Mike Green - This Car Has No Brakes (But We re Driving Uphill): DB- Dec17, 2020

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 17 December 2020

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike Green of Logica Capital Advisors joins Real Vision senior editor, Ash Bennington, to share his market outlook as U.S. equities yet again reach all-time highs. Green breaks down the current market structure, looking at how changes to order book depth and inter-asset correlations present investment risks. Green and Bennington discuss commodities, passive investing, and the Fed’s latest FOMC meeting, with Green sharing his outlook on inflation and interest rates. Lastly, Bennington asks Green his views on crypto-assets and particularly Bitcoin, which continues to surge immensely. In the intro, editor Jack Farley jobless reports on today’s jobless claims, the status of U.S. fiscal stimulus, and Tesla’s looming entry into the S&P 500. The paper by Rob Arnott on Tesla, which Jack mentions, can be found here: https://www.researchaffiliates.com/en_us/publications/articles/819-tesla-the-largest-cap-stock-ever.html?evar36=eml_tesla-hero-title&_cldee=amFja0ByZWFsdmlzaW9uLmNvbQ%3d%3d&recipientid=contact-a2eae8d2e63beb1180f1b4c5161772f1-63905c439f0c42899407aad7822ace65&esid=0498153a-6840-eb11-80f1-b4c5161772f1. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Whether it's an under the radar genre or a proper out there podcast, sometimes it's better when you get weird, especially when it comes to switching up your soft drink, introducing new Dr Pepper Zero
0:12.6	with the same blend of 23 unique flavors,
0:15.4	it tastes just as weird as regular Dr Pepper,
0:18.9	but with zero sugar and zero calories.
0:21.7	It's a taste you can't quite put your finger on.
0:24.1	Weird. But in a surprisingly good way, try more weird with Dr Pepper Zero. Welcome to Real Vision.
0:33.0	It's Thursday, December 17. Welcome to Real Vision.
0:43.2	It's Thursday, December 17, 2020, just after market close in New York.
0:48.0	This is the Real Vision Daily Briefing.
0:51.0	I'm Ash Bennington, joined shortly by Logica Capital's Mike Green, but first with the day's stories, Jack Farley.
0:58.6	Thanks, Ash. Today was a day of dollar weakness, with the US dollar index sinking below 90 for the first time since April 2018.
1:07.0	The D XY was down three quarters of 1%, one of the worst days for the index all year.
1:12.0	What were the effects? Well, a weak dollar
1:14.3	generally supports hard assets, so copper and oil dutifully marched higher alongside gold.
1:20.4	However, Bitcoin is on an absolute tear, 8% today and combined with yesterday is up 18%,
1:26.5	marking the biggest two-day rally for all of 2020.
1:29.8	In other news, U.S. initial jobless claims came in at 885,000 markedly higher than expectations.
1:35.9	Coupled with yesterday's fall in retail sales numbers, this dismal jobless print is ominous
1:41.1	for the American economy. Yet despite this, U.S. equities
1:44.5	obediently advanced today. Yields on U.S. Treasury's briefly plummeted on the
1:48.7	jobs print which was released at 8.30 a.m. Eastern today, but they had a head fake shortly thereafter and by 11.30 a.m.
1:56.3	the yield on the 10 year was actually up on the day.
	...

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