4.8 • 786 Ratings
🗓️ 18 October 2020
⏱️ 21 minutes
🧾️ Download transcript
Click on a timestamp to play from that location
0:00.0 | Welcome back to The Breakdown with me, NLW. |
0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
0:15.2 | The breakdown is sponsored by crypto.com, nexo.io, and elliptic, and produced and distributed by CoinDes. |
0:22.9 | What's going on, guys? It is Sunday, October 18th, and that means it's time for Longreed Sunday. |
0:30.3 | And I'm really excited about this one. This is a selection from John Street Capital, and you may |
0:36.4 | remember I referenced something that John Street |
0:38.8 | Capital wrote a couple months ago when I did my primer on SPACs. They were one of the voices |
0:44.4 | talking about why a Coinbase SPAC might make sense. Today we're going to read a piece |
0:50.2 | called Capital Allocation and Risk Asset Remifications in a Zero Interest Rate World, |
0:56.1 | which is a mouthful, but that zero interest rate world and what happens because of it |
1:01.1 | is really the topic. So without any further ado, let's dive in. |
1:05.4 | QE Infinity turned your savings account into your checking account, the bond market into your |
1:09.7 | savings account, the equity market into the bond market, the bond market into your savings account, the |
1:10.8 | equity market, the venture market into the equity market, while given rise to the crypto market |
1:16.3 | as the new venture market. On a recent podcast, we spoke about the public and private markets, |
1:21.4 | the current macro environment and implications for risk asset allocation. Some asked for the |
1:26.9 | SparkNotes version of what was discussed and why |
1:29.0 | it's relevant, which is attempted below. Macro backdrop. In a world post-financial crisis, |
1:34.6 | we have seen a structural move lower in global rates with an estimated $17 trillion of negative |
1:39.4 | yielding debt. The COVID-19 pandemic has only accelerated this trend due to the unprecedented global |
1:45.5 | fiscal and monetary stimulus with central bank's balance sheets expanding by 5.5 trillion year-to-date |
1:51.0 | from 16 trillion to 21.5 trillion, that's 34% increase, representing the biggest move since the |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Blockworks, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Blockworks and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.