New York Tough
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 26 June 2020
⏱️ 21 minutes
🔗️ Recording | Apple Podcasts | RSS
🧾️ Download transcript
Summary
• Some clarification on COVID and the current media coverage
• How the result of “financialization” is to ignore capital investment, and how starving the economy of capital spending deprives it of future productivity
• The stress of the stress tests!
• The lost decade of gold is a powerful antidote to the strange argument that central bank abuses are bullish for gold. If the last decade wasn’t the golden era of central bank libertinism, I don’t know what was. And yet gold is just now trying to get back within striking distance of where it was ten years ago??
• A refresher on our friend, Illiquidity, and why behavioral finance drives the return premium in private market assets – a section that should get its own dedicated Dividend Cafe!
• How good/bad is the economic “recovery” going?
• And the secret sauce on how politics works in conjunction with markets … what we expect out of the next few months as various political scenarios play themselves out
• The Chart of the Week looks at the three stages of the COVID era …
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:12.4 | Hello and welcome to this week's Dividend Cafe podcast. |
| 0:17.8 | I am kind of excited for this week's's edition and I'll tell you why. |
| 0:25.8 | Much like the first time I got to record back in the studio here in our Newport Beach office |
| 0:31.4 | after the quarantine lockdown all that. |
| 0:34.8 | And that was sort of a special occasion just because it represented |
| 0:37.7 | some resumption of normalcy. There also, though, today is a little bit of a resumption |
| 0:45.2 | normalcy and the fact that I'm actually recording on Thursday afternoon, which we recorded |
| 0:51.3 | the Dividend Cafe podcast or for those you watch it on video, |
| 0:56.0 | the video on Thursdays for most of the last five years, I think. |
| 1:02.3 | And we switched to Fridays in the midst of the market chaos because it was not just possible, |
| 1:13.4 | because it's always possible, but it was, it was becoming incredibly likely that the information was becoming outdated, like an hour after |
| 1:20.3 | recording, let alone a whole day after recording. And let me be clear, that is entirely |
| 1:25.8 | possible again right now. It's very possible you're listening to this on Friday afternoon. And I've recorded Thursday afternoon. And some great market event has transpired that is already kind of, you know, you're wondering why I'm not talking about what something that happened in the market today on Friday and the reason I'm not is because it's not Friday yet for me, okay? So I have to |
| 1:50.7 | record with that risk, but I also am doing it because I am preparing to go back to New York. |
| 1:58.8 | And that is what I think is most exciting, just in the sense that |
| 2:03.7 | my family and I left New York on March 13th, which was a Friday. I'd been in New York that week. |
| 2:12.9 | Most of you know, I go back and forth between California and New York, two offices, two homes, |
| 2:18.8 | you know, kind of a bi-coastal reality. I've done it for three and a half years now. |
| 2:24.0 | And on that week, I'd been in New York all week, a lot of meetings, but then, you know, |
| 2:30.2 | just a kind of breakdown throughout the week of what was happening, not only in markets. |
| 2:34.1 | It was an awful week in markets, but it was also a week in which things were really starting to |
... |
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