A lot of the challenge of explaining this to people is appreciating that these are banking operations.

This isn't about the US taxpayer lending money to foreigners.

That's not at all what's happening.

It's an expansion of the balance sheet of the Fed on both sides. There's not real resources being transferred by these liquidity operations,

but that's actually hard to explain to people because our intuitive layperson concept

of a loan is I can't lend you a bicycle unless I own a bicycle. But if I'm a bank,

I can lend you money just by expanding my balance sheet on both sides. And that seems fraudulent

or something on the face of it. Imagine spending an hour with the world's greatest traders. Imagine learning from their

experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged,

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Before we begin today's conversation, remember to keep two things in mind. All the discussion

we'll have about investment performance is about the past, and past performance does not

guarantee or even infer anything about future performance. Also understand that there's a significant

risk of financial loss

with all investment strategies, and you need to request and understand the specific risks from

the investment manager about their product before you make investment decisions. Here's your

host, veteran hedge fund manager, Nealz Kostrup Larson.

For me, the best part of my podcasting journey has been the opportunity to speak to a huge range of extraordinary people from all around the world.

In this series, I have invited one of them, namely Kevin Koldine, to host a series of in-depth

conversations to help uncover

and explain new ideas to make you a better investor.

...