The End Game Ep. 26 - Michael Howell PREVIEW

The Grant Williams Podcast

Grant Williams

Business, Business:investing, Investing

4.8 • 1.6K Ratings

🗓️ 8 August 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In the financial market context, the word ‘liquidity’ is three very distinct things: overused, misunderstood and crucially important. In the latest edition of The End Game, CrossBorder Capital’s Michael Howell joins Bill and Grant to shed some light on those three key factors, explaining how he views liquidity, why it’s so crucial and what he’s observing in global liquidity flows at the present time as well as outlining the similarities between today and previous episodes where liquidity flows offered key clues to the future path of risk asset prices. The importance of China’s policy actions are explained as is the recent turbulence in the reverse repo market plus, when Michael explains how global capital markets have shifted away from being a financing mechanism to something altogether different, Bill has an ‘aha moment’. This is yet another tremendous conversation as the search for The End Game continues. As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

Transcript

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0:00.0	Before we get going, here's a bit where I remind you that nothing we discussed should
0:14.1	be considered as investment advice.
0:16.6	This conversation is for informational and hopefully entertainment purposes only.
0:20.6	So while we hope you find it both informative and entertaining, please do your own research
0:25.6	or speak to a financial advisor before putting a dime of your money into these crazy markets.
0:32.6	You're about to listen to a special preview edition of the Endgame featuring my co-host
0:42.3	Bill Fleckinstein and a very special guest Michael Howell of Cross-Border Capital.
0:47.1	Throughout the Endgame series, several concepts have emerged in more conversations than one
0:51.6	can attribute to simple co-incidents.
0:54.2	One of them is liquidity.
0:56.6	With the importance of liquidity being so foundational to the continued rise of asset prices across
1:00.9	the spectrum and across the world, it seemed like a great idea to talk with Michael about
1:05.0	the work he and Cross-Border do in studying liquidity flows between asset classes and geographical
1:10.5	regions.
1:11.8	The conversation that followed was hugely enlightening and as you'll see, gave Bill another one of
1:16.8	his aha moments similar to that he experienced when talking to Mike Green in episode three
1:21.6	of the Endgame.
1:23.6	Any episode of the Grand Williams Podcast including the Endgame, the super terrific
1:27.0	happier and the narrative game is available to copper and silver tier subscribers at my
1:31.7	website, grant-williams.com.
1:35.1	Copper tier subscribers get access to all podcasts, while members of the silver tier get both
1:39.4	the podcasts and my monthly newsletter, things that make you go hmmm.
	...

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