Joining 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 this year having the potential to create quite the stir in markets lulled to sleep by the constant downward pressure on vol over recent years.

Buckle up, folks!

Returning to the End Game for a long-overdue catch-up is the brilliant Mike Green of Simplify Asset management, who brings us up to date on the effect passive investing is having on asset markets and how they are skewing things in ways yet-to-be fully understood by the vast majority of market participants.

Mike offers his thoughts on the blunders made by the Federal Reserve, the odds that the market may hit a dangerous air pocket and the state of the US economy and does so with his customary verve.

This conversation was recorded the day before last week’s debt ceiling resolution.

Bill 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 sector comes under the microscope, as do Fed policy, lofty valuations, a likely return to a more familiar investment world, the tech reckoning and the purveyor of a certain set of ETFs focused on ‘exponential growth’ stocks.

Fun for all the family!

With the financial world in turmoil once again and The End Game seemingly under way, we welcome Michael Kao back to the podcast to share his thinking around what the recent events in the banking sector (and the response of regulators) portends for the future.

Michael explains how he views the Fed’s toolkit and what he feels they’re likely to do with the ever-decreasing options at their disposal, what this latest fiasco means for the rest of the global banking fraternity and the US dollar as well as the likely knock-on effects for China.

This is yet another fascinating step on our journey to uncover The End Game.

The latest guest to grace The End Game is Mike Taylor, manager of PINK, a healthcare ETF from the Simplify stable, the profits and fees associated with which go to the Susan Coleman Foundation for breast cancer. In a hugely spirited discussion, Mike pulls no punches as he takes apart the current landscape, assesses the […] This content is only available for active subscribers. Subscribe

On this episode of The End Game, we welcome Cem Karsan of Kai Volatility Advisors to the podcast as we take a look at the dramatic changes taking place in the world of volatility – an asset class which has been artificially dampened for many years but which is now beginning to spring back to life.

Cem is our guide as we ponder what this means and examine the constraints the inflation places upon central banks desperate to maintain a low vol environment for as long as they possibly can.

Part history lesson, part math lesson, part explainer, this conversation has so much in it for those looking to understand the new world in which we find ourselves through the prism of volatility…

The 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 […] This content is only available for active subscribers. Subscribe

When 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 drop everything and get 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 microscope as James picks apart the plumbing as only he can.
Buckle up, folks. Things are about to get really interesting…

Episode 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 trailing average of the price action and, with that as a backdrop, we pick apart recent price action and dig into the ocean of data that Gerard parses for his clients in order to try and figure out what comes next…

In 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.

Episode 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 a price on carbon is laid out beautifully, as are the problems with current tax policies and the straitjacket into which policymakers have strapped themselves.

Lastly, Jeff offers his thoughts on gold and precious metals as the road towards The End Game rises up to meet us…

Episode 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.

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 predicted now upon us, Greg offers his thoughts on where we stand and what might come next. Central bank policy and credibility come under the microscope as does the current environment for liquidity and we dig into Bridgewater’s very vocal bet against Europe.

This is another tour de force by one of the brightest minds in the global investment community.