The Grant Williams Podcast

The Grant Williams Podcast: Mark J. Higgins

Joining 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 shares his insights on investor behavior and the cyclical nature of markets, as well as his views on the current crypto craze.

Throw in Ray Dalio, Andrew Jackson, Robert Triffin and Charlie Munger and there’s something for everyone in this excellent conversation.

Listen Now »

The Grant Williams Podcast: Simon Mikhailovich

My guest on this edition of The Grant Williams Podcast is my dear friend Simon Mikhailovich, Managing Partner of The Bullion Reserve, which offers a unique means by which to hold physical gold through a fund structure.

In a long-overdue return to the podcast, Simon discuses the current state of the precious metals markets and changing attitudes towards gold. He explains that gold is an independent reserve asset not tied to the financial system or any promises made by financial institutions and the importance of recent breakdowns in correlations in the gold market as well as the changing patterns of gold demand, particularly from central banks and investors in the East.

We also discuss the importance of gold as insurance during times of uncertainty and the need for individuals to think differently about financial assets and the risks they face as Simon highlights growing geopolitical tension and its potential impact on the financial system

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Listen Now »

The Grant Williams Podcast: Travis Kling

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 course, we couldn’t end without a discussion around the role of cryptocurrencies in this changing economic landscape, so there’s that as well…

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Brent Johnson

Joining 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 drawdowns in asset prices as we discusses the extraordinary bull market in certainty and the importance of diversification.

There’s also time for a look at the current political situation in the US and its potential impact on the markets with Brent arguing that, while the US may be facing political and economic turmoil, the rest of the world still relies heavily on the US dollar, and a divided US would be a disaster for the global economy.

Something for everyone in here…

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Michael Howell – 2024

Returning 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 fact, remarkably fragile. We also discuss how the path of least resistance for central banks is to continue kicking the can down the road and monetize the deficit, leading to higher structural inflation rates.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Remi Tetot

Remi 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.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Julian Brigden 2024

As 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 demonstrated 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 landing in the US economy.

He also shares his concerns about the future of Tesla and the Chinese stock market and offers some thoughts on gold, which he believes is in a structural bull market, but…

Here we go…

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Michael Oliver 2023

Joining 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.

Also under the microscope are the potential impact of the upcoming US elections and the increasing division in the country. Michael explains why he believes that there is no outcome of the election that will be peaceful and that this could have significant implications for the markets.

Lastly, he also highlights the potential for a rally in gold and commodity-related stocks. Whichever way you cut it, Michael’s analysis suggests that investors should be cautious in the face of potential market volatility in the coming year.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Jesper Koll

In 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 infrastructure, and corporate efficiency. We also discuss the role of the Bank of Japan and the potential for interest rate normalization.

Jesper suggests that sectors such as banks, financials, residential developers, and capital goods companies could benefit from the current economic landscape in Japan and emphasizes the importance of human capital and the changing dynamics in the labor market.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Jared Dillian

My guest on this episode of The Grant Williams Podcast is Jared Dillian, publisher of The Daily Dirtnap and author of a series of superb books chronicling the many different facets of life on Wall Street.

Jared joins me to discuss his latest book “No Worries: How to Live a Stress-Free Financial Life” which will be published in January. In what is a truly superb piece of work, Jared focuses on personal finance and the importance of having a healthy relationship with money, emphasizing the need to understand risk appetite and to find a balance between spending and saving – important lessons for anyone who wants to understand the multiple ways by which fortunes can be made and lost.

Jared also shares his thoughts on the current macro environment, including his views on interest rates, inflation, gold’s place in a portfolio and Bitcoin.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Sam Burns

Joining me this time around on The Grant Williams Podcast is Sam Burns of Mill Street Research and the subject at hand is Sam’s recent research offerings that examine the wild swing between oversold and overbought markets, the influence of interest rates and bond yields on stock prices, the potential for the Fed to cut rates in 2024, and the Fed’s messaging to market participants and consumers alike.

We also discuss the impact of Chinese credit growth on the world economy, the outlook for commodities, the potential normalization of the Bank of Japan and the strength of the yen, the outlook for gold, and the sectors on which Sam is bullish.

Fun for all the family so dive on in!

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast: Dave Dredge

Returning to the podcast this time around is my great friend, and one of my most-requested guests, Dave Dredge of Convex Strategies in Singapore, who joins me to update us on his thinking around the state of ‘Sharpe World,’ the ‘arrow of time’ and the importance of solvency in investment portfolios.

Dave emphasizes the need to focus on control rather than prediction and highlights the benefits of optimizing to divergences rather than the mean and also discusses the challenges of navigating the current low volatility environment and the limitations of traditional investment structures.

Finally, we focus on the importance of finding cheap volatility and taking advantage of convexity in the market as well as the potential risks and consequences of the current financial system.

This content is only available for active subscribers. Subscribe

Listen Now »

The Grant Williams Podcast

The Grant Williams Podcast: Mark J. Higgins

Joining 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 shares his insights on investor behavior and the cyclical nature of markets, as well as his views on the current crypto craze.

Throw in Ray Dalio, Andrew Jackson, Robert Triffin and Charlie Munger and there’s something for everyone in this excellent conversation.

Listen Now »

The Grant Williams Podcast: Simon Mikhailovich

My guest on this edition of The Grant Williams Podcast is my dear friend Simon Mikhailovich, Managing Partner of The Bullion Reserve, which offers a unique means by which to hold physical gold through a fund structure.

In a long-overdue return to the podcast, Simon discuses the current state of the precious metals markets and changing attitudes towards gold. He explains that gold is an independent reserve asset not tied to the financial system or any promises made by financial institutions and the importance of recent breakdowns in correlations in the gold market as well as the changing patterns of gold demand, particularly from central banks and investors in the East.

We also discuss the importance of gold as insurance during times of uncertainty and the need for individuals to think differently about financial assets and the risks they face as Simon highlights growing geopolitical tension and its potential impact on the financial system

Listen Now »

The Grant Williams Podcast: Travis Kling

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 course, we couldn’t end without a discussion around the role of cryptocurrencies in this changing economic landscape, so there’s that as well…

Listen Now »

The Grant Williams Podcast: Brent Johnson

Joining 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 drawdowns in asset prices as we discusses the extraordinary bull market in certainty and the importance of diversification.

There’s also time for a look at the current political situation in the US and its potential impact on the markets with Brent arguing that, while the US may be facing political and economic turmoil, the rest of the world still relies heavily on the US dollar, and a divided US would be a disaster for the global economy.

Something for everyone in here…

Listen Now »

The Grant Williams Podcast: Michael Howell – 2024

Returning 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 fact, remarkably fragile. We also discuss how the path of least resistance for central banks is to continue kicking the can down the road and monetize the deficit, leading to higher structural inflation rates.

Listen Now »

The Grant Williams Podcast: Remi Tetot

Remi 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.

Listen Now »

The Grant Williams Podcast: Julian Brigden 2024

As 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 demonstrated 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 landing in the US economy.

He also shares his concerns about the future of Tesla and the Chinese stock market and offers some thoughts on gold, which he believes is in a structural bull market, but…

Here we go…

Listen Now »

The Grant Williams Podcast: Michael Oliver 2023

Joining 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.

Also under the microscope are the potential impact of the upcoming US elections and the increasing division in the country. Michael explains why he believes that there is no outcome of the election that will be peaceful and that this could have significant implications for the markets.

Lastly, he also highlights the potential for a rally in gold and commodity-related stocks. Whichever way you cut it, Michael’s analysis suggests that investors should be cautious in the face of potential market volatility in the coming year.

Listen Now »

The Grant Williams Podcast: Jesper Koll

In 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 infrastructure, and corporate efficiency. We also discuss the role of the Bank of Japan and the potential for interest rate normalization.

Jesper suggests that sectors such as banks, financials, residential developers, and capital goods companies could benefit from the current economic landscape in Japan and emphasizes the importance of human capital and the changing dynamics in the labor market.

Listen Now »

The Grant Williams Podcast: Jared Dillian

My guest on this episode of The Grant Williams Podcast is Jared Dillian, publisher of The Daily Dirtnap and author of a series of superb books chronicling the many different facets of life on Wall Street.

Jared joins me to discuss his latest book “No Worries: How to Live a Stress-Free Financial Life” which will be published in January. In what is a truly superb piece of work, Jared focuses on personal finance and the importance of having a healthy relationship with money, emphasizing the need to understand risk appetite and to find a balance between spending and saving – important lessons for anyone who wants to understand the multiple ways by which fortunes can be made and lost.

Jared also shares his thoughts on the current macro environment, including his views on interest rates, inflation, gold’s place in a portfolio and Bitcoin.

Listen Now »

The Grant Williams Podcast: Sam Burns

Joining me this time around on The Grant Williams Podcast is Sam Burns of Mill Street Research and the subject at hand is Sam’s recent research offerings that examine the wild swing between oversold and overbought markets, the influence of interest rates and bond yields on stock prices, the potential for the Fed to cut rates in 2024, and the Fed’s messaging to market participants and consumers alike.

We also discuss the impact of Chinese credit growth on the world economy, the outlook for commodities, the potential normalization of the Bank of Japan and the strength of the yen, the outlook for gold, and the sectors on which Sam is bullish.

Fun for all the family so dive on in!

Listen Now »

The Grant Williams Podcast: Dave Dredge

Returning to the podcast this time around is my great friend, and one of my most-requested guests, Dave Dredge of Convex Strategies in Singapore, who joins me to update us on his thinking around the state of ‘Sharpe World,’ the ‘arrow of time’ and the importance of solvency in investment portfolios.

Dave emphasizes the need to focus on control rather than prediction and highlights the benefits of optimizing to divergences rather than the mean and also discusses the challenges of navigating the current low volatility environment and the limitations of traditional investment structures.

Finally, we focus on the importance of finding cheap volatility and taking advantage of convexity in the market as well as the potential risks and consequences of the current financial system.

Listen Now »