Episódios

  • My very special guest for this episode of The Grant Williams Podcast is my friend, Danielle DiMartino Booth, the CEO and Chief Strategist of Quill Intelligence LLC. and the author of the bestselling book Fed Up.

    With Fed Chair Jay Powell’s renomination the source of enormous speculation amidst a concerted push by Beltway powerbrokers to get Lael Brainard ensconced in the corner office at the Marriner S. Eccles Building, and a series of highly distasteful revelations about the private trading activity of several Fed governors (including Powell himself) in the news cycle, Danielle offers the benefit of her intimate understanding of the institution, the politics surrounding it and the individuals involved in the ongoing drama to help us understand the potential outcome and what it might mean for markets.

    This is a thoroughly entertaining and hugely informative hour that I know you’ll enjoy immensely.

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • My guest on the latest episode of The Grant Williams Podcast is my friend, Julian Brigden of MI2 partners – one of the finest macro analysts plying his trade anywhere in the world today.

    In what turned out to be a wide-ranging and enormously thought-provoking conversation, Julian outlined just how problematic the range of options facing the world’s central banks has become as inflation tightens its grip on the world economy, forcing certain central banks to take policy decisions which run counter to the interests of others for the first time in more than a decade.

    The knock-on effects for currencies of decisions made around interest rates and any possible steps designed to control yield curves are examined in the wake of the RBA abandonment of its YCC policy in recent weeks and Julian demonstrates just how high the stakes are and just how calamitous any policy mistakes will be at this juncture.

    This is sobering stuff. Please make sure you’re sitting down while listening!

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

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  • Jim Bianco of Bianco Research is the latest guest to grace The End Game and what follows is a masterful dissection of Fed policy, interest rate hike probabilities and the reasons why Jim is fully onboard with the inflationary narrative.

    Jim explains what he’s seeing in the data to suggest that it may well be time to adjust portfolios to deal with a very different problem to those faced over the last four decades and outlines just how problematic the situation facing the Fed has become.

    There’s also a fascinating discussion about cryptocurrencies’ place in The End Game and a breakdown of how DeFi offers a bright future - one which, according to Jim, may well not include any Central Bank Digital Currencies.

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • My guest in this episode of The Grant Williams Podcast is Dave Dredge of Convex Strategies in Singapore - a man with whom I had several epic conversations during my time at Real Vision.

    This time, our discussion was sparked by a recent monthly letter Dave published which examined the recent US withdrawal from Afghanistan and used it to look at financial markets through the prism of ‘self-organized criticality.’

    Dave’s ability to communicate complex ideas with brilliantly-chosen metaphors is to the fore in what was a hugely engaging conversation that will leave you with much to ponder.

    Be sure to download the letter which sparked this conversation at the link provided below - it will offer invaluable background to yet another fantastic hour of rich discourse.

    https://convex-strategies.com/2021/09/22/risk-update-august-2021/

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • My guest in the latest episode of The Grant Williams Podcast is two things - a fast-rising star in the Twitterspshere who's been producing some of the most readable and insightful commentary on the economy, financial markets and politics over the past several months... and a green cartoon chicken.In this fascinating conversation, we discuss his journey so far, the motivations behind his deciding to put claw to keyboard and several of the topics he's covered so brilliantly in recent weeks including the nascent energy crisis, supply chain shortages, inflation and the remarkable situation in the uranium market...As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • This week, on the Super Terrific Happy Hour, Stephanie & Grant are joined by the legendary Sam Zell, a billionaire investor, entrepreneur and philanthropist whose uncanny knack of knowing not just which businesses to get into, but when to let somebody else take them off his hands (at significantly higher prices) is unmatched.

    In this wonderful conversation, Steph and Grant expose the details of Sam’s first ever business venture, the personality traits which give him an edge over his competitors and the methods by which he identifies potential opportunities amidst an onslaught of pitches from people keen to have him be a part of their latest venture.

    Frank, humble and insightful, Sam is everything you’d want him to be and so much more... Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, and The Narrative Game, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm… Gold Tier subscribers have access to my new series of in-depth video conversations, About Time.

    So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to www.Grant-Williams.com and join our exciting community today!

  • My guest in the latest edition of The Grant Williams Podcast is my friend, Daniel Want, the Chief Investment Officer of Prerequisite Capital Management in Brisbane Australia.

    Daniel is truly a unique thinker - something I recognized in his written work and then had conclusively reinforced the first time we sat down to chat in person several years ago in Sydney.

    After watching a recent Investment Committee meeting Daniel very kindly shared with me, I wanted to have him join me on the podcast to allow a wider audience to understand his framework and current thinking.

    What followed was yet another eye-opening discussion which, I suspect, will have you rethinking many aspects of your own investment framework.

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • Joining Bill and Grant this time on The End Game is Harley Bassman of Simplify Asset Management.

    In a lively discussion, Harley slaps both Bill and Grant around with alacrity as he picks apart the connection between rates and inflation, the likely level of understanding at the Federal Reserve about the problems they’re creating, the importance of convexity (and the level to which it’s misunderstood) and what investors need to do to protect themselves.

    From term surfaces to the TIPs market, Harley demonstrates time and again why he’s one of the most important voices in today’s markets and ensures that, if this is your first exposure to him, you’ll be paying careful attention to what he says going forward.

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • This edition of The Grant Williams Podcast is a little different - delightfully so.

    My guest is Tim Grover, the CEO of Attack Athletics and the author of two phenomenal books Relentless and, most recently, W1nning.

    Tim will be familiar to any of you who were, like me, NBA geeks during the careers of both Michael Jordan and Kobe Bryant thanks to the work he did with both of those great champions - helping them build and strengthen not just their bodies to withstand the physical toll of a gruelling NBA season, but also their minds - enabling these two incredible athletes to handle the extraordinary pressure that comes with being an era-defining global superstar and build a winning mentality that saw them both rise above the incredible talent all around them to become the most dominant figures in one of the most highly-competitive, athletic leagues in all of sports.

    Tim explains the secret to building a winning mentality, the sacrifices that have to be made and how to deal with both victory and defeat in a manner which allows you the freedom to put setbacks behind you and move forward with a single-minded purpose.

    The lessons Tim has both learned from and taught to the world’s greatest athletes offer so much to anyone fortunate enough to hear them and apply them to their own daily lives - whether at home, or at work.

    The parallels with the world of investing are there for all to see and the candour and clarity with which Tim shares the methods he’s developed over 30-plus years working with elite athletes is beyond refreshing.

    Tim’s book, Winning is available in all the usual places and I honestly can’t recommend it highly enough.

    As you’ll hear in our conversation, I’m hardly the target audience for Tim’s work, but I found it to be enormously compelling and incredibly thought-provoking and I know you’ll feel similarly after listening to what comes next.

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • In the financial market context, the word ‘liquidity’ is three very distinct things: overused, misunderstood and crucially important.

    In the latest edition of The End Game, CrossBorder Capital’s Michael Howell joins Bill and Grant to shed some light on those three key factors, explaining how he views liquidity, why it’s so crucial and what he’s observing in global liquidity flows at the present time as well as outlining the similarities between today and previous episodes where liquidity flows offered key clues to the future path of risk asset prices.

    The importance of China’s policy actions are explained as is the recent turbulence in the reverse repo market plus, when Michael explains how global capital markets have shifted away from being a financing mechanism to something altogether different, Bill has an ‘aha moment’.

    This is yet another tremendous conversation as the search for The End Game continues.

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • The latest guest to grace The End Game is the familiar voice of Kyle Bass, Founder and Chief Investment officer of Hayman Capital Management in Dallas, TX.

    Kyle, Bill and Grant discuss Kyle’s thoughts on what The End Game may look like, with the recent outbreak of inflation likely to play a major part in the transition from the current financial system to whatever comes next.

    Kyle explains why he thinks time has run out for central banks, what he believes they’ll be forced to do and how investors should try to protect themselves against the likely outcome: deeply negative real rates.

    Kyle shares the stories of two private meetings with BoJ governors, explains why and how his Rational Investor Paradox ended up confounding its detractors and, of course, offers his thoughts on China, the current and future path of U.S. policy towards their rising rival and the potential pitfalls for the world of a swiftly-reopening economy.

    Another wonderful addition to The End Game series.As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • Our special guest on the latest edition of The End Game is Greg Jensen, the Co-CIO of Bridgewater Associates, the $140billion asset manager based in Westport, Connecticut.

    Over his 25-year career at the firm, Greg has spent an inordinate amount of time using historical precedents to construct ever-more complex algorithms to help understand and predict evolving market dynamics.

    In this fascinating discussion, Greg digs deep into the current macro environment, explaining at length how Bridgewater’s framework helps them evaluate the predicament facing the world’s central banks and formulate a set of likely outcomes in terms of both policy and market response.

    The death of the ‘transitory’ narrative, the lessons to be learned from previous periods of disruption and the advantages the shrinking set of options available to policymakers offer investors all come under the microscope as we get an insight into the investment process behind one of the world’s largest pools of capital.As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • The Super Terrific Happy Hour returns with Steph Pomboy up a mountain in bear country contemplating all kinds of fascinating data points and dissecting them in her own inimitable way.

    The conversation is filled with F-bombs as Grant and Steph ponder a cornucopia of topics from fundamentals to ‘flations to the Fed, froth and flawlessness (or lack of it).

    Steph busts out some remarkable stats that will have you scratching your head as you watch markets look through the reality and embrace the fantasy that all is well and there’s nothing to worry about.

    The housing market comes under the microscope as does the vital importance of the investing public embracing the idea that inflation is ‘transitory’. There’s something for everyone in this edition of the Super Terrific Happy Hour so dive on in...

    Every episode of the Grant Williams podcast, including The End Game, Super Terrific Happy Hour, and The Narrative Game, is available to Copper and Silver Tier subscribers at my website Grant dash Williams dot com. Copper Tier subscribers get access to all podcasts, while members of the Silver Tier get both the podcasts and my monthly newsletter, Things That Make You Go Hmmm…

    So if you enjoy what you hear on this show and want more high-quality content like it, make your way over to Grant dash Williams dot com and join our exciting community today!

  • Recently, my journey of understanding has taken me into a few shady corners of the cryptocurrrency universe and this week, I make my last foray into that world (for the time being, at least) as I talk to David Dorr, co-Founder of Coro Global and Dorr Asset management and a man who gave me so much to think about in this enormously engaging conversation.

    David explains why the way in which the U.S. correspondent banking system works is perhaps the most underestimated facet of the crypto space, why he believes ‘tokens are broken’, the likelihood that bitcoin will soon be obsolete (though something transformative will rise from its ashes) and the promise offered by tokenless Distributed Ledger Technology.

    David’s combination of knowledge, experience and skepticism is tremendously powerful and what he has to say will, I suspect, captivate you the same way it did me.

    As a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • My recent foray into the world of the stablecoin tether and the companies and personalities surrounding it has been utterly fascinating. I’ve seen many curious things during my career but the seemingly blatant nature of what certainly seems, at face value, like a gigantic fraud, has astonished me.

    In the recent June edition of Things That Make You Go Hmmm..., I dove into Tether (the company), Bitfinex and tether (the coin) and what I found blew my mind.

    Much of my research was built upon the work of a group of tether skeptics, one of whom, Bennett Tomlin, agreed to join me for this discussion to hopefully bring the story to wider attention. It’s worth pointing out that Bennett is not a crypto-skeptic, but what he’s uncovered is a complex web of deceit and obfuscation that will, I suspect, take your breath away like it did mine.

    Joining Bennett and myself is George Noble, a hugely experienced hedge fund manager with an extraordinary track record. Like Bennett, George is not anti-crypto, but his own work on Tether has led him to similar conclusions. Hopefully, this discussion between a stalwart of the financial industry and a man who has immersed himself deep in the crypto world can help both sides understand each other better and you to gain a perspective on what could well become the biggest story in crypto in the coming weeks and months...

    As a companion piece to this discussion, for a limited time, I’m making BOTH this podcast, in its entirety, and the June edition of Things That Make You Go Hmmm..., Schrödinger's Coin, free to non-subscribers.Find them at www.grant-williams.com/downloadAs a reminder, Silver Tier subscribers to https://grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game.

  • My guest this week is the founder of Calderwood Capital, the author of Popular Delusions and my friend, Dylan Grice.

    Dylan’s ability to not only think about the financial world in unconventional ways, but to communicate those thoughts clearly and effectively has placed his writing in the very top echelon of the research world.

    Now, with the founding of Calderwood Capital, Dylan has an investment vehicle through which he can take advantage of his unique, idiosyncratic ideas.

    In this conversation, we hear Dylan’s views on the inflation/deflation debate, his thoughts on Uranium’s place in the ESG debate and how, in order for investors to take advantage of the opportunities currently presented by the markets, they likely need to get more creative and go to places which might make them feel uncomfortable. We also take advantage of Dylan dropping the C-bomb to discuss you-know-what...

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • My guest in the latest episode of The Grant Williams Podcast is someone I’ve been dying to interview for a very long time – the wonderful Liz Ann Sonders, Chief Investment Strategist at Charles Schwab.

    My anticipation was rewarded with what turned out to be one of my favourite conversations to date as Liz Ann talked about her formative years working for the late, great Marty Zweig, the seismic changes she’s seen in the investment industry during her two decades with US Trust and Schwab and the importance of trying to help educate a new generation of investors in an environment which seems more and more to want to lure them away in the short term from the disciplined practices which will serve them best over the long term.

    Oh, and of course, we talk about markets in general, growth vs value, inflation vs deflation and all the other stuff about which you’d want to hear Liz Ann’s thoughts plus, we get to hear exactly where Liz Ann was in March 2009 when she and her husband heard the bell ring...

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • Dan Oliver, the founder of Myrmikan Capital and author of the upcoming book, Golden Tears: A History of Credit Bubbles, joins Bill and Grant for an absolutely spellbinding conversation about, well, the history of credit bubbles.

    Using John Law and The Mississippi Bubble as a backdrop, Dan lays out the eerily familiar path taken centuries ago by France as it tried to extend the seeming prosperity enjoyed by its citizens in the wake of a switch to fiat currency and highlights the problems faced by the French within the context of today’s central bankers.

    What do credit bubbles past have to teach us about the potential End Game for our current environment? How can a very familiar final chapter be avoided? What role do cryptocurrencies potentially play and why might a total collapse be the best solution?

    If, as Shakespeare wrote, what’s past really is prologue, you won’t want to miss this conversation.

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • Founder of The Bullion Reserve, Simon Mikhailovich joins Bill and Grant for the latest episode of The End Game to discuss the idea of a failed state being a potentially unexpected resolution to the current financial and geopolitical turbulence enveloping the world.

    Drawing on his formative experiences in the Soviet Union and his family’s subsequent expatriation to the United States, Simon explains how the collapse of an empire felt for those living under its umbrella, the parallels he sees in the West of today and the signs he’s looking for to suggest an acceleration of the move towards a catastrophic failure.

    Simon discusses the role played by gold in similar events throughout history and answers the question ‘has the West moved past the point of no return?’ in a way that may surprise you...As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!

  • Otavio ‘Tavi’ Costa is the latest guest to grace The Grant Williams Podcast and he brings with him a wealth of knowledge and experience – earned from both from his personal background and his professional journey.

    Beginning with his childhood in Brazil, Tavi shares the events in his personal life which shaped his worldview and recounts the lessons he learned as his family’s business struggled to mitigate the effects of globalization and the perils of leverage.

    From there, Tavi shares his views on the current market environment, offers his thoughts on the inflation vs deflation debate and then digs into the precious metals mining sector – explaining why companies long-ignored are likely about to become the focus of many investors’ attention.

    As a reminder, Silver Tier subscribers to https://www.grant-williams.com get access to both Things That Make You Go Hmmm… and all editions of The Grant Williams Podcast, including The End Game, The Super Terrific Happy Hour, and The Narrative Game so sign up today!