The Fed’s Game of Chicken and an Interview with Doug Cifu of Virtu Financial

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6 • 757 Ratings

🗓️ 22 August 2022

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this bonus episode of “On The Tape,” Guy and Dan are joined by Peter Boockvar of The Boock Report to discuss the U.S. on a collision course with a recession (0:01:23), how Peter is playing his economic bearish view (0:11:44), and how the markets is playing a high stakes game of chicken with the Federal Reserve (0:15:07). Later, Peter goes “Off The Tape” with Doug Cifu, CEO of Virtu Financial, and they talk about his career (21:35), Virtu as a business (24:42), competition in the space (33:28), execution technology (37:29), cryptocurrencies (43:25), and being co-owner of the NHL’s Florida Panthers (46:56). Check out the Ryan Detrick tweet Dan referenced here ---- Shoot us an email at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod. We’re on social: Follow Dan Nathan @RiskReversal on Twitter Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page

Transcript

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0:00.0	Welcome to a bonus episode of On the Tape.
0:05.1	With us today, Dan, Nathan, and I am fired up.
0:07.9	Peter Bookvar, the chief investment officer, obliquely financial group.
0:12.3	You know Peter from the book report.
0:14.6	You know him from his many CNBC appearances.
0:18.4	You know him because both Dan and I think he's a badass rock star. I think I can say that
0:24.1	here. Peter, welcome on to tape. Thank you, guy. Thank you, Dan. By the way, you're doing a great
0:30.6	interview looking forward to it with Doug Seifu, the CEO of Virtue Financial. So we have a lot going on
0:37.4	here. We're on the eve of Jackson
0:40.0	Hall. A lot to talk about. Germany, by the way, is melting down. Germany, the fifth largest
0:45.3	economy last I looked on the planet. So if you don't think it's consequential, think again. Welcome
0:50.9	aboard, Peter. Thank you guys. That's a pleasure. All right, Peter, you were on
0:55.3	fast money earlier in the week. I think it was probably Tuesday. And the headline, the producers
1:01.8	love to tease out a big headline from your pregame show notes was that the U.S. is on a
1:07.4	collision course. I think something like that with a recession. Now, we've been talking
1:11.6	about the potential for a recession for months and months. And I guess what Guy and I try to figure
1:16.7	out here, and I think you do too for bleakly customers, is what does a recession mean for financial
1:22.1	assets, right? What does it mean for market? So whatever you think the definition of a recession
1:27.0	is, you know, two
1:27.9	negative quarters of GDP growth, we kind of had that. That's been explained away a little bit.
1:32.7	Talk to us a little bit about what a recession means. Like, what are some of the indicators that
1:37.0	you're looking at that would mean that we'd see a meaningful contraction in economic activity
	...

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