"Money Incineration" in Stonks, "Champagne and Caviar" for the S&P 500

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 2 February 2021

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real Vision senior editor Ash Bennington welcomes Tony Greer of TG Macro to give an overview of GameStop as $GME and other retail favorites such as $AMC and $BBBY continue to unwind. Tony and Ash discuss the market mechanics behind margin requirements and liquidity concerns with Tony pulling no punches as he discusses key actors such as Dave Portnoy. Tony then proceeds to provide a strategic update on his natural resources trade as crude oil hits a new high and its futures curve enters backwardation. Lastly, Tony shares with Ash his outlook on the FAANG stocks, cannabis, and the velocity of money. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to Real Vision. It's Tuesday, February 2, 2021, 2 p.m. in New York. This is the Real Vision
0:19.5	Daily Briefing. I'm Ash Bennington, joined shortly by Tony Greer. Today, Tony, we're flying
0:25.2	live without an intro. Welcome, Tony. Sounds perfect for us, Ash. Let's go. Tony, I only have two
0:31.0	questions for you, the entire show. Number one, what the hell is happening? And number two,
0:37.1	how are you positioning yourself? Oh, good questions, Ben. What the hell is happening? I'm asking
0:41.9	you that myself, right? Like, we have to talk about GameStop and we have to talk about Robin Hood
0:47.2	and we have to talk about Citadel. And this story a little bit, right? Because to me, what I'm seeing
0:54.2	is I'm seeing, like, the younger generation fry itself in meme wars, trying to every market,
1:02.2	every market connotation, every move, every narrative and storyline has to get meamed out to its
1:10.8	most basic understandable level. And unfortunately, you leave a lot of facts out when you start
1:17.0	meaning the crap out of every story on earth. And sometimes, it just doesn't work. And I feel like
1:22.5	that's what we're watching. Like, you know, that we're watching the Icarus print of the market meme
1:28.5	burn itself to shreds right now, right? So the GameStop story, right? All the Wall Street
1:34.0	Bet guys, the Wall Street Bet guys, they find a vulnerable security. But it's not a new story
1:40.4	because Michael Burry and some of the ninjas of retail have spoken about this, right? They talked
1:45.6	about that. There's upside potential in the name. Nothing new under the sun here. They start
1:51.6	buying it and getting it on the run. And obviously, there's going to be derivative bets on the
1:56.2	downside placed on GameStop because that's been a winning trade for years now, right? So, you know,
2:03.2	you're going to have to allow these guys to find that, you know, value play in the market where
2:09.2	the brick and mortar shop is overvalued and going out of business. And so they ride the short down
2:14.4	and they've made a lot of money on it. Got it, right? Melvin Capital now gets pushed into the mix
2:20.2	with its large GME short. Melvin Capital has to stop out of the position. At Robinhood,
	...

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