September 15, 2020
Bill and Grant welcome historian, journalist and author Ed Chancellor to The End Game.
Ed’s remarkable book, Devil Take The Hindmost, chronicles three centuries of bubbles and manias and, in this wonderful conversation, he shares his thoughts on how and why they end, the historical parallels previous bubbles share with today and the likely problems the world faces at it moves through The End Game.
Entertaining, insightful and packed with historical relevance, this is a conversation you won’t want to miss.
September 7, 2020
WARNING: AN OPEN MIND IS REQUIRED TO LISTEN TO THIS PODCAST!!
In the first of yet another random series of conversations, Grant welcomes TC to the podcast to discuss the recent edition of TC's Chartcast featuring Tesla whistleblower, Karl Hansen.
TC explains how that episode came about, his thoughts on Karl's story and the broader implications of continuing poor behaviour by bad actors and regulators alike against a backdrop of increasing corporate malfeasance.
Thoughtful, considered and compelling, TC shares tales of his own harassment since a social media experiment became a Twitter phenomenon and offers thoughts on what happens next.
Confirmation bias for bears, kryptonite for bulls but, in the middle, for those willing to listen, lies great importance for all.
August 16, 2020
Ben and Grant reconvene to discuss the broader changes evidenced by two very different presidential interviews, and the extraordinary ongoing escalation in the level of pure grift swamping the world - a situation which becomes seemingly more egregious with each passing day.
Chris Cornell's level of happiness, the thoughts of Yogi Berra and Blaise Pascal and the damage that a mobster called Bobo could do to a man armed only with a bag of oranges are all referenced in an attempt to try and unravel the narratives du jour.
August 9, 2020
Bill and Grant welcome a man who is the absolute epitome of the phrase 'a scholar and a gentleman', Lacy Hunt, to The End Game.
The three discuss arguably one of the greatest trades of the century: Lacy and his partner, Van Hoisington's 40-year bet on deflation.
Lacy talks about staying the course, the methodology they used to simplify their framework and what it might take for them to change tack after all this time.
The perfect counterpoint to Russell Napier's appearance in Episode 5 of The End Game, Lacy uses his encyclopedic knowledge of econometric analysis, financial history and regulatory frameworks to explain why he remains resolute in the face a rising number of calls for the return of inflation.
August 2, 2020
Bill and Grant welcome Russell Napier to The End Game to discuss the reasons behind the long-term disinflationist's recent decision to step off that train and prepare for the return of inflation.
Using examples from the 1690s, 1930s and 1970s, Russell makes the case for inflation in the United States hitting 4% before the end of the year and explains why recent moves by the U.S. government to circumvent the Federal Reserve have changed the game dramatically and, potentially, bring The End Game much closer.
Russell offers a primer on real financial repression and explains how dangerously different the world may look in the not-too-distant future.
Strap yourself in - this is another head-spinning conversation.
July 20, 2020
Bill and Grant welcome the legendary Jim Grant, founder and editor of Grant's Interest Rate Observer, and author of a number of stupendous chronicles of both financial history and those who helped shape it.
The three discuss the importance of historical parallels to today's somewhat bemusing coin shortage before digging deeper into the past to examine previous inflationary episodes and discuss what lessons they might offer for our immediate future as we move towards The End Game.
As always, Jim brings an encyclopaedic knowledge wrapped in an eloquence and humour sadly lacking in today's financial commentary.
July 10, 2020
Stephanie and Grant are joined by an old friend, Dave Iben, Chief Investment Officer and Lead Portfolio Manager of Kopernik Global Investors - one of the great value investors of his generation.
The three discuss the art of value investing, the challenges it faces in today's market environment and why it's a bad idea to write any obituaries for the strategy just yet.
Dave talks about the cycles he's witnessed over his career as he gets ready to enter his fifth decade in the business, the lessons he's learned and offers some thoughts on where value can be found off the beaten path as equity markets scream towards all-time highs.
A masterclass in what is, sadly, fast-becoming a lost art...
July 6, 2020
Bill and Grant welcome a towering intellect in the shape of Mike Green of Logica Advisors, to discuss the role passive investing may have to play in The End Game.
What follows is a good old-fashioned schooling, as Mike outlines the genesis of his work on passive's effect on the markets, the extraordinary influence it has on the world today and the way that's likely to change as we move towards The End Game.
If your head isn't spinning after this remarkable conversation, then that sure as hell isn't Mike's fault...
July 1, 2020
Stephanie and Grant welcome the stupendous Sy Jacobs, founding and managing member of JAM Partners to the Super Terrific Happy Hour for a wide-ranging conversation that begins in the 1980s, when Sy found himself in the centre of the nascent MBS market, and ends with a look at opportunities in today's markets and an idea that will really blow your hair back.
Along the way, we ponder Yield Curve Control, the Robinhood phenomenon and much, much more.
In a world of soundbites, this is a rare chance to listen to someone who really knows his corner of the market from the ground up.
June 15, 2020
Bill and Grant are joined by long-time source and master of the financial system plumbing, The Lord Of The Dark Matter, who finally reveals his true identity after a decade of anonymity.
The three discuss inflation, the bond market, the options available to central banks and how they might achieve "Cold Fusion".
A fascinating conversation with a true master of his craft.