Buyer Beware: Are Markets Set Up for a Pullback?

Real VisionApril 08, 2021
Peter Boockvar, CIO of Bleakley Advisory Group and editor of The Boock Report, joins Real Vision managing editor Ed Harrison to share his insights on the inflationary pressures and drawdown risks he’s observing. Boockvar discusses his take on why weekly jobless claims in the U.S. continue to be high while job openings are also at record highs, highlighting how enhanced unemployment benefits may be competing with wages and how this puts inflationary pressure on labor. He also analyzes Jamie Dimon’s statement of the economic boom running all the way into 2023 and points out that another leg up in rates, a potential tapering by the Fed, and the end of large-scale fiscal spending could all prove to upend that notion. Harrison and Boockvar also explore the potential influence that supply chain disruptions could have on earnings, a corporate tax grab under Biden, and the impact of high margin debt on markets.

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Real VisionMay 11, 2021
Dave Floyd: The Sell-Off Continues
Dave Floyd, founder of Aspen Trading, joins Real Vision senior editor Ash Bennington to provide an update on the markets as U.S. equities continued their decline this morning as inflation pressure looms large on the horizon. As the U.S. 5-year breakeven inflation rates reaches a 15-year high, Floyd will be sharing his perspective on the inflation narrative that has been roiling markets this year, what currency pairs he has his eye on, and what’s going on in S&P futures.
Kava Labs: Centralizing Financial Services for a Defi Future
Richard Galvin, CEO of Digital Asset Capital Management, returns to Real Vision to welcome Brian Kerr, CEO & co-founder of Kava Labs. Galvin and Kerr discuss the purpose and evolution of Kava Labs as well as Kerr’s thoughts on the crypto ecosystem, applications, and where the space is heading for users in the future. He explains that when Kava originally started, the team was focused on crypto payments, swapping between different assets including BTC, ETH, and DAI and using a non-custodial law that linked together Lightning with payment channels to allow for swaps globally. Through this, Kerr and his team realized that crypto payments were not scaling the way they anticipated, and it would be years before the markets would be ready for that type of product. Seeing the success of Maker-Dao to give ETH speculators a way to gain margin, the team worked with Ripple to replicate that system, using XRP as collateral. Kerr’s team effectively created a side chain that would be able to move assets on XRP to the sidechain and use those coins as collateral to issue stablecoins. In doing so, Kerr saw an opportunity—this process could be done for all assets, and as such, Kava fully pivoted into the generalized lending platform it is today. Filmed May 4th, 2021. Key Learnings: When focusing on layer 1 development, it was clear to Kerr that there were trade-offs between high throughput, decentralization, and scale. With that, the sacrifices to make layer 2 solutions work were not efficient. Kerr states that if everything is going to be interoperable in the future, one can have different layers 1s specializing in one subject matter to then be combined by developers to make future applications. Kerr believes that the industry is headed towards exchanges lowering the barrier to entry for users, vetting applications, and offering services directly to traders. As users want to utilize a process where everything is accessible without the need to move assets off platform, Kava aims to provide those services.
Real VisionMay 11, 2021
VC Legend Bill Tai: The "New Era" of Valuations
Legendary venture capitalist Bill Tai is an expert in identifying exponential trends. He has been an angel investor in more than 20 companies that have gone public, including Zoom and Dapper Labs. Tai returns to Real Vision to share with co-founder and CEO Raoul Pal what makes an exponential valuation and how the low interest rate environment has caused a surge in P/E multiples, richly rewarding high-growth technology companies. The two discuss how the current wave of NFTs and the adoption of the Metaverse unlock a new layer of value that brings economic empowerment, resulting in a new style of business based around community and platforms. Filmed May 7, 2021. Key Learnings: Tai is now looking to invest in companies with massively asymmetric risk, such as healthcare and renewables, where he sees potential for network effects to be created in these sectors. He shares his guiding principles behind every technology company he invests in: lower the friction to a use case, increase replicability of the behavior, and build a back end tuned for great scalability.

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