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The Contrarian Investor podcast gives voice to those who challenge a prevailing narrative in financial markets. Each episode features an interview with a hedge fund manager, investor, economist or other market participant. The goal is to educate all listeners with an interest in asset allocation and ultimately to provide actionable ideas to the institutional investor community.
 
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Alex Chausovsky of ITR Economics joins the podcast to discuss his view that economic recovery in the U.S. is on firmer footing than widely believed. Content (Spotify users can link to the segment directly by clicking on the timestamp) Downside risks do exist. Flu season is approaching but the data is painting a more encouraging picture (3:37); The …
 
Value Stock Geek, well known on the Twittersphere as @ValueStockGeek, joins the podcast to discuss his concept of the "weird portfolio." This portfolio allocates to gold and real estate as well as stocks and Treasuries. The guest also revisits his prediction from his first visit to the podcast last year, when he said retail stocks were undervalued.…
 
University of Oxford economist John Kay joins the podcast to discuss his recent book, "Radical Uncertainty" and its lessons for financial markets in the age of COVID-19. Content (Spotify users can skip to the segment by clicking on the timestamp): The premise for the book: Frank Knight, Milton Friedman and the pendelum of probabilistic reasoning (1…
 
Genna Lozovsky of Sandglass Capital Management joins the podcast to discuss investing in emerging markets distressed debt and credit. Sandglass Capital invests in sovereign and corporate credit across global EM, typically seeking to be a liquidity provider "at prices that we think significantly underestimate the recovery potential of those assets."…
 
Eric Chung, chief investment officer of Lighthaven Capital Management, joins the podcast to discuss his view that math, financial models, and algorithms are insufficient when it comes to investing. "The widespread use of math in the investment management industry, while it can be helpful ... I think there's been some pretty significant overreliance…
 
The evolution of media has led to a "disconnect" between the reality of coronavirus and public perception of the pandemic, according to Enrique Abeyta of Empire Financial Research. "We are on the precipice of COVID almost being over, or functionally as a major impact on society, mortality, etc.," says Abeyta. This, along with unprecedented liquidit…
 
Siddarth Singhai of Ironhold Capital joins the podcast to discuss his views of semiconductor manufacturers and auto parts suppliers. He also shares his bullish views on industry sectors in his native India. Content Segments (Spotify users can click on the timestamp to link to the section directly): Singhai's look at the macro situation with COVID (…
 
David Neuhauser of Livermore Partners joins the podcast to discuss his expectation of a "L-shaped" economic recovery and corresponding sideways market activity in the years to come. There are still opportunities for investors. Here Neuhauser is bullish on certain companies tied to hard assets like oil and copper. Content (Spotify listeners can clic…
 
Jonathan Boyar, principal at Boyar Value Group, joins the podcast to discuss the merits of investing in the public equity of professional sports teams. Boyar is specifically bullish on the Liberty Braves Group (NASDAQ: BATRA), a tracking stock that consists of the Atlanta Braves Major League Baseball team and real estate development. Content Segmen…
 
Hedge fund portfolio manager Chris Nicholson joins the podcast to discuss his outlook on volatility, interest rates, and other markets. Forecasting these assets has become increasingly problematic in recent years, but there are a few thing Nicholson looks to in an effort to identify opportunities for arbitrage. Content (Spotify listeners can skip t…
 
Gabriel Grego of Quintessential Capital joins the podcast to discuss his short activist strategy. Grego finds three or four "high conviction" ideas to trade a year. His process is exhaustive but straightforward, though few managers have the stomach to replicate it. The reasons for this are discussed in the second half of the podcast. Content (Spoti…
 
Vitaliy Katsenelson of ContrarianEdge.com joins the podcast to discuss his current views on markets and his recent thesis on automakers. That industry has been disrupted by the entrance of Tesla. Other industries face a similar fate and Katsenelson discusses some of the winners and losers. Content Segments (Spotify users can click on the timestamp …
 
Dexter Roberts joins the podcast to discuss his book "The Myth of Chinese Capitalism." In Roberts' view, economic reforms have already been curtailed under current political leadership. China's middle class, which has grown almost exponentially in recent decades, remains limited mostly to large coastal cities. The rural countryside, which still rep…
 
Christopher Brown of Aristides Capital joins the podcast to discuss his investment strategy, which has produced positive returns every calendar year since 2008. In Brown's view, healthcare and information technology stocks should not be treated as defensive investments that will protect portfolios in times of stress -- especially after their recent…
 
Chad Glauser of Denver-based Alpine Quantitative Management joins the podcast to discuss his fund's strategy of using just three ETFs as a way to manage risk, gauge volatility, and produce returns. The three ETFs track short-term Treasuries, long-term bonds, and the S&P 500. Alpine has been actively trading the strategy since late 2017 after an inc…
 
Maya Joelson, founder and president of Metapoint Advisors, joins the podcast to discuss her view of exchange-traded funds. These instruments are seen as efficient and cheap ways for investors, especially retail investors, to gain access to various asset classes. But this is misguided, especially when it comes to ETFs tracking bond markets. Even sto…
 
David Hunter, chief macro strategist at Contrarian Macro Advisors, has for some time predicted a final "melt up" stage of the market cycle before markets crash. This stage is now underway as markets recover from an initial sell-off caused by the coronavirus (which Hunter admits he did not and could not have predicted). What comes next is a "secular…
 
Hedi Ben Mlouka joins the podcast to discuss his views of frontier markets in light of the coronavirus crisis. Ben Mlouka has been investing in frontier markets for more than a decade as CIO and CEO of Dubai-based FIM Partners. He sees the asset class in general as being at greater risk of being impacted by fallout from the COVID-19 epidemic. The p…
 
Rachel Ziemba, a geo-economic and country risk expert, joins the podcast to discuss the continuing, and intensifying economic impact from the coronavirus. It's become clear that the crisis has caused a demand shock that will likely bring "rolling recessions" in its wake. The most likely scenario appears to be for a "W-shaped" recovery. In the meant…
 
Dr. Robert Bednarz joins the podcast to provide his professional opinion on the coronavirus: Just how serious of a health crisis is COVID-19? And how long might it persist until economies around the world can spring to life again? Dr. Bednarz records from his home in Dundee, Scotland, where he is currently under self-quarantine. Unlike typical gues…
 
Marc Chandler, a political economist and currently managing partner at Bannockburn Global Forex, joins the podcast to provide his assessment of the coronavirus impact on the global economy. Content: (Spotify users can click on the timestamp to link to the segment) This crisis is different, not brought about by the economic cycle but by an exogenous…
 
Lukasz Tomicki of LRT Capital Management joins the podcast to discuss his investing strategy and ideas for 2020. Contents: The case for Russian natural gas companies (3:05) and healthcare stocks (5:28). What's to like about UnitedHealth (9:24). Background on Tomicki (13:48). Handicapping the 2020 US presidential election (20:50). The outlook for gr…
 
Nicholas Shaxson, author of The Finance Curse, joins the podcast to discuss his thesis, that the financial sector is at the root of many problems facing economies and society, and where to look for possible solutions. Content The paradox: Too much finance can make you poorer (1:47) How did we get here? (3:11) Angola as the genesis of the finance cu…
 
The collective mood and risk appetite of investors may be turning more cautious, but this makes for a more optimistic outlook for risk assets. The author of the Demonetized Blog (and corresponding Twitter account) joins the podcast to discuss this concept and what it means for the economy and markets going forward. Content: Investor surveys as cont…
 
Andrew Redleaf is best known as the founder of Whitebox Advisors, a hedge fund that at its peak managed $6 billion. He joins the podcast to discuss his thesis that the world is increasingly bifurcated between those who have access to cheap capital and those who do not. Content: The contrarian take on low interest rates (2:33). Who has access to cap…
 
Nancy Davis of Quadratic Capital joins the podcast to discuss the danger of interest rate volatility risk. The market is at "peak confidence of central banks being able to control markets" (2:27), as evidenced by the historic low in all gauges of interest rate volatility (5:36). The risks of stagflation (8:37) and a trade war with Europe (10:16) ar…
 
Peter Borish is a founding partner at Tudor Investment Corp and current chief strategist at Quad Group. In his long career on Wall Street, Borish has seen multiple market cycles and met with and allocated to many hedge fund managers. He shares his wisdom with listeners. Content: The need for active management in today's market (6:23). A contrarian …
 
Adam Johnson of Bullseye Brief joins the podcast to discuss his optimistic views on the US economy. He supplies ideas for stocks to take advantage of this situation, and talks about his background and how he came to start his investing service. Content: Labor markets, consumer spending speak to strong economic currents in the US (0:46). The bullish…
 
Rupal J. Bhansali joins the podcast to discuss her just-published book "Non-Consensus Investing: Being Right When Everyone Else is Wrong." Ms. Bhansali is the chief investment officer, international and global equities, at Ariel Investments in New York. Over the course of the conversation she explains why she wrote the book, some of its most valuab…
 
Maj Soueidan, co-founder of GeoInvesting LLC, joins the podcast to discuss his approach to microcap investing and his process for sourcing ideas before concluding with one of his favorite stock picks at the time of the recording. Content: The case for microcaps (1:25), how to find ideas (5:14), sectors (9:04), monitoring and holding periods (10:08)…
 
David Hunter, Chief Macro Strategist at Contrarian Macro Advisors, discusses the current state of the economic cycle and why risk assets have a final upleg left before the onset of the bear market. Content: The Federal Reserve is behind the curve of the economy (2:00), the coming bust (5:00), predictions for bond prices (8:15), the final "melt up" …
 
Barry Knapp of Ironsides Macroeconomics joins the podcast to discuss the 2-year/10-year yield curve inversion. The gauge is viewed as a harbinger of recession and while global trade has clearly slowed, the U.S. economy should not necessarily see any ill effects in the immediate future, says Knapp. Content: The 3-month/10-year yield curve versus the…
 
Denise K Shull joins the podcast to argue against the platitude that emotions have no place in investing. Identifying and managing emotions does not only play an integral role in investing, but can in fact hold one of the keys to succeeding at all levels of money management -- and elsewhere. Denise was one of the key inspirations for the Wendy Rhoa…
 
Gregory Mariasch, partner at Pembroke Emerging Markets, makes the case for his particular brand of long-short investing. Contrary to the prevailing opinion, there are opportunities in emerging markets that are less correlated to trade war issues between the US and China. Stock markets in China, Brazil, Argentina, and Mexico are discussed in greater…
 
Kevin Smith of hedge fund firm Crescat Capital in Denver joins the podcast to discuss his views on China and other asset bubbles, which he considers ripe for implosion. China heading into an economic downturn (2:00) and why its currency hasn't faced any real devaluation, the situation in Hong Kong (3:50) and short HKD trade, the maturing economic e…
 
Scott Colbert, chief economist at Commerce Trust Company in St. Louis, disagrees with the prevailing consensus that the US expansion is at or near recession. While growth may have slowed, the economy is in much better shape than is believed by many, with few near term chances of recession according to Colbert, citing leading economic indicators. In…
 
Shares of timeshare companies have not done particularly well lately. That is understandable considering the options investors have elsewhere as well as the state of the economic cycle in the U.S. But this week's guest, Michael Kahan of North Peak Capital Management, likes one particular stock in the sector -- and tells us exactly why. Content: The…
 
Retail is dead. Brick and mortars shopping has been replaced by E-commerce. Amazon is triumphant, the victor over all goods that can reasonably be bought and sold. The experience of in-person shopping, whether for clothes or food or electronics or anything else, is going the way of the horse and buggy. This is the conventional wisdom. It would take…
 
Renowned short-seller Jim Chanos spoke at the Connecticut Hedge Fund Association's quarterly meeting on June 6. This is a recording of his speech. In his 45-minute address, Chanos discussed Tesla, China, kidney dialysis companies, and a host of other topics. Note: The acoustics leave a little bit to be desired. Special thanks to the Connecticut Hed…
 
The general assumption that management and governance of public companies are efficient, is false. So says Henry D. Wolfe in his recently-released book, "Governance Arbitrage: Blowing up the public company governance model to maximize long-term shareholder value." Content: The underlying thesis (3:00), what needs to replace it (5:30), why instituti…
 
Almost all headlines from Puerto Rico are negative these days, but there is a way to profit from all the doom and gloom, according to Tobias Carlisle of Acquirers Funds. An insurance company is uniquely positioned to capitalize on Puerto Rico's recovery. Along the way, Tobias also discusses Tesla (and TSLAQ), his investment style, and other sectors…
 
Leverage, especially using borrowed money to increase returns, has a bad reputation that is no longer justified, according to David Kreinces of ETF Portfolio Management. In fact, proper use of leverage can help investors produce alpha in market environments where other strategies fall short. Content: Treasuries as a shock absorber, allowing for use…
 
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