Is There A Bubble Forming In Stock Market & Private Credit? | Jonathan Treussard

Forward Guidance is sponsored by VanEck.
Learn more about VanEck Bitcoin Trust (HODL) http://vaneck.com/HODLFG.
VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/us/hodlprospectus.
__
Jonathan Treussard of Treussard Capital Management joins Forward Guidance to help define what a bubble is. By his strict definition, nothing qualifies right now. But as money flows into risk assets, valuations become stretched. Treussard has trouble with the high valuations in the U.S. market, and sees opportunities in the cheaper European and Japanese markets. He also shares his views on the risk of the “engineered yield” that comes from strategies that sell options explicitly or implicitly. Filmed on April 2, 2024.
__
Follow VanEck on Twitter https://twitter.com/vaneck_us
About Treussard Capital Management: https://www.treussard.com/
2004 Paper on Bubbles with Earl Thompson and Charles Hickson: http://www.econ.ucla.edu/workingpapers/wp836.pdf
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
__

Timestamps:
00:00 Introduction
00:45 Hallmarks Of A Financial Bubble: New Technology and Valuations Stretching Far Beyond Fundamentals
05:24 How Bubbles Remake Social Orders
07:25 Credit Bubbles Vs. Equity Bubbles
10:00 The Rise of Private Credit
11:44 In Wealth Management, Private Credit Tends To Be "More Sold Than Bought"
15:25 Private Credit Is "Concerning" But "Not A Bubble"
17:05 U.S. Stocks Are Expensive
19:55 Trade Wars & Geopolitical Blockades Are A Serious Risk To Nvidia
26:49 Europe and Japan
29:08 VanEck Ad
30:10 T-Bill And Chill Has Been Drastically Outperformed By Stock Market Beta
31:03 Investment Framework For The New Cold War
43:58 How Option Theory Applies To Economics, Investing, And Life
49:35 Jonathan's Work As A Risk Manager During 2008
55:53 Beware "Engineered Yield"

__
Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.