Short Tech, Long Energy

Danish-born economist Jens Nordvig, founder of Exante Data, a data and analytics firm for institutional investors that specializes in foreign exchange markets and macroeconomic policy, joins Real Vision co-founder and CEO Raoul Pal for a deep-dive conversation on the global economic outlook; the impact of the vaccine rollout on the U.S., Europe and emerging markets; and the likelihood of multi-year fiscal stimulus. Nordvig sees monetary policy frameworks evolving in ways that are unfriendly toward bonds, like Average Inflation Targeting (AIT), causing a fundamental rethinking among investors for owning fixed income assets. Filmed April 7, 2020. Key Learnings: A multi-decade bull market in fixed income lasted longer than many expected due to negative interest rate policy, and the COVID shock made central banks across the globe max out monetary policy. Interest rates are currently unattractive to many kinds of investors, and the economic outlook is such that risk assets look attractive, including cryptocurrency. Follow @jnordvig @ExanteData. Visit Exante Data (https://www.exantedata.com/).

Real Vision CEO and co-founder Raoul Pal joins senior editor Ash Bennington to make sense of a market in flux and share opportunities on his radar. Raoul updates his macro views on the dollar, interest rates, and economic growth before he discusses new developments in the crypto world such as the IPO of Coinbase as well as the U.S. listing of Galaxy Digital. Raoul also shares his latest views on ARK Innovation ETFs as part of his belief in durable secular trends driven by technology that abide by Metcalfe’s Law.

Danny Moses, founder of Moses Ventures, joins Mike Green for a conversation on how to make sense of a market characterized by surging equity valuations and ultra-tight credit spreads that is nevertheless prone to gamma squeezes, forced liquidations, and the implosion of billion dollar funds. Moses, an investor profiled in the "The Big Short," compares the current boom to the bubble the predated the 2008 Great Financial Crisis and concludes that the unprecedented levels of monetary and fiscal stimulus are pushing investors further and further out on the risk curve. Green details the role of passive investing, and the two discuss the blow-ups of Greensill and Archegos. Lastly, Moses shares his insights on the cannabis sector as well as the prospect of rising inflation. Filmed on April 7, 2021. Key learnings: Risk-taking in today's market is nearing its apogee; nevertheless, Moses sees extremely promising opportunities on the long- as well as short-side. Moses stresses the importance of doing one's own research and argues that skepticism is a key for any successful investor, particularly in today's environment.