Teddy Vallee on the Dollar, Hard Assets, and the Real Rate Rotation (w/ Jack Farley)

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 23 January 2021

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Teddy Vallee, founder and CIO of Pervalle Global, joins Real Vision's Jack Farley to share his strategic outlook for assets such as the U.S. dollar, technology and energy stocks, gold, and bitcoin. Vallee explains why he believes that real rates for U.S. Treasury bonds will increase, and he describes why this view makes him believe there could be a capital exodus from technology into energy equities, as well as making bitcoin and gold less attractive to hold for the short-term, although he remains bullish on these two assets over the long-term. Filmed on November 24, 2020. Key learnings: Real rates on U.S. Treasuries will likely rise. Long-term the U.S. dollar will encounter problems, but Vallee spots short-term tactical opportunity as Treasury issuance will create liquidity negative conditions over the next two-to-three months. Vallee is very positive on energy, Latin America, EM debt, as well as commodities relative to U.S. tech and bonds. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	On BBC A
0:02.0	I am doing life a few more years means nothing to me
0:06.0	I'm pregnant
0:08.0	judges go easy I'm pregnant women
0:10.0	I've been all my electricity that's all don't think I should even be in here.
0:14.0	A new series of the Baffa Award winning time.
0:18.0	You tell anyone and I mean anyone about me I will kill you. Starring Jody Whitaker tomorrow
0:25.2	Lawrence and Bella Ramsey. Time. Watch on BBC I Player And I'm Jack Farley with Real Vision, and I'm here with Teddy Valle of Pear Valley Global, a global macro fund.
0:49.0	They invest, Teddy, it's my understanding, invest in commodities, currencies, currencies equities even Bitcoin. So everything you're very pan asset right
0:57.4	Exactly 100% we're expanding more into the crypto space with individual points. Great well I'm so glad that you can join us, Teddy.
1:05.0	I actually, it's great when we can get someone who can invest in so many assets
1:09.4	because that way I have a ton of questions that you can answer.
1:12.8	I know Bitcoin, you were very early in that space
1:16.3	and obviously that's a tear,
1:17.6	so I want to get your views on that.
1:20.2	But I know that you also have strong thesis on the dollar as well as tech, like
1:26.4	growth versus value within equities.
1:30.0	So let's start with a dollar.
1:31.7	What's your view on that?
1:33.0	Yeah, I think the dollar overall is interesting. Long term, I'm very dollar bearish.
1:37.0	I think the structural sort of things that we have going on in the US,
1:40.0	forward returns for the US versus the rest of the world,
	...

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