Corey Hoffstein: "Things Are Going to Stay Weird"

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 11 March 2021

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

DB-Mar10,2021. Real Vision editors Jack Farley and Max Wiethe analyze price action in U.S. equities as well as today’s print of the Consumer Price Index, which met but did not exceed expectations and indicates muted inflation. In the main segment, Jack speaks to Corey Hoffstein, co-founder and chief investment officer of Newfound Research. Using advanced quantitative modeling, Corey charts the rotation from growth to value stocks and notes how the underperformance of “momentum” investing is evidence of that very rotation. Corey investigates the claim that growth stocks are vulnerable to increases in interest rates, which he finds true but incomplete. Lastly, Hoffstein shares his view on the vulnerability of the Ark Innovation ETF ($ARKK) to bouts of reflation, looking at metrics such as implied correlation and implied volatility. Corey can be reached on Twitter at @choffstein. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Inflation once again, the dog that didn't bark, will this appease the bod vigilantes?
0:16.6	Next, what's the real correlation between growth stocks and interest rates?
0:20.4	And how do you make sense of the ongoing rotation from tech into energy?
0:24.6	Welcome to the Daily Briefing.
0:25.6	I'm Jack Farley.
0:26.6	Later, I'll be speaking to Corey Hofstein, who's a quantitative portfolio manager
0:30.5	with key insights on these questions.
0:32.9	But first, for today's price action, let's go to RealVisions, Max with the Max.
0:37.1	How are you doing?
0:38.1	Doing well, Jack.
0:39.1	Let's get into it.
0:40.1	Let's get into it.
0:41.1	Okay, so the CPI consumer price index came out today.
0:44.1	It was 0.4% month over month, 1.7% year over year increase.
0:50.6	Max, that was exactly in line with expectations.
0:55.2	How did you make sense of that reading and how do you interpret how the market reacted?
1:00.1	I mean, I didn't see any major market reaction.
1:03.5	I mean, some of the things that were up on the day, like energy, at least from the equity
1:08.7	markets.
1:09.7	Like, I didn't see anything there.
1:10.7	I didn't really see too much from the bond market, pretty flat day and bonds.
1:13.9	So I don't think it was, I mean, it wasn't a surprise.
	...

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