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Join Grant Williams and his guests for a series of random walks around the fringes of finance and gain a better understanding of how the economic sands are shifting beneath our feet. https://www.grant-williams.com
Episodes
Tuesday Sep 14, 2021
Tuesday Sep 14, 2021
My guest in the latest edition of The Grant Williams Podcast is my friend, Daniel Want, the Chief Investment Officer of Prerequisite Capital Management in Brisbane Australia.
Daniel is truly a unique thinker - something I recognized in his written work and then had conclusively reinforced the first time we sat down to chat in person several years ago in Sydney.
After watching a recent Investment Committee meeting Daniel very kindly shared with me, I wanted to have him join me on the podcast to allow a wider audience to understand his framework and current thinking.
What followed was yet another eye-opening discussion which, I suspect, will have you rethinking many aspects of your own investment framework.
As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.
Monday Sep 06, 2021
Monday Sep 06, 2021
Joining Bill and Grant this time on The End Game is Harley Bassman of Simplify Asset Management.
In a lively discussion, Harley slaps both Bill and Grant around with alacrity as he picks apart the connection between rates and inflation, the likely level of understanding at the Federal Reserve about the problems they’re creating, the importance of convexity (and the level to which it’s misunderstood) and what investors need to do to protect themselves.
From term surfaces to the TIPs market, Harley demonstrates time and again why he’s one of the most important voices in today’s markets and ensures that, if this is your first exposure to him, you’ll be paying careful attention to what he says going forward.
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!
Monday Aug 23, 2021
Monday Aug 23, 2021
This edition of The Grant Williams Podcast is a little different - delightfully so.
My guest is Tim Grover, the CEO of Attack Athletics and the author of two phenomenal books Relentless and, most recently, W1nning.
Tim will be familiar to any of you who were, like me, NBA geeks during the careers of both Michael Jordan and Kobe Bryant thanks to the work he did with both of those great champions - helping them build and strengthen not just their bodies to withstand the physical toll of a gruelling NBA season, but also their minds - enabling these two incredible athletes to handle the extraordinary pressure that comes with being an era-defining global superstar and build a winning mentality that saw them both rise above the incredible talent all around them to become the most dominant figures in one of the most highly-competitive, athletic leagues in all of sports.
Tim explains the secret to building a winning mentality, the sacrifices that have to be made and how to deal with both victory and defeat in a manner which allows you the freedom to put setbacks behind you and move forward with a single-minded purpose.
The lessons Tim has both learned from and taught to the world’s greatest athletes offer so much to anyone fortunate enough to hear them and apply them to their own daily lives - whether at home, or at work.
The parallels with the world of investing are there for all to see and the candour and clarity with which Tim shares the methods he’s developed over 30-plus years working with elite athletes is beyond refreshing.
Tim’s book, Winning is available in all the usual places and I honestly can’t recommend it highly enough.
As you’ll hear in our conversation, I’m hardly the target audience for Tim’s work, but I found it to be enormously compelling and incredibly thought-provoking and I know you’ll feel similarly after listening to what comes next.
As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.
Sunday Aug 08, 2021
Sunday Aug 08, 2021
In the financial market context, the word ‘liquidity’ is three very distinct things: overused, misunderstood and crucially important.
In the latest edition of The End Game, CrossBorder Capital’s Michael Howell joins Bill and Grant to shed some light on those three key factors, explaining how he views liquidity, why it’s so crucial and what he’s observing in global liquidity flows at the present time as well as outlining the similarities between today and previous episodes where liquidity flows offered key clues to the future path of risk asset prices.
The importance of China’s policy actions are explained as is the recent turbulence in the reverse repo market plus, when Michael explains how global capital markets have shifted away from being a financing mechanism to something altogether different, Bill has an ‘aha moment’.
This is yet another tremendous conversation as the search for The End Game continues.
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!
Monday Aug 02, 2021
Monday Aug 02, 2021
The latest guest to grace The End Game is the familiar voice of Kyle Bass, Founder and Chief Investment officer of Hayman Capital Management in Dallas, TX.
Kyle, Bill and Grant discuss Kyle’s thoughts on what The End Game may look like, with the recent outbreak of inflation likely to play a major part in the transition from the current financial system to whatever comes next.
Kyle explains why he thinks time has run out for central banks, what he believes they’ll be forced to do and how investors should try to protect themselves against the likely outcome: deeply negative real rates.
Kyle shares the stories of two private meetings with BoJ governors, explains why and how his Rational Investor Paradox ended up confounding its detractors and, of course, offers his thoughts on China, the current and future path of U.S. policy towards their rising rival and the potential pitfalls for the world of a swiftly-reopening economy.
Another wonderful addition to The End Game series.
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!
Thursday Jul 29, 2021
Thursday Jul 29, 2021
Our special guest on the latest edition of The End Game is Greg Jensen, the Co-CIO of Bridgewater Associates, the $140billion asset manager based in Westport, Connecticut.
Over his 25-year career at the firm, Greg has spent an inordinate amount of time using historical precedents to construct ever-more complex algorithms to help understand and predict evolving market dynamics.
In this fascinating discussion, Greg digs deep into the current macro environment, explaining at length how Bridgewater’s framework helps them evaluate the predicament facing the world’s central banks and formulate a set of likely outcomes in terms of both policy and market response.
The death of the ‘transitory’ narrative, the lessons to be learned from previous periods of disruption and the advantages the shrinking set of options available to policymakers offer investors all come under the microscope as we get an insight into the investment process behind one of the world’s largest pools of capital.
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!
Sunday Jul 25, 2021
Sunday Jul 25, 2021
The Super Terrific Happy Hour returns with Steph Pomboy up a mountain in bear country contemplating all kinds of fascinating data points and dissecting them in her own inimitable way.
The conversation is filled with F-bombs as Grant and Steph ponder a cornucopia of topics from fundamentals to ‘flations to the Fed, froth and flawlessness (or lack of it).
Steph busts out some remarkable stats that will have you scratching your head as you watch markets look through the reality and embrace the fantasy that all is well and there’s nothing to worry about.
The housing market comes under the microscope as does the vital importance of the investing public embracing the idea that inflation is ‘transitory’. There’s something for everyone in this edition of the Super Terrific Happy Hour so dive on in...
Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, and The Narrative Game, is available to Copper and Silver Tier subscribers at my website Grant dash Williams dot com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…
So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to Grant dash Williams dot com and join our exciting community today!
Monday Jul 19, 2021
Monday Jul 19, 2021
Recently, my journey of understanding has taken me into a few shady corners of the cryptocurrrency universe and this week, I make my last foray into that world (for the time being, at least) as I talk to David Dorr, co-Founder of Coro Global and Dorr Asset management and a man who gave me so much to think about in this enormously engaging conversation.
David explains why the way in which the U.S. correspondent banking system works is perhaps the most underestimated facet of the crypto space, why he believes ‘tokens are broken’, the likelihood that bitcoin will soon be obsolete (though something transformative will rise from its ashes) and the promise offered by tokenless Distributed Ledger Technology.
David’s combination of knowledge, experience and skepticism is tremendously powerful and what he has to say will, I suspect, captivate you the same way it did me.
As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.
Sunday Jul 11, 2021
Sunday Jul 11, 2021
My recent foray into the world of the stablecoin tether and the companies and personalities surrounding it has been utterly fascinating. I’ve seen many curious things during my career but the seemingly blatant nature of what certainly seems, at face value, like a gigantic fraud, has astonished me.
In the recent June edition of Things That Make You Go Hmmm..., I dove into Tether (the company), Bitfinex and tether (the coin) and what I found blew my mind.
Much of my research was built upon the work of a group of tether skeptics, one of whom, Bennett Tomlin, agreed to join me for this discussion to hopefully bring the story to wider attention. It’s worth pointing out that Bennett is not a crypto-skeptic, but what he’s uncovered is a complex web of deceit and obfuscation that will, I suspect, take your breath away like it did mine.
Joining Bennett and myself is George Noble, a hugely experienced hedge fund manager with an extraordinary track record. Like Bennett, George is not anti-crypto, but his own work on Tether has led him to similar conclusions. Hopefully, this discussion between a stalwart of the financial industry and a man who has immersed himself deep in the crypto world can help both sides understand each other better and you to gain a perspective on what could well become the biggest story in crypto in the coming weeks and months...
As a companion piece to this discussion, for a limited time, I’m making BOTH this podcast, in its entirety, and the June edition of Things That Make You Go Hmmm..., Schrödinger's Coin, free to non-subscribers.
Find them at www.grant-williams.com/download
As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.
Thursday Jul 08, 2021
Thursday Jul 08, 2021
My guest this week is the founder of Calderwood Capital, the author of Popular Delusions and my friend, Dylan Grice.
Dylan’s ability to not only think about the financial world in unconventional ways, but to communicate those thoughts clearly and effectively has placed his writing in the very top echelon of the research world.
Now, with the founding of Calderwood Capital, Dylan has an investment vehicle through which he can take advantage of his unique, idiosyncratic ideas.
In this conversation, we hear Dylan’s views on the inflation/deflation debate, his thoughts on Uranium’s place in the ESG debate and how, in order for investors to take advantage of the opportunities currently presented by the markets, they likely need to get more creative and go to places which might make them feel uncomfortable. We also take advantage of Dylan dropping the C-bomb to discuss you-know-what...
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!