Shows
The Grant Williams PodcastThe Hundred Year Pivot Ep. 2 - Neil HoweIn the second episode of The Hundred Year Pivot, Demetri and I talk with the man whose work inspired us to set off on this journey together – the co-author of seminal book The Fourth Turning and author of The Fourth Turning is Here, Neil Howe.
What follows is a timely and thought-provoking conversation on generational theory and the turbulent state of not just the United States, but the entire world today. From rising partisanship and institutional decay to shifting cultural norms around religion, gender, and substance use, Neil unpacks the patterns he sees repeating—and what they migh...2025-05-091h 41The Grant Williams PodcastThe Grant Williams Podcast Ep. 101 - Tian YangIn this thought-provoking episode, I’m joined by Tian Yang of Variant Perception to explore the deep structural forces reshaping the global economy and geopolitical order. From the unintended consequences of Donald Trump’s tariff policies to China’s underappreciated resilience and strategic foresight, Tian offers a fresh, data-driven perspective on the shifting balance of power between East and West. The conversation moves beyond headlines to examine how innovation, manufacturing re-shoring, and changing reserve dynamics are altering the investment landscape.
Tian also highlights the growing divergence in policymaking philosophies between major economies and the investment opportunities arising from t...2025-05-0730 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 100 - Lynne Bryan Phipps FULL EPISODETo celebrate the 100th episode of The Grant Williams Podcast, I’m delighted to welcome my friend Lynne Bryan Phipps for a discussion unlike any of the 99 that preceded it as she and I take a personal journey into the incredible world of Integrative Equine Therapy (IET).
Lynne – an ordained minister, architect and psychologist and the founder of one of Rhode Island’s leading charter schools – also founded Beachwood Centre, an extraordinary place where Lynne and her staff provide help for those suffering from trauma, anxiety, PTSD, grief and other stress-related issues, with the aid of horses.
My...2025-05-011h 05The Grant Williams PodcastThe Hundred Year Pivot Ep. 1 - Demetri KofinasThis is a brand new podcast series for which I’ve teamed up with my good friend Demetri Kofinas, to explore and understand the changing world around us.
Welcome to The Hundred Year Pivot.
This joint effort is based on a shared belief that we are living through a once-in-a-century reordering - geopolitical, economic, moral, even spiritual. Everything – our families, societies, and governments- depends on us getting it right.
Demetri and I invite you to join us as we develop novel maps and investment frameworks to help us navigate:
• The breakdown of our ex...2025-04-2138 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 97 - Marco PapicIn the latest episode of The Grant Williams Podcast, I sit down with Marko Papic of BCA Research to explore the intricate interplay between geopolitics and the global economy. Marko, a good friend and seasoned geopolitical strategist, walks us through his invaluable framework for understanding the preferences and constraints of policymakers—a critical lens for navigating today’s rapidly shifting dynamics—before we dive into trade wars and regional integration in a conversation which delves into how political decisions are shaping financial markets and economic opportunities around the world.
Also discussed the Trump administration’s use of tariffs...2025-04-1430 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 96 - Kathleen ThelenThis terrific discussion with Kathleen Thelen examines the historical origins and rise of large retail chains and e-commerce platforms in the United States, tracing the parallels between the business models of early mail-order retailers like Sears Roebuck and modern companies like Amazon. Kathleen explainss how antitrust laws and the fragmented regulatory environment in the US enabled the growth of these large, low-cost retailers by making it difficult for alternative models like consumer cooperatives to gain a foothold.
We focus on the reliance on low-wage labor and how the prioritizing of low prices over other considerations has become...2025-04-0830 minThe Grant Williams PodcastThe End Game Ep. 55 - Fred Hickey PREVIEWJoining Fleck and me for the latest episode of The End Game is our mutual friend, Fred Hickey, the renowned High Tech Strategist. As always, Fted offers a compelling analysis of the gold and gold mining markets and, with gold tripling in price since its 2015 bottom and, while recent surges have been driven by geopolitical turmoil, money printing, and central bank buying, Fred cautions that the gold market may be overbought in the short-term and could face a correction.
When it comes to gold mining stocks, Fred is highly selective, favoring well-run companies in safe jurisdictions with...2025-03-2030 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 95 - Thomas ThorntonJoining me for the latest episode of The Grant Williams Podcast is my old mate Tommy Thornton of Hedge Fund Telemetry and, in a market increasingly driven by speculation and the allure of quick riches, we discuss whether investors are playing a dangerous game as a “gambler’s mentality” grips Wall Street – making excessive risk and leverage the norm. Tommy also challenges the prevailing narrative of ever-rising stock prices and questions the disconnect between market valuations and the underlying fundamentals of many companies.
From Nvidia’s AI-fueled ascent to the precarious perch of Tesla’s insane valuation, Tommy delves...2025-03-1012 minThe Grant Williams PodcastThe Narrative Game Ep. 10: Into The Moral Vacuum We Go… - FULL EPISODEIn a thought-provoking return for The Narrative Game, Dr. Ben Hunt and I engage in a candid conversation about the soul of America, exploring the unsettling trends eroding the nation’s moral compass. We dissect the alarming shift toward prioritizing power, efficiency, and leverage over traditional values like justice, liberty, and the common good and together we paint a picture of a society inching closer to totalitarianism, grappling with the rejection of the ideal that the U.S. should be a moral force on the world stage.
Beyond the diagnosis, we offer potential paths forward in these ch...2025-03-0648 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 94 - Ronan Manly FULL EPISODEIn the latest episode of The Grant Williams Podcast, Ronan Manly joins me for a deep dive into the fascinating world of the gold market. We explore its rich history and intricate structure, from the pivotal roles of the London Bullion Market Association (LBMA) and the COMEX futures exchange in shaping global trade, to the concept of ‘unallocated gold’ and the fractional reserve system that underpins much of the market.
We also examine the recent surge in central bank demand for physical gold, a trend that’s straining delivery systems and causing delays at institutions like the Bank of Engl...2025-03-0355 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 93 - Steve DiggleIn the latest episode of The Grant Williams Podcast, Steve Diggle of Vulpes Investment Management discusses his return to the volatility trading space after a 14-year hiatus. Steve cites several key factors that have led him to believe the risk-reward dynamic for downside hedging is now more favorable, including elevated market valuations, reduced central bank intervention capabilities, and the unpredictability of the Trump administration.
Steve also provides an update on the biotech industry, which has faced significant challenges in the post-COVID environment. He sees an unprecedented opportunity to invest in promising biotech companies whose valuations have collapsed, t...2025-02-2112 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 92 - Adam RozencwajgIn a fascinating discussion, I sit down with Adam Rozencwajg of Goehring and Rozencwajg to delve into the intricate world of commodity markets and their far-reaching implications for the global economy. The conversation uncovers a hidden dynamic in the financial landscape, where the suppression of commodity markets is fueling a widespread carry trade that has investors heavily leveraged in growth and speculative stocks. As Adam explains, this delicate balance could be on the verge of a dramatic shift, potentially leading to a significant revaluation of real assets.
We also explore the future of energy, with a particular...2025-02-1812 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 91 - Andrew McDermottIn this episode I’m joined by Andrew McDermott of Mission Value Partners to explore Japan’s remarkable journey from economic dominance to stagnation and its ongoing revival as a hub of opportunity. Andrew delves into how Japan has adapted to challenges such as demographic shifts and monetary policy constraints while maintaining its global relevance. He argues that Japan’s transformation offers valuable lessons for investors and policymakers alike, and, as Western investors increasingly take note of Japan’s strong corporate management and innovative strategies, our discussion sheds light on why Japan remains an inspiring example of reinvention in a rapidl...2025-02-1512 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 90 - Demetri Kofinas FULL EPISODEIn a deeply personal and startlingly frank conversation, my great friend Demetri Kofinas and I dissect the current state of the world around us looking for answers to what is, perhaps, a set of unsolvable problems that simply need to play out to their predetermined conclusion.
In a necessarily freeform conversation, Demetri offers a compelling exploration of the concept of “financial nihilism,” a provocative investment philosophy that sees speculative assets as devoid of intrinsic value, before we delve into the societal and economic forces driving this mindset, including the erosion of trust in institutions, the corruption of money t...2025-02-041h 35The Grant Williams PodcastThe End Game Ep. 54 - Dan Oliver PREVIEWIn another captivating episode of The End Game Fleck and I are joined by returning special guest Dan Oliver for a deep dive into the current state of global financial markets as we explore the potential consequences of shifting liquidity dynamics and their impact on the financial landscape.
Dan brings a wealth of knowledge to the table as he dissects the various sources of liquidity that are currently undergoing significant changes. From interest rate policies to the Federal Reserve’s balance sheet reduction and the Treasury’s management of its account, Dan paints a comprehensive picture of the...2025-02-0212 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 89 - Kris SidialIn the latest episode of The Grant Williams Podcast, volatility manager and Ambrus Group co-CIO Kris Sidial, returns for a thought-provoking conversation which delves into the intricacies of financial market volatility. The discussion covers a wide range of themes, beginning with an analysis of recent shifts in volatility markets that have surprised many observers before exploring the impact of institutional investor behavior on equity market dynamics, as Kris sheds light on how large-scale positioning can lead to extreme market moves.
Also under the microscope are the psychological aspects of volatility trading, as Kris offers valuable insights into the...2025-01-2312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 88 - Simon MikhailovichIn the latest episode of The Grant Williams Podcast, Simon Mikhailovich returns to explore the increasingly intertwined worlds of geopolitics, economics, and financial markets. As we enter a period of heightened global uncertainty, Simon offers valuable insights into the shifting landscape of possibilities and probabilities for major geopolitical events. The discussion delves into the “geopoliticization” of various aspects of our lives, examining how national security concerns are now taking precedence over financial and economic stability for governments worldwide. Simon also highlights the potential for severe disruptions and their cascading effects, using examples like the California wildfires to illustrate the far...2025-01-1912 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 87 - Felix ZulaufIn another thought-provoking conversation, my returning guest, renowned investor Felix Zulauf, offers a comprehensive outlook for the next 12-24 months, predicting a “roller coaster year” filled with market volatility and geopolitical tensions. Felix paints a sobering picture of the global economic landscape, highlighting China’s deflationary balance sheet recession, Europe’s political stagnation, and the United States’ deceptively strong economy masking an impending slowdown. He warns of potential market corrections, a shift from growth to value stocks, and the challenges facing inexperienced traders in these turbulent times. Additionally, we discuss the broader geopolitical context, including U.S.-China tensions and evolvi...2025-01-1612 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 83 - David MurrinIn the latest episode of The Grant Williams podcast, I’m joined by Global Forecaster, David Murrin who offers us some valuable insight into his background before we dive into a riveting discussion about lateral versus linear thinking, the cycles of empires, and the geopolitical tensions between the West and China.
David argues that the West is in decline while China is an ascendant power seeking global dominance and predicts an escalating series of conflicts, potentially leading to a third world war in the coming decade as China seeks to displace the US as the global hegemon....2024-10-251h 36The Grant Williams PodcastThe Grant Williams Podcast Ep. 81 - Jeff SartiJeff Sarti of Morton Wealth in Calabasas, CA joins me for a discussion around the ever-evolving dynamic between investor and manager the difficulties inherent in navigating changing economic circumstances through a more unconventional, more resilient approach to investing. Jeff explains how he and his colleagues try to think differently about investment strategies and portfolio diversification, particularly in the current economic environment. Jeff’s focus on building resilient portfolios that can withstand market volatility, rather than just chasing returns can be a difficult proposition in a world where quarterly returns against a benchmark have become many investors’ most important yardstick. We d...2024-09-2612 minThe Grant Williams PodcastThis Week In Doom Ep. 20: FORE! He’s A Jolly Good Fellow??? PREVIEWDoomberg and I discuss various topics including Donald Trump’s golf swing and the potential importance of his recent round with Bryson DeChambeau, the assassination attempt made on Trump’s life the week prior to its airing on YouTube, conspiracy theories surrounding the Kennedy assassination, the standing down of Joe Biden, and the potential nomination of Kamala Harris and the conspicuous lack of media coverage since these major upheavals in American politics took place. This one will no doubt set a few tongues wagging and probably drive plenty of emails from those energized by the subject matter but, at the e...2024-08-0912 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Eight FULL EPISODEIn episode eight of Shifts Happen, Luke Gromen returns to discuss the current fiscal situation and its implications for rates trading, explaining how his views on the fiscal situation have made him unpopular among rates traders, as his predictions suggest that their industry may become obsolete. We also discuss the possibility that policymakers either don’t understand the situation, refuse to acknowledge it, or are too deep in to change course, and Luke also highlights the need for a new benchmark for pristine collateral, which he believes will be gold. Also under the microscope is the latest CBO report, wh...2024-07-1754 minThe Grant Williams PodcastThe End Game Ep. 51 - Cem Karsan PREVIEWIn this episode of The End Game, Bill and Grant are joined by returning guest, Cem Karsan, founder of Kai Volatility, for a mind-bending conversation about the importance and influence of structural flows passive investing and structured products. Cem explains that the market is currently being supported by these structural flows, which have kept the market from experiencing normal fundamentals. However, Cem explains why he believes that at some point, these structural forces will be overcome by fundamental negatives and valuations, leading to a major market correction. Also discussed are the importance of volatility and dispersion in the market...2024-07-1612 minThe Grant Williams PodcastThe End Game Ep. 50 - Le Shrub PREVIEWIn this episode of The End Game, Bill and Grant are joined by the excellent “Le Shrub,” an anonymous Twitter account both of us have followed religiously for several years. Le Shrub discusses his approach to investing and his use of social media as a feedback loop mechanism. He also shares his views on Japan’s monetary policy, the role of gold and real assets as hedges against fiscal recklessness, and the potential for a market crash after the US election. We discuss the importance of having an outsized allocation to commodities and cash-flowing assets to protect against the risks p...2024-07-1512 minThe Grant Williams PodcastThis Week In Doom Ep. 19: Chicken In A China Shop PREVIEWIn the latest episode of This Week In Doom, Grant and Doomberg turn their focus to China’s strategic push to become self-sufficient in semiconductor technology, drawing parallels to its successes in electric vehicles and solar energy. Along the way, Doomberg highlights China’s use of intellectual property theft and internal competition to establish national champions like Huawei and we also cover the geopolitical implications of U.S. and European sanctions on China, emphasizing the potential for China to dominate despite Western efforts. Finally, we pick apart the shifting global power dynamics, particularly the weakening of U.S. dollar hege...2024-07-1412 minThe Grant Williams PodcastThe End Game Ep. 49 - Paulo Macro PREVIEWJoining Bill and me for the latest episode of The End Game is fintwit superstar Paulo Macro as we pick apart the problems facing a series of central banks and try to handicap the various outcomes they face as The End Game approaches. On the slate are the Japanese economy, the yen, the Chinese renminbi, and the outlook for gold, with Paulo suggesting that Japan may have a longer road ahead in terms of fighting external pressures and that the BoJ may be able to turn the tide on the yen in the near- to medium-term. We also discusses...2024-07-1312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 79 - Mark J. HigginsJoining me for this episode of The Grant Williams Podcast, is author Mark J. Higgins who has just published his excellent new book ‘Investing in US Financial History.’ We begin by discussing the overall importance of understanding financial history and segue into a conversation about the comprehensive narrative of the US financial system from 1790 to the present which his book provides. Mark highlights the role of key figures such as Alexander Hamilton, discusses the establishment of the Federal Reserve in 1913 and introduces one of the least-known, but perhaps biggest trailblazing characters in US financial history: Hetty Green. Higgins also shar...2024-05-1012 minThe Grant Williams PodcastThe End Game Ep. 48 - Gerard Minack PREVIEWJoining Bill Fleckenstein and me once again is our favourite Aussie-based analyst, Gerard Minack, who returns to The End Game to discuss various topics including Japan’s economy and market, US fiscal and monetary policy, central bank independence, gold, and the US dollar. Gerard shares his views on Japan, explaining that while he believes the Japanese equity market is worth being bullish about, he’s not quite as optimistic about the country’s economy. He also addresses the issue of everybody’s favourite issue – Japan’s public sector debt, which Gerard believes is often exaggerated and that the crucial figure to un...2024-04-2612 minThe Grant Williams PodcastSuper Terrific Happy Hour Ep. 22 - Let's Give Them Something To Talk AboutSteph and Grant return to discuss allllll kinds of stuff including (but not limited to) private credit, the Fed’s balance sheet (I know, I know) inflation and the reality around the market’s curious reliance upon rate cuts.
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game, Kaos Theory and Shifts Happen, 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...2024-04-1512 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 78 - Travis Kling FULL EPISODE
My guest on this edition of The Grant Williams Podcast is Travis Kling of Ikigai Asset Management, who joins me to explore a concept gaining increasing traction in today’s market environment – financial nihilism. Along the way, we also discuss the delicate balance between keeping interest rates low and inflating our way out of debt, the challenges faced by central banks in managing monetary policy to support economic growth while preventing excessive inflation and the potential impact of technological innovation on inflation as well as the possibility of a great wealth transfer from older generations to younger ones. Of cour...2024-04-091h 15The Grant Williams PodcastThe Grant Williams Podcast Ep. 77 - Brent JohnsonJoining me on this episode of The Grant Williams Podcast is my great friend Brent Johnson of Santiago Capital, for a discussion about global markets and, of course, The Milkshake Theory.
Brent explains how he uses the Theory as a framework to help him understand how a sovereign debt and currency crisis might play out and how, though he’s been uncertain about markets recently, this framework has helped him navigate the volatility.
Brent emphasizes the importance of remaining objective and questioning one’s own beliefs, as well as the need to be prepared for draw...2024-04-0912 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 76 - Michael HowellReturning to the podcast this time out is Michael Howell of CrossBorder Capital, and what a return it is as we discuss the continuing (some would say escalating) importance of liquidity in global markets. Michael explains how central banks have been the main source of liquidity since the 2008 financial crisis, with their primary goal being to preserve the integrity of sovereign debt markets and ensure a smooth refinancing environment for some $350 trillion of debt. He also highlights the British gilt crisis in September 2022 as a wake-up call for policymakers, signaling that markets are no longer robust and are, in...2024-03-2812 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 75 - Remi TetotRemi Tetot, the man behind The Mad King, joins me for a discussion around three of his most recent pieces of research. We discuss Remi’s observations around the Bitcoin ETFs and his views on the current up-cycle in crypto before switching to the growth potential of India, during which we discover a fascinating opportunity as India’s GDP expands with inevitable consequences for its defence sector. Finally, we switch our attention to the Magnificent 7… sorry, Magnificent 6, as Remi picks apart the fascination with NVIDIA, AI and data centres, drawing parallels to the broadband ‘revolution’ of the late-1990s.
Ever...2024-03-2012 minThe Grant Williams PodcastThis Week In Doom Ep. 18: Something For Everyone PREVIEWJoin Doomberg and I as we discuss several topics sure to stir even the most languid of blood including the ongoing conflict between Russia and Ukraine, the changing nature of warfare with the rise of drone technology, and the concept of peak cheap oil. Doomberg’s argument that peak cheap oil is a fallacy and that human ingenuity will always find ways to extract and produce more hydrocarbons has garnered plenty of attention (and pushback) in recent weeks so here’s another chance to understand why and to hear about the backlash they received for their views on the matt...2024-03-0612 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Seven FULL EPISODEA long-overdue episode seven of Shifts Happen sees Luke Gromen return to discuss the pace at which three things are happening: the acceleration of the US fiscal crisis and debt spiral, the Fed’s policy mistake of not letting inflation run hot enough, and the de-dollarization of global oil markets.
Luke explains that China needs to de-dollarize its oil imports and commodity imports to avoid a currency crisis, which is driving the de-dollarization of global oil markets and also highlights the importance of gold in this process, as China needs gold to work in order to improve it...2024-02-161h 01The Grant Williams PodcastThe Grant Williams Podcast Ep. 74 - Julian Brigden 2024As we ease our way into 2024, I’m delighted to welcome back my great mate, Julian Brigden to the podcast. Julian is the co-founder of independent research firm MI2 Partners and, as he’s demonsrated in previous conversations, a hugely insightful and incredibly entertaining guest!
This time out, he and I discuss, amongst other things, the Goldilocks narrative, the potential risks in the current market environment, the performance of Tesla stock, the Chinese stock market, and the outlook for gold. Julian expresses his skepticism around threading the Goldilocks needle and highlights the historical challenges of achieving a soft...2024-02-0712 minThe Grant Williams PodcastThe End Game Ep. 47 - The Two Mikes PREVIEWReturning to The End Game as we begin the year with a bang are the brains behind Simplify, The Two Mikes, Green & Taylor who take turns picking apart just about ever facet of the financial and political spectrum.
From the growth of passive investing and its potential impact on the market to the importance of understanding the holdings and flows of passive funds, The Two Mikes hold court in typically forthright fashion.
Also under the microscope are the behavior of stocks like Tesla and Apple, and how fundamental valuations will eventually come into play. The co...2024-01-2612 minThe Grant Williams PodcastThe Grant Williams Podcast: Peter Zeihan - FULL EPISODEMy guest in this edition of The Grant Williams Podcast is a man who finds both himself and his field of expertise at the very heart of recent events in Ukraine, geopolitical strategist and author, Peter Zeihan.
Peter’s books, The Absent Superpower, The Accidental Superpower and Disunited Nations have been incredibly helpful to me in understanding the strengths and weaknesses of not just the global geopolitical landscape as a whole, but also the individual countries involved in the escalating tensions.
His upcoming book The End Of The World Is Just The Beginning is set to...2024-01-111h 14The Grant Williams PodcastThe Grant Williams Podcast Ep. 73 - Michael Oliver 2023Joining me for the final episode of The Grant Williams Podcast in 2023 is returning guest, Michael Oliver, the brains behind Momentum Structural Analysis (MSA) – one of the most original and, in my experience, accurate forecasters of asset prices right across the spectrum.
In a hugely enjoyable conversation, we discuss the current state of the markets and what to expect in 2024. Michael explains his unique approach to technical analysis, which focuses on momentum rather than price, and emphasizes the importance of looking at long-term trend structures and how they can provide a different perspective on market patterns.
...2023-12-3112 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 72 - Jesper KollIn the penultimate episode of The Grant Williams Podcast for 2023, I’m delighted to welcome Jesper Koll, a long-time resident of Japan and former Chief Strategist and Head of Research for U.S. investment banks J.P. Morgan and Merrill Lynch for a discussion about the current state of the country’s economy and the many Western misperceptions about the investment opportunities available in the world’s third-largest economy.
Jesper discusses the quiet revolution taking place in Japan and the positive changes that have occurred over the past few decades, highlighting the improvements in quality of life, public...2023-12-2912 minThe Grant Williams PodcastThis Week In Doom Ep. 17 - Moles, Meat & Mayhem - FULL EPISODEThe Green Chicken is back to discuss three excellent recent pieces spanning Western sanctions against Russian oil and their unintended consequences, the preposterous words of a high-ranking member of the US House Ways & Means committee around the 'creation' of hydrogen and the ongoing attempts to wean the world off a diet of meat.
As always, Doomberg brings a little much-needed sanity to the debates around all three issues, using outdated concepts such as science and common sense to debunk much of what mainstream media is force-feeding its consumers.
As the world around us gets a...2023-12-0950 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 67 - Felix ZulaufReturning to The Grant Williams Podcast for the latest episode is my dear friend, and most requested guest, Felix Zulauf.
Once again, Felix offers a comprehensive roadmap for the coming months, including another tour de force assessment of bond markets, equity markets, currencies, commodities and the various (and mounting) geopolitical challenges facing investors in all corners of the globe.
Felix walks us through his framework for 2024 and 2025, explains where adjustments have been made from his eerily prescient predictions a year ago and outlines the results of his constant reevaluation of the various short- and long-term...2023-12-0612 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 66 - Zeke FauxAs Sam Bankman-Fried is found guilty on all seven counts in the biggest crypto-related trial to date, I’m joined by author Zeke Faux, whose scintillating new book Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall has been the must-read book of the summer for me.
Equal parts hilarious, head-scratching and powerful, Zeke does a tremendous job of taking us inside the crazy world of crypto – starting with a subject close to my own heart: Tether.
Zeke follows the trail of extraordinary characters who inhabit the ecosystem of the world’s biggest stableco...2023-11-1912 minThe Grant Williams PodcastThe End Game Ep. 45 - James Aitken PREVIEWReturning to The End Game is The Lord of the Dark Matter himself, James Aitken. Among the topics under discussion is the (under appreciated) potential for a normalization cycle by the Bank of Japan. James suggests the BOJ may attempt a policy rate normalization due to structural reforms and the need to revitalize the equity culture in Japan which, it’s fair to say, would send the horses scuttling from the barn. James also highlights the potential spillover effects and changes in incentives for Japanese savers, which could impact global bond markets and capital flows.
Every episode of...2023-10-2312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 64 - Diana ChoylevaDiana Choyleva of Enodo Economics joins me on the latest episode of The Grant Williams Podcast to discuss the current state of China’s economy and its relationship with the US. Diana highlights the challenges China is facing, including demographic issues, over-investment, and the need for productivity growth and she also discusses the role of digitization in China’s economic transformation and the potential risks and opportunities it presents. Also emphasised is the importance of understanding the complexities of China’s economy and its geopolitical ambitions.
Every episode of the Grant Williams podcast, including This Week In Doom...2023-10-1912 minThe Grant Williams PodcastSuper Terrific Happy Hour Ep. 19 - How do you solve a problem like inflation?In the latest episode of The Super Terrific Happy Hour, Steph and Grant are joined by an all-star panel of guests to discuss the macro environment as it pertains to inflation and how each of them is using their vast experience to position themselves correctly for the way they see the inflationary pulse playing out.
James Davolos of Horizon Kinetics, Adam Rozencwajg of Goehring & Rozencwajg and Dave Iben of Kopernik Global Investors join forces to offer a series of hugely enlightening perspectives about where the world finds itself, how we got here and, importantly, not only where...2023-10-0825 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 63 - David HayJoining me on the latest episode of The Grant Williams Podcast is my great friend, David Hay, Co-CIO of Evergreen GaveKal and the author of the excellent Substack Haymaker.
Dave and I have known each other for the best part of fifteen years and have spent countless hours debating markets, testing hypotheses and helping each other understand and chart a course through increasingly difficult markets.
This time around, the matters at hand included the wisdom of Seth Klarman, the Not-So-Fabulous Four, the debate about a soft- or no-landing scenario, the US consumer, oil markets and...2023-09-1012 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 62 - Chris JoyeJoining me on the podcast for this episode is Chris Joye, Founder and Chief Investment Officer of Coolabah Capital Investments in Sydney Australia, a multi-billion dollar long/short credit fund founded in 2011. I’ve been following Chris for a number of years and was delighted to finally get the chance to talk to hm and the conversation more than lived up to my lofty expectations. Subjects under discussion include why Chris believes the market is underestimating how long higher inflation will persist (and the ramifications that will surely follow), why he believes this time the world’s central banks will...2023-09-0112 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 61 - Marvin BarthJoining me on the latest episode of The Grant Williams Podcast is Marvin Barth – a man whose path through the financial maze has encompassed just about every facet of the industry. From the US Treasury, to the Federal Reserve, the BIS, the sell-side, the buy-side and now a proprietary independent research business, Marvin’s wealth of experience has spawned an incredibly original and extremely broad perspective on just about every aspect of financial markets. In a remarkable and wide-ranging conversation, Marvin explains how he uses thematic ideas to help understand and explain market movements and we dig deep into seve...2023-08-2412 minThe Grant Williams PodcastThe End Game Ep. 45 - Kris Sidial PREVIEWJoining us for this episode of The End Game is Kris Sidial, Co-Chief Investment Officer of The Ambrus Group, a tail-risk manager specializing in volatility strategies. Kris and his team seek to offer investors tail-risk protection without the associated 'bleed' in premium during times of dampened volatility so, with September fast-approaching, we thought it was a perfect time to chat with him as markets prepare to wake from their traditional summer slumbers.
Kris' thoughts about what to expect as we move towards the back end of 2023 are incredibly interesting, with his expected scenario for the rest of...2023-08-1412 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 60 - Richard O’LearyJoining me in the latest episode of The Grant Williams Podcast is entrepreneur Richard O'Leary, President of Culture Tech, a fascinating project seeking to use technology to catalog and secure the rights of artists and creators in an increasingly fragmented and complex world.
Through his background as a senior marketing executive, Richard's deep understanding of brand and IP helped him identify what is a multi-billion dollar gap in a world where content is being created in ever-more diverse media.
What role can Blockchain play in finding a potential solution to the problem of IP theft a...2023-07-2712 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Six PREVIEWThe subject at hand in episode six of Shifts Happen is the potential for a new commodity-backed BRICS currency and, joining us to kick the idea around is Josh Crumb, Founder and CEO of Abaxx Technologies.
Through his work at Abaxx, Josh is perfectly placed to discuss the importance of physical settlement in the commodity markets and the practical limitations of introducing a currency that requires settlement through physical transfer.
Also up for discussion is the wider connection between energy and interest rates as Josh shares with us the lessons learned from decades of experience...2023-07-2512 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 59 - Tom Bachrach - PREVIEW
Joining me fr this episode of The Grant Williams Podcast is Tom Bachrach, CIO of PFH Capital, a value investing partnership in the Philadelphia area.
Several of Tom's letters to his investors caught my eye in recent months and so I invited him onto the show to talk to me about how an investor looking for undervalued, sustainable businesses goes about navigating the new investment landscape - one of rising rates, falling inflation and ever-escalating madness.
Our conversation took numerous twists and turns from value investing to debt and...2023-07-1512 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 58 - Matt Barrie - FULL EPISODEJoining me in this episode of The Grant Williams Podcast is the Sydney-based CEO of Freelancer.com, Matt Barrie.
Matt was recently invited to give the opening keynote at the Sydney Morning Herald's Sydney 2050 Summit and, it's safe to say that, once Matt left the stage 40 minutes later, the room had been stunned into silence.
The Australia Matt laid bare was a long way from the idyllic, sun-kissed 'Lucky Country' of popular consciousness and far more in keeping with the portrait painted in the pages of Things That Make You Go Hmmm... over the last sever...2023-07-0757 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 55 - Matt Stoller - PREVIEWJoining me in this episode of The Grant Williams Podcast is Matt Stoller, former Congressional staffer and author of Goliath: The 100-Year War Between Monopoly Power and Democracy and the excellent Substack BIG.
Matt's work on the threat posed by monopoly power is exceptional and, in this fascinating conversation we cover the challenges he's faced in taking on Big Tech monopolies, the anti-capitalist consequences of monopolistic corporate power, his experiences on The Hill during the 2008 Global Financial Crisis and his bipartisan approach to changing the current political landscape in the United States.
There's so much at...2023-05-2612 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 54 - Danielle DiMartino Booth - PREVIEWJoining me on this edition of The Grant Williams Podcast is returning guest, Danielle DiMartino Booth, CEO and Chief Strategist at QI Research, LLC in Dallas, TX.
Danielle's knowledge of the inner workings of the Federal Reserve has been invaluable both to her clients and the broader financial community in recent years and her analysis of the predicament in which the Fed finds itself and the fast-disappearing options at their disposal to extricate themselves has found a hungry audience.
This time up, Danielle explains her latest thinking on the state of the economy, how we...2023-05-2612 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Five PREVIEW
Episode Five of Shifts Happen brings into focus the recent 'quickening' around the de-dollarization narrative and the impossible-to-ignore elevation in comments from world leaders questioning the logic underpinning their forced adoption of the US dollar in many cross-border trades.
From the numerous bilateral trade agreements being struck that circumvent the dollar to the rising percentage of cross border trade being conducted by China in renminbi, Grant and Luke discuss the crucial difference between the dollar as a reserve currency and its role as a reserve asset - one of which is coming under...2023-05-0112 minThe Grant Williams PodcastThe End Game Ep. 43 - Steve Eisman PREVIEWBill and Grant return for a no-holds-barred conversation with the great Steve Eisman of The Eisman Group within Neuberger Berman. Steve is no stranger, thanks both to his exploits during the GFC and the stupendous portrayal of those exploits by Steve Carell in the movie version of Michael Lewis' wonderful book, The Big Short.
Steve explains the history of paradigm shifts and tells us why he feels we are at the point of another major change - not only in the investment landscape but also in broader society.
The recent meltdown in the mid-size banking secto...2023-04-2712 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 52 - Brendan Ballou - PREVIEWAuthor Brendan Ballou joins me to discuss his superb new book, Plunder: Private Equity's Plan to Pillage America in the latest episode of The Grant Williams Podcast. After graduating Columbia and Stanford Law, Brendan served as a Federal prosecutor and Special Counsel for Private Equity in the Justice Department's Antitrust Division, where his mandate was to investigate private equity's influence on financial markets.
What he found shocked Brendan and moved him to write a book chronicling the outsize effect private equity has had in so much of American life over the last several decades.
From...2023-04-2612 minThe Grant Williams PodcastThe Narrative Game Ep. 9: Dollars, Indictments & ChatGPT - FULL EPISODEIn the ninth episode of The Narrative Game, Epsilon Theory's Dr. Ben Hunt returns to discuss the narrative aspects of the sudden surge in mainstream commentary around the drive towards de-dollarization on the part of China, Russia, Iran et al. Suffice to say, all is not what it might seem.
Elsewhere, with the indictment of former President, Donald J. Trump filling the news cycle, Ben offers a few thoughts on the potential motives behind the headlines, who might stand to benefit and whether this particular strategy might pay off.
Finally, we discuss the revolution that...2023-04-2052 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 51 - Peter Atwater - FULL EPISODE
My returning guest in this edition of The Grant Williams Podcast is my friend Peter Atwater, Founder of Financial Insyghts and Adjunct Professor at the College of William & Mary. Peter's stellar work on the importance of mood and confidence has long been an important touchpoint for me when evaluating market conditions and likely paths ahead - never more so than this week.
Given recent events, I wanted to try and add something to a conversation that has become noisier by the day. There are plenty of opinions and perspectives flying around (to which...2023-03-1558 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 50 - Diana Choyleva PREVIEWMy guest on this episode of The Grant Williams Podcast is Diana Choyleva, the Founder and Chief Economist of Enodo Economics, an independent macroeconomic and political forecasting company that focuses on China and its global impact.
Our conversation centres, of course, around China, as Diana explains how her background growing up in Bulgaria has helped her understand the ways in which the Communist Party of China both thinks and functions.
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts...2023-03-1312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 49- Julian Brigden PREVIEWJulian Brigden of MI2 Partners returns to the podcast to cast a considered eye over the macro landscape. With a litle help from Xenia Onatopp, Plenty O'Toole and Pussy Galore, Julian explains why James Bond movies offer useful clues to aid our understanding of current conditions and why investors may not be as invincible as they perhaps believe themselves to be.
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at...2023-03-1312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 48- Simon Hunt PREVIEWMy returning guest on this episode of The Grant Williams Podcast is a dear friend of many years - Simon Hunt, founder and proprietor of Simon Hunt Strategic Services.
Simon's experience in China over four decades has provided me with an important counterpoint to many Western-based views of the Middle Kingdom over the years - one firmly rooted in personal experience, deep personal connections and a willingness to look past consensus thinking.
In this conversation, we discuss the status quo in China along with the wider geopolitical situation, Simon's roadmap for the next couple of...2023-03-0212 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 47- David Dorr FULL EPISODEOK Folks, buckle up as things are about to take a turn for the extra-terrestrial as my guest, David Dorr of Dorr Asset management returns to the podcast to discuss the recent spate of Unidentified Flying Object sightings which has been blanketing the media over the last several weeks.
David has been following this story for many years and he joins me to explain several key changes in the attitude to UFOs on the part of governments, chronicle the evolution in transparency around the subject, confirm a few conspiracy theories, highlight some key names in the world...2023-03-0254 minThe Grant Williams PodcastThis Week In Doom Ep. 13 - Traincrash Journalism - FULL EPISODEIn the latest episode of This Week in Doom, The Green Chicken discusses a couple of recent pieces the Doomberg team published which have attracted a significant level of attention. One covers the recent train derailment in East Palestine, OH, the other Seymour Hersh's article about the destruction of the Nord Stream Pipeline.
As always, Doomie doesn't shy away from offering a thoughtful and well-researched appraisal of both events and, as always, the team's assessments have stirred up plenty of emotion amongst their readership.
Every episode of the Grant Williams podcast, including This Week In...2023-03-021h 08The Grant Williams PodcastThe Grant Williams Podcast Ep. 46- Michael Howell PREVIEWAfter a hiatus forced by technical issues in the editing bay, we're back with the first of three new episodes this week - this time featuring my special guest Michael Howell of Crossborder Capital, who returns to the show to talk about liquidity in a fast-changing market environment.
After a useful primer on the different ways of thinking about liquidity as a phenomenon, Michael explains why and how Japan is the canary in the coal mine we've all feared it to be for so long, highlights the dangers of the crowding out of private capital in sovereign...2023-02-1312 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 44 - David Dorr PREVIEWMy returning guest in this edition of The Grant Williams Podcast is David Dorr of Dorr Asset Management. David returns to discuss the fallout from FTX, the toppling dominoes it may set in motion, and what it means for the likes of Binance, DCG and Tether.
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and Gold Tier subscribers at my website www.Grant-Williams.com.
Copper Tier subscribers get access to all podcasts...2022-12-2912 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 43 - Kim Ann Curtin FULL EPISODEMy guest on this episode of The Grant Williams Podcast is Kim Ann Curtin, aka The Wall Street Coach. Kim, a 24-year veteran of Wall Street, has traded Brooklyn for Big Island of Hawai'i, where she has established an executive and trading coaching practice that works with a series of founders, CEOs and senior level executives at Fortune 500 companies around the world to help them hone and sharpen their performance.
In a fascinating conversation, Kim and I begin with the subject of fear, greed and need before branching out into a discussion about universal needs and how...2022-12-231h 02The Grant Williams PodcastThe End Game Ep. 39 - David Einhorn PREVIEWThe latest guest to grace The End Game series is hedge fund legend, value investor, reformed shortseller and poker wizard, David Einhorn.
In a greatly anticipated conversation, Bill and I get the chance to quiz David about his recent comments on the death of value investing, the challenges posed by investing in a bear market and the likelihood that inflation, far from being transitory, is now structural.
Throw in a dissection of where central banks find themselves, and a fascinating glimpse into David's experiences at some of the highest stakes poker tables in the world...2022-10-3012 minThe Grant Williams PodcastThe End Game Ep. 38 - James Aitken PREVIEWWhen James Aitken calls and says we need to record another episode of The End Game based on the events of recent weeks, Fleck and I dropped everything and got him on the phone immediately.
In this superb conversation, James lays out how and why the turmoil in the UK happened and explains the implications — which extend into the depths of financial market plumbing, an area James knows better than just about anybody.
LDIs, Linkers, the box into which the Fed has painted itself and the dreadful predicament facing the BoJ all come under the mi...2022-10-3012 minThe Grant Williams PodcastThe End Game Ep. 37 - Gerard Minack PREVIEWEpisode 37 of The End Game sees Bill and Grant welcome back Gerard Minack of Minack Advisors for a discussion on the current market environment, the reality of the inflationary pulse upending markets and the path Gerard believes we take from here.
Gerard’s one-man mission to convince the world that Central Bankers aren’t responsible for the unfolding disaster in financial markets runs headlong into a man with a hammer to whom everything looks like a nail in Fleck but the case Gerard makes is extremely thought-provoking.
As Gerard says, investor sentiment is a three-month trai...2022-10-3012 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Three PREVIEWEpisode Three of Shifts Happen focuses on a fast-moving world that seems to get trickier by the day.
The importance of energy self-sufficiency is revealing itself and that is shifting the power from formerly strong hands into the hands of those once considered weaker players.
The war in Ukraine is amplifying the situation in mainstream media headlines but, away from those, there is a balance sheet contest taking place that reveals an entirely different pecking order - one which potentially upends the global power structure.
Western sovereign debt markets are now under immense...2022-10-2312 minThe Grant Williams PodcastThe End Game Ep. 36 - Ed Chancellor PREVIEWIn the latest episode of The End Game, Bill and Grant welcome author and financial historian non-pareil, Edward Chancellor back to talk about his new book The Price Of Time.
During his first appearance on The End Game, Ed teased us with a book he was in the process of wrapping up which would chronicle the history of interest rates and tell the story of the cost of money over the course of history.
Now, with the book appearing on multiple bestseller lists, Ed joins us to discuss what he learned as he trawled through...2022-09-1212 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 38 - Sir Steven Wilkinson PREVIEWThe latest episode of The Grant Williams Podcast features the wonderful personality and profound intellect of Sir Steven Wilkinson - a man I’ve admired for a long time and who, earlier this year, I had the great pleasure of spending a day with as part of the Gold Tier About Time series.
The genesis of this particular conversation was, as you’ll hear, Steven graciously pointing out to me where I was completely wrong in my thinking about the EU and, in particular, Germany. Having read my last Things That Make You Go Hmmm... and listened to m...2022-08-2012 minThe Grant Williams PodcastThe Narrative Game Ep. 8: N.E.W.S.In the latest episode of The Narrative Game, Ben and Grant discuss the Narrative Early Warning System (N.E.W.S.) developed by Ben and Rusty Guinn to help not just investors, but everybody understand and sidestep the increasing amount of ‘controlled’ news funneled into our social media feeds, news sources and conversations with friends.
NEWS is the culmination of a 30 year-long project which Ben has been developing since his earliest academic research and is designed to alert people to the signals and clues that what you may be reading has been delivered to you at a very...2022-08-1944 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 37 - Peter Zeihan PREVIEWThe latest episode of The Grant Williams Podcast sees the welcome return of geopolitical strategist and author, Peter Zeihan - a man who has, in his previous two appearances, shaken many long-held assumptions about the balance of geopolitical power.
This time Peter trains his gaze on Europe, picking apart the strengths and weaknesses of the EU as it tries to navigate its way through the most serious energy crisis in living memory as well as inflation that is headed for double digits.
Peter’s conclusions will likely surprise many as he singles out one particular co...2022-08-0912 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 36 - Dan Oliver PREVIEWAfter his appearance on The End Game last year, I’ve had countless requests to bring back my latest guest for another conversation to discuss the state of the monetary world with a special focus on precious metals and though his encyclopedic historical lens.
Dan Oliver is a great friend and has the kind of brain I never tire of picking so I’m delighted he’s been able to find some time to grace the podcast once again.
In another wonderful conversation, Dan once again dusts off the history books to provide colour and contex...2022-07-1612 minThe Grant Williams PodcastThe End Game Ep. 35 - Jeff Currie PREVIEWEpisode 35 of The End Game sees Bill and Grant welcome Goldman Sachs Global Investment Research Global Head of Commodities Research, Jeff Currie for a discussion around the current dynamics in the commodities sector and their potential place in The End Game.
Jeff’s thoughts on the importance of the only two asset classes in the green this year — ‘hydrocarbons and carbohydrates’ — are extremely eye-opening and the masterful job he does in explaining the need for positive, pro-energy policy change in an era of overwhelming focus on climate change is both balanced and thought-provoking.
The importance of putting...2022-07-1312 minThe Grant Williams PodcastThe End Game Ep. 34 - Greg Jensen PREVIEWEpisode 34 of The End Game sees the welcome return of Bridgewater Associates co-CIO, Greg Jensen who joins us again to reflect on his enormously prescient first appearance just under a year ago.
(That episode is now available in full at https://www.grant-williams.com/podcast/the-end-game-ep-24-greg-jensen )
During that original conversation, Greg called the current inflationary headwinds roiling the worlds of central bankers and consumers alike and explained how what he saw coming would affect policy decisions and consumer behaviour.
In another superb hour of insightful thinking, and with just about everything he...2022-07-0712 minThe Grant Williams PodcastThis Week In Doom Ep. 7 - Kentucky Fired Chicken!On the seventh episode of This Week In Doom, Grant and The Green Chicken take a dive into some of the recent pieces published by the Doomberg team, zeroing in on ludicrous energy policies, the real definition of the scientific method, the move to censor open debate, the strength of the Russian Ruble and tactics the Biden administration should implement in order defeat Vladimir Putin
Every episode of the Grant Williams podcast, including This Week In Doom, The End Game, The Super Terrific Happy Hour, The Narrative Game and Shifts Happen, is available to Copper, Silver and...2022-07-0612 minThe Grant Williams PodcastThe End Game Ep. 33 - James Aitken PREVIEWThe Lord Of The Dark Matter, James Aitken returns to The End Game to handicap the predicament in which central bankers find themselves now that the RBA has been forced away from yield curve control and Japan's currency and JGBs (the fabled Widowmaker Trade) are once again in the crosshairs of the bond market
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, The Narrative Game, This Week In...2022-07-0612 minThe Grant Williams PodcastThe End Game Ep. 32 - Judy Shelton PREVIEWIn the latest episode of The End Game, Bill Fleckenstein and I have the great privilege of welcoming Judy Shelton to the podcast for a discussion that helps place one of the key missing pieces into the puzzle we’ve been attempting to assemble – the honest and frank perspective of a central banking insider.
After her nomination to the board of the Federal Reserve by President Donald Trump in 2018, Judy’s appalling treatment at her Senate confirmation hearings demonstrated the very worst of partisan politics at an incredibly toxic time in America.
A letter signed by 100...2022-06-0512 minThe Grant Williams PodcastThe Grant Williams Podcast: Shifts Happen - Episode Two PREVIEWEpisode Two of Shifts Happen shines a spotlight on the shift between the ‘paper’ markets and the ‘real’ markets as the importance of energy supplies becomes ever more apparent in a world where battle lines are being drawn, supply lines are being stretched and, in the case of the EU, economic suicide is being committed.
What happens to the dollar? Will the US balance of payments finally start to matter and what are the chances of a hyperinflationary outcome? All of these questions and more are pondered in the wake of the surprising strength of the rouble and the...2022-06-0212 minThe Grant Williams PodcastThe Grant Williams Podcast Ep. 34 - Tarric Brooker PREVIEWMy guest in this edition of The Grant Williams Podcast is Tarric Brooker, an Aussie analyst who has become a must-follow for me and I think anyone interested in better understanding Australian politics, markets and, of course, the country’s fabled housing bubble.
Tarric and I spoke on the eve of the Australian general election – an event in which the incumbent Liberal PM, Scott Morrison was unceremoniously ousted in favour of Labor’s Anthony Albanese (or ‘Albo’ to Aussie voters!!).
The one thing that both parties have in common is an unhealthy desire to make sure the p...2022-05-3012 minThe Grant Williams PodcastThis Week In Doom Ep. 6 - Bennett Tomlin & George Noble FULL EPISODEOn the sixth episode of This Week In Doom, Doomberg and I turn our attention to the world of cryptocurrencies — or rather, stablecoins — in the wake of the recent collapse of Terra/Luna and the astonishing spectacle of a $60 billion meltdown.
Joining us are two high profile critics of the crypto space, Bennett Tomlin and George Noble. Bennett and his co-host Cas Piancey have been at the forefront of thoughtful criticism of the cryptoverse with their excellent podcast, Crypto Critics Corner, while George has taken the bit between his teeth on behalf of Wall Street and become an E...2022-05-241h 29The Grant Williams PodcastThe Grant Williams Podcast Ep. 33 - Tian Yang PREVIEWMy guest on this episode of The Grant Williams Podcast is Tian Yang of London-based independent research providers, Variant Perception.
Variant Perception’s pedigree is best-in-class. Their research uses a framework of proprietary leading economic and liquidity indicators to identify investment opportunities across asset classes. Those indicators are a great blend which cover tactical, cyclical and structural time horizons.
In this conversation, Tian and I discuss what those indicators are telling him, how inflation changes the landscape, the signals being sent by term premiums and the sea change that may finally allow those brave enough to...2022-05-1612 minThe Grant Williams PodcastThe End Game Ep. 32 - David Hay PREVIEWJoining me on this installment of The Grant Williams Podcast is my friend, David Hay of Evergreen GaveKal in Bellevue, WA.
David and I discuss the dilemma facing central banks, the ways in which the return of inflation change the investment landscape, the ongoing tech wreck, the importance (and reliability) of David’s preferred measure of breakouts and breakdowns, the painful lessons he learned before discovering that particular measure and energy - a space in which David has been investing for many years
As a reminder, Silver Tier subscribers to https://www.grant-williams.com get ac...2022-05-1612 minThe Grant Williams PodcastThe End Game Ep. 31 - Michael Kao PREVIEWJoining us in the latest installment of our search for The End Game is Michael Kao, formerly of Goldman Sachs, Canyon Partners and Akanthos and now a family office investor and prolific presence on Twitter, where his many epic threads have sparked debate and educated thousands.
In this conversation, we discuss multiple threads of The End Game including the changing dynamics in Japan, where Kuroda-san is belatedly realising what Mick & Keith figured out almost 70 years ago: ‘you can’t always get what you want.’
Elsewhere we cover the changing face of both the oil market and th...2022-04-2412 minThe Grant Williams PodcastThe Grant Williams Podcast: Mike Rothman - PREVIEWMy guest in the latest episode of the Grant Williams Podcast is the founder of Cornerstone Analytics, Mike Rothman.
Mike’s experience in the energy sector is unparalleled - something he demonstrates conclusively in this excellent conversation. In his no-nonsense style, Mike picks apart today’s energy markets - with a particular focus on oil - and explains where consensus is likely right as well as the places that might cause a few surprises.
Swiftly putting to rest the widely-held belief of a seamless transition to green energy any time in our immediate future, Mike expl...2022-04-2412 minThe Grant Williams PodcastThe Grant Williams Podcast: Michael Oliver - PREVIEWMy guest in the latest episode of the Grant Williams Podcast is the founder of Momentum Structural Analysis, Michael Oliver.
Over the years, Michael’s proprietary work on the fluctuations in momentum has been extraordinarily good at calling major market inflection points.
Where most focus on price, Michael has demonstrated time and again that momentum not only shows a wholly different market-within-a-market, but that the importance of both waning and building momentum is underestimated by the majority of market participants.
With many of Michael’s important momentum signals flashing red, this seemed like the...2022-04-0812 minThe Grant Williams PodcastThe Grant Williams Podcast: Luke Gromen - FULL EPISODEMy guest in the latest episode of The Grant Williams Podcast is my good friend, Luke Gromen, publisher of Forest For The Trees.
With events in Ukraine happening at breakneck speed, the moves by Western nations to isolate Russia through a series of escalating sanctions have revealed weaknesses in the global financial system that bring into sharp focus a set of dominos Luke has been lining up for a number of years.
The dollar's place at the heart of the financial system is now under serious threat after the sanctions placed on Russia's central bank...2022-03-121h 20The Grant Williams PodcastThis Week In Doom Ep. 2 - Rory Johnston PREVIEWEpisode Two of This Week In Doom sees The Chicken and me welcome our first guest, Rory Johnston whose work at his Substack, Commodity Context, is absolutely indispensable and, given the current dynamics in energy markets, looks set to become more so with each passing week.
In this fascinating discussion, Rory walks us through the oil industry from some basic concepts to some of the more nuanced factors affecting supply and demand and offers a set of insights rooted in years of experience analyzing the sector for one of Canada’s biggest banks.
From pipelines to...2022-02-2112 minThe Grant Williams PodcastThe Grant Williams Podcast: Rick Rule - PREVIEWMy guest in the latest episode of the Grant Williams Podcast is one of the true titans of the resource industry, my friend, Rick Rule.
Rick has navigated multiple investment cycles in the resource sector and learned every lesson there is to learn about how to (and how not to) invest in natural resources – something which has made his voice an invaluable one in both bull and bear markets alike.
In this conversation, we discuss the uranium market and the effect that the Sprott Physical Uranium Trust (SPUT) has had on supply and demand (as we...2022-02-1012 minThe Grant Williams PodcastThis Week In Doom Ep. 1 - What’s It All About? FULL EPISODEThis is the full audio of the first in a brand new series of podcasts featuring my co-host, Doomberg (the little green chicken who could) and a series of occasional guests who we believe will enhance and broaden your understanding of the increasingly complex world surrounding us.
Many of these guests will be content creators with smaller audiences than their work deserves to whom we'll hopefully be able to offer a platform in order to help raise awareness of their work, as well as introducing our audience to great new talent.
In this first episode...2022-02-021h 00The Grant Williams PodcastThe Grant Williams Podcast: Adam Rodman - PREVIEWMy guest on this episode of The Grant Williams Podcast is my mate, Adam Rodman of Segra Capital in Dallas Texas.
Adam is one of the most fascinating hedge fund managers I’ve met in the last decade with an ability to sniff out and structure the kinds of trades that are just a little too complicated for the average manager.
In the past he and I have had some incredibly interesting conversations about everything from Irish real estate to Pakistani power production and, in this episode, we look at another place Adam and Segra ha...2022-01-3012 minThe Grant Williams PodcastThe Grant Williams Podcast: Simon Mikhailovich - PREVIEWMy guest on this episode of The Grant Williams Podcast is my great friend, Simon Mikhailovich, the founder of The Bullion Reserve and a man to whom I turn any time I want an insight into either the gold market or, as you’ll see, the latest moves by Russia to try and engineer a change in the status quo – both political and geographical.
In this wonderful conversation, Simon shares his thoughts on Vladimir Putin’s latest attempts to bring the West to heel, offers some highly illuminating history lessons on how Russia has been viewed by Wester...2022-01-2612 minThe Grant Williams PodcastThe Grant Williams Podcast: Jacob Shapiro - PREVIEWMy guest on the latest episode of The Grant Williams Podcast is Jacob Shapiro, the Founder and Chief Strategist of Perch Perspectives.
With geopolitics becoming both impossible to ignore and increasingly complex, it was a perfect time to char with Jacob about two of the most pressing (and polarising) geopolitical situations facing the world today: Vladimir Putin’s stand-off with Ukraine and Xi Jinping’s potential plans for Taiwan.
Jacob brings a wealth of insight to what was a truly fascinating conversation as he weighed up the likely paths available to all the actors enmeshed in t...2022-01-2612 minThe Grant Williams PodcastThe Grant Williams Podcast: Simon Hunt - PREVIEWAs we move into a new year, I’m delighted to welcome an old friend, Simon Hunt, to the podcast to kick off what could be yet another dramatic twelve months.
Simon has been spending several months each year on the ground in China for almost three decades and has built an extraordinary network which gives him unique insight into the reality behind countless opinions offered by distant ‘analysts’.
In this hugely enjoyable hour, we discuss what’s really happening in the Middle Kingdom, the importance of strengthening of ties between Russia, China, Iran and other Mi...2022-01-0512 minThe Grant Williams PodcastThe Grant Williams Podcast: Felix Zulauf - PREVIEWGrant welcomes his old friend Felix Zulauf back to the podcast to discuss Felix’s outlook for 2022 and beyond.
In another masterclass of macro thinking, Felix explains his bi-directional view of markets, which encompasses both booms and busts, inflation and deflation between now and 2024 when he expects we will witness an historical top in markets.
The two discuss global real estate markets and why they are an enormous source of systemic vulnerability, the options facing China as it seeks to adapt to a new paradigm, gold and cryptocurrencies, Europe’s growing problems and much, much more...2021-12-1712 min