gerard took with some of the points made by previous guests in the series.
Gerard concurs about the importance of the inflation vs. deflation debate, but has a few important, idiosyncratic ideas of his own to include in the discussion.
What follows is yet another thought-provoking conversation guaranteed to have you reconsidering much you already thought to be true.
If Gerard is right and the strike price on the Fed Put has been lowered - possibly dramatically - it's time to reassess many strategies that have worked reliably for investors for decades.
To hear the full discussion, please visit https://www.grant-williams.com
April 8, 2021
Luke Gromen is a good friend and a master at joining seemingly obscure dots into a narrative that helps explain the bigger macro picture.
Over the years his work has helped me piece together complex strategic and geopolitical narratives that have helped inform my views on precious metals, oil, currencies and capital flows.
In this conversation, we discuss the book 1931: debt, crisis and the rise of Hitler and try to better understand historical parallels that echo loudly in the present.
The seemingly inevitable path to yield curve control, the similarities and differences between Japan and the West and the likely consequences of unfettered stimulus all come under the microscope in what I found to be another truly eye-opening discussion - one that showcases Luke at his brilliant best.
April 6, 2021
The uncovering of the Greensill fraud and the Archegos liquidation have rocked markets in recent weeks but, as always, the narrative around both of these events is woefully misguided.
In this special 'Markets In Turmoil' edition of The End Game, Fleck and me are joined by Marc Cohodes and Dr. Ben Hunt to try and make sense of not just the movements this week as the Archegos unwind rippled through markets, but the potential fallout from Greensill's failure.
We discuss the importance of each event to broader markets, how they came to be possible, what the real story behind the careful-constructed narrative appears to be as well as the likely ramifications.
March 31, 2021
One theme which has continually surfaced across just about every episode of The Grant Williams Podcast, is that of the debate surrounding whether deflation remains our likely future, or whether the return of inflation may finally be on the horizon after so many false starts.
Given the persistence of the discussion, who better to drag into the ring than James Davolos, of Horizon Kinetics?
Horizon has constructed an ETF designed to provide investors with a way to simply play the inflation narrative – something which is more difficult to do than one might think!
In this discussion, James and I dig into how his thinking around inflation has evolved, the problems inherent in trying to mitigate the risks it poses to the average portfolio as it’s constructed today and the role ESG may well play going forward.
March 20, 2021
Stephanie and Grant reconvene to noodle about a whole bunch of hot button topics including bitcoin – specifically Steph’s concerns about possible regulatory interference and the under-discussed question as to where the crypto darling may rank in the capital structure – whether any upcoming inflationary pressures are likely to merely be transitory and the change in the seasons which seems to be bringing springtime to the world of value investing just as winter approaches for technology and growth stocks.
The two discuss the effect an extra 10 million people out of work might have on both saving and spending, the likelihood that the housing market will continue to be strong as an ox and the nature of long-term, intractable problems that are all too obvious but never seem to matter until they’re right on top of us.
March 14, 2021
Bill and Grant welcome Milton Berg of MB Advisors, LLC to The End game for an illuminating look into the technical side of the current market environment.
Milton outlines the overwhelming number of positive technical indicators which suggest that the ‘Everything Bubble’ may be nothing of the sort, why occasionally drifting from a technical focus to a fundamental focus has caused him problems in the past and why he thinks this party will only come to an end when certain conditions are met.
As the search for The End Game continues, this conversation demonstrates that watching the manifestation of human behaviour may be the most important requirement right now and that the idiosyncrasy of crowd psychology is one factor for which there will never be an End Game.
March 4, 2021
Bill and Grant welcome Russell Clark of Russell Clark Investment Management to The End Game for a deeply fascinating discussion which draws on Russell’s wealth of knowledge about Japan to map the path taken by the Bank of Japan and attempt to figure out what clues it can offer us as to the ultimate End Game.
Russell details his experiences trying to buy JGBs and the lightbulb moment he experienced during the process and digs deep into the connection between food prices and inflation – explaining just how important (and misunderstood) the food complex is by most investors.
What follows is another conversation guaranteed to send you in a totally different direction in your own search for The End Game...
February 28, 2021
Ben and Grant examine the recent reddit/WallStreetBets assault on Wall Street and pick apart the narrative surrounding a story that’s kept the financial world (and far beyond) in its thrall for weeks on end.
Is this the revolution it’s purported to be? Is Main Street finally ‘sticking it to the suits’, or is there a different truth behind thousands of headlines describing a stock market that’s turned into a casino?
Ben explains the different players at the poker table, the distinctly misaligned interests of each and why the appearance of a new ‘bully’, while interesting fodder for social media, disguises the fact that the real beneficiaries of this so-called revolution are quietly rubbing their hands in glee ... safe in the comfortable confines of their Wall Street offices.