GM77: Unlocking the Roaring 2020s: Is Bitcoin the New Gold? ft. Ed Yardeni
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 18 December 2024
⏱️ 59 minutes
🧾️ Download transcript
Summary
Ed Yardeni, President of Yardeni Research, joins Alan Dunne in this episode to review his Roaring 2020s thesis for the US economy. Ed makes a compelling case for sustained economic growth, driven by rising productivity gains fuelled by technological advancements. The discussion covers expectations for the policy mix under the incoming Trump administration, including how fiscal developments could influence the Federal Reserve's actions. The conversation also examines developments in the bond markets, exploring whether meaningful deficit reductions can keep the bond vigilantes at bay. He shares his optimistic outlook on the stock market, despite elevated valuations, high concentration in the S&P 500 and speculative behaviour in certain areas. Finally, Ed offers his perspective on gold and questions whether Bitcoin and cryptocurrencies are merely the modern equivalent of “digital tulips.”
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Alan on Twitter.
Follow Ed on Twitter.
Episode TimeStamps:
02:14 - (Re)Introduction to Ed Yardeni
04:51 - How the incoming U.S. administration will impact the economy
07:55 - Has Trump fought back the bond vigilantes?
10:52 - Was the Fed cut unnecessary?
13:20 - Strange decisions from the Fed
16:14 - Will the Fed be true to their words?
17:57 - Will inflation become sticky?
19:29 - Yardeni's perspective on the neutral rate
22:27 - The roaring 20's scenario
25:46 - What is fuelling the productivity?
30:12 - The data behind productivity
31:58 - Is the U.S industrial advantage part of the productivity story?
33:20 - What can we learn from 80s and 90's productivity boom?
36:42 - How is international policy playing out in the U.S?
40:40 - Yardeni's outlook for the stock market
43:43 - Is a recession unavoidable?
45:40 - What happens to the economy when we enter a recession?
48:27 - Yardeni's perspective on bitcoin
52:19 - Why play with gold when you have crypto?
54:10 - Don't mess with the bond vigilantes
57:42 - Where can you following Yardeni's work?
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Transcript
Click on a timestamp to play from that location
| 0:00.0 | I want to say from all your listeners that Yardini research is seriously considering issuing |
| 0:11.9 | convertible bonds at 0% and buying Bitcoin. |
| 0:16.0 | I mean, if Micro Strategy can play that game, why can't anybody play that game? |
| 0:20.5 | And, you know, so Bitcoin goes up and then |
| 0:22.2 | my stock price goes up and then I issue more stock and I buy more Bitcoin. So it's, you know, |
| 0:29.8 | the fountain of youth. I mean, it's El Dorado. Imagine spending an hour with the world's greatest traders. |
| 0:39.3 | Imagine learning from their experiences, their successes, and their failures. |
| 0:43.8 | Imagine no more. |
| 0:45.7 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers in the world |
| 0:51.6 | so you can take your manager, due diligence, or investment career |
| 0:55.0 | to the next level. Before we begin today's conversation, remember to keep two things in mind. |
| 1:00.5 | All the discussion we'll have about investment performance is about the past, and past performance |
| 1:05.1 | does not guarantee or even infer anything about future performance. Also understand that there's a |
| 1:10.5 | significant risk of financial |
| 1:11.7 | loss with all investment strategies, and you need to request and understand the specific risks |
| 1:16.9 | from the investment manager about their product before you make investment decisions. |
| 1:21.3 | Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
| 1:31.1 | What? manager, Niels Kostrup Larson. Welcome and welcome back to another conversation in our series of episodes that focuses |
| 1:35.3 | on markets and investing from a global macro perspective. |
| 1:39.2 | This is a series that I not only find incredibly interesting, as well as intellectually challenging, but also |
| 1:45.6 | very important given where we are in the global economy and the geopolitical cycle. |
| 1:52.4 | We want to dig deep into the minds of some of the most prominent experts to help us better |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Niels Kaastrup-Larsen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Niels Kaastrup-Larsen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.