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Real Vision: Finance & Investing

The Interview - Don't Hate the Fed, Hate the Game

Real Vision: Finance & Investing

Real Vision

Business News, Business, Investing, News

4.11.1K Ratings

🗓️ 30 May 2020

⏱️ 54 minutes

🧾️ Download transcript

Summary

Recently the Federal Reserve has taken unprecedented steps to backstop the market, sending investors scrambling to relearn the “rules of the game,” and inciting arguably justifiable outrage from others. Matt Rowe, CIO of Headwaters Volatility, and Jared Dillian, editor of The Daily Dirtnap, debate the utility of this outrage and explore whether the level of shock is justified considering the long history of the “rules changing”. Additionally, they examine the misaligned incentives for investors and governments, try to make sense of the recent rally in equities and the bifurcation of the high-yield market, and look forward at the potential for big surprises like bailouts or the Fed stepping into the equity market.  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Good morning to the Real Vision viewers. I'm Matt Rao from Headwaters Volatility and I have the pleasure of interviewing Jared

0:20.5

Dillion of Daily Dirtnap.

0:23.1

Jared and I have known each other for a number of years

0:25.3

and we seem to have bonded over contagion

0:27.8

and we tend to compare notes when things get weird.

0:31.3

So he's a great touch point in that regard.

0:35.0

Jaren has a long career which started off at Coast Guard and has extended into working with Lehman Brothers and

0:46.7

the E.T.F. Index arbitrage desk, if I remember correctly, Jared, and he has now made a career and a name for himself in

0:57.6

commentating on how ridiculous things get often in our industry.

1:02.8

So I'm happy to be able to follow up on our conversation

1:07.1

that we had stemming from Jarrett's recent article

1:10.1

that he wrote for Bloomberg and do it live here in front of the viewers for your benefit and entertainment to some degree.

1:20.0

But I hope it's enlightening. I'm certainly looking forward to it. I find that

1:24.7

Jared challenges my thinking and gets me to come to some pretty good conclusions

1:30.5

as we work through things over time.

1:32.6

So thanks, Jared, for joining me.

1:35.2

Yeah, thanks for having me.

1:36.9

Thanks for the introduction.

1:38.4

Yeah, of course.

1:40.2

So one of the things just right off the bat

1:42.1

to dive into it that you mentioned in your article is about the collision of what people what investors do and how there's a bit of self-loathing or a conflict between what

1:56.2

they do and sort of negative commentary.

...

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