Episodes
The latest guest to grace The End Game is the familiar voice of Kyle Bass, Founder and Chief Investment officer of Hayman Capital Management in Dallas, TX. Kyle, Bill and Grant discuss Kyle’s thoughts on what The End Game may look like, with the recent outbreak of inflation likely to play a major part in the transition from the current financial system to whatever comes next. Kyle explains why he thinks time has run out for central banks, what he believes they’ll be forced to do and how...
Published 08/02/21
Our special guest on the latest edition of The End Game is Greg Jensen, the co-CIO of Bridgewater Associates, the $140billion asset manager based in Westport, Connecticut. Over his 25 year career at the firm, Greg has spent an inordinate amount of time using historical precedents to construct ever-more complex algorithms to help understand and predict evolving market dynamics. In this fascinating discussion, Greg digs deep into the current macro environment, explaining at length how...
Published 07/30/21
The Super Terrific Happy Hour returns with Steph Pomboy up a mountain in bear country contemplating all kinds of fascinating data points and dissecting them in her own inimitable way. The conversation is filled with F-bombs as Grant and Steph ponder a cornucopia of topics from fundamentals to ‘flations to the Fed, froth and flawlessness (or lack of it). Steph busts out some remarkable stats that will have you scratching your head as you watch markets look through the reality and embrace the...
Published 07/25/21
Recently, my journey of understanding has taken me into a few shady corners of the cryptocurrrency universe and this week, I make my last foray into that world (for the time being, at least) as I talk to David Dorr, co-Founder of Coro Global and Dorr Asset management and a man who gave me so much to think about in this enormously engaging conversation. David explains why the way in which the U.S. correspondent banking system works is perhaps the most underestimated facet of the crypto space,...
Published 07/19/21
My recent foray into the world of the stablecoin tether and the companies and personalities surrounding it has been utterly fascinating. I’ve seen many curious things during my career but the seemingly blatant nature of what certainly seems, at face value, like a gigantic fraud, has astonished me. In the recent June edition of Things That Make You Go Hmmm..., I dove into Tether (the company), Bitfinex and tether (the coin) and what I found blew my mind. Much of my research was built upon...
Published 07/11/21
My guest this week is the founder of Calderwood Capital, the author of Popular Delusions and my friend, Dylan Grice. Dylan’s ability to not only think about the financial world in unconventional ways, but to communicate those thoughts clearly and effectively has placed his writing in the very top echelon of the research world. Now, with the founding of Calderwood Capital, Dylan has an investment vehicle through which he can take advantage of his unique, idiosyncratic ideas. In this...
Published 07/08/21
My guest in the latest episode of The Grant Williams Podcast is someone I’ve been dying to interview for a very long time – the wonderful Liz Ann Sonders, Chief Investment Strategist at Charles Schwab. My anticipation was rewarded with what turned out to be one of my favourite conversations to date as Liz Ann talked about her formative years working for the late, great Marty Zweig, the seismic changes she’s seen in the investment industry during her two decades with US Trust and Schwab and...
Published 06/21/21
Dan Oliver, the founder of Myrmikan Capital and author of the upcoming book, Golden Tears: A History of Credit Bubbles, joins Bill and Grant for an absolutely spellbinding conversation about, well, the history of credit bubbles. Using John Law and The Mississippi Bubble as a backdrop, Dan lays out the eerily familiar path taken centuries ago by France as it tried to extend the seeming prosperity enjoyed by its citizens in the wake of a switch to fiat currency and highlights the problems...
Published 06/15/21
Founder of The Bullion Reserve, Simon Mikhailovich joins Bill and Grant for the latest episode of The End Game to discuss the idea of a failed state being a potentially unexpected resolution to the current financial and geopolitical turbulence enveloping the world. Drawing on his formative experiences in the Soviet Union and his family’s subsequent expatriation to the United States, Simon explains how the collapse of an empire felt for those living under its umbrella, the parallels he sees...
Published 06/11/21
Otavio ‘Tavi’ Costa is the latest guest to grace The Grant Williams Podcast and he brings with him a wealth of knowledge and experience – earned from both from his personal background and his professional journey. Beginning with his childhood in Brazil, Tavi shares the events in his personal life which shaped his worldview and recounts the lessons he learned as his family’s business struggled to mitigate the effects of globalization and the perils of leverage. From there, Tavi shares his...
Published 05/28/21
In this episode of The Grant Williams Podcast, I’m joined by a dear friend and a man who has, in many ways, inspired my own journey down the podcast rabbit hole – Demetri Kofinas, the host of the always-excellent Hidden Forces podcast. For some time, I’ve been wanting to chat to Demetri about a concept he laid out for me in a conversation dating back to January 2020 when I appeared as a guest on his show – financial nihilism. In the intervening months, that concept has continuously...
Published 05/25/21
Geopolitical strategist and best-selling author, Peter Zeihan joins The End Game for a fun-filled, action-packed journey around the world to examine the existing political world order, the cracks appearing within it and the likely motivations and paths ahead of the main players. From the rising tensions between China and the U.S. to the reality of Xi Jinping’s plans for Taiwan and the potential spillover into Asia and beyond, Peter lays out a narrative far from that commonly-accepted by...
Published 05/17/21
Joining Stephanie and Grant for episode 11 of The Super Terrific Happy Hour is Tony Greer of TG Macro. Beginning with Tony’s days at the storied commodity trading house, J. Aron, he walks us through his experience of both trading a previous tech bubble (and the questionable decisions it prompted), a resurgent commodity complex (and the regrets it fostered) and the invaluable lessons he learned from both. From there, Tony walks us through his current thoughts on the red-hot commodities...
Published 05/09/21
The 20th guest to grace The End Game is Josh Wolfe, the co-founder and managing partner of Lux Capital. In a deeply-fascinating conversation, Josh offers his thoughts on technology’s potential role in The End Game and explains the importance of carefully-constructed narratives in today’s financial markets. The SPAC phenomenon, the importance of volatility and the most recent Tesla results all come under Josh’s watchful eye, as do cryptocurrencies, the problems faced by pension funds starved...
Published 05/07/21
Roger Mitchell of Albachiara SAGL is Grant’s guest for the eighth episode of The Grant Williams Podcast. With the recent shambolic failure of the European Super League as a backdrop, the two discuss the escalating involvement of ‘big finance’ in the world of sport and Roger explains why American private equity money has found (and will continue to find) opportunity amidst ‘beautiful chaos’. From salary caps to super leagues, from NFTs to AI and machine-learning, the world of sport is...
Published 05/01/21
Chris Bloomstran recently questioned Ark Investment’s open-sourced research model on Twitter which resulted in him engaging with Ark analyst Brett Winton in a very public forum about a certain electric car company. For anyone who witnessed the exchange, it spoke volumes about the difference between what passes for analysis today and the kind of rigour displayed by those who have honed their craft in times of far more scrutiny. Chris and Grant discuss that exchange, the company in question,...
Published 04/26/21
Bill and Grant welcome Gerard Minack of Minack Advisors in Sydney to The End Game to discuss certain 'issues' Gerard took with some of the points made by previous guests in the series. Gerard concurs about the importance of the inflation vs. deflation debate, but has a few important, idiosyncratic ideas of his own to include in the discussion. What follows is yet another thought-provoking conversation guaranteed to have you reconsidering much you already thought to be true. If Gerard is...
Published 04/11/21
Luke Gromen is a good friend and a master at joining seemingly obscure dots into a narrative that helps explain the bigger macro picture. Over the years his work has helped me piece together complex strategic and geopolitical narratives that have helped inform my views on precious metals, oil, currencies and capital flows. In this conversation, we discuss the book 1931: debt, crisis and the rise of Hitler and try to better understand historical parallels that echo loudly in the...
Published 04/08/21
The uncovering of the Greensill fraud and the Archegos liquidation have rocked markets in recent weeks but, as always, the narrative around both of these events is woefully misguided. In this special 'Markets In Turmoil' edition of The End Game, Fleck and me are joined by Marc Cohodes and Dr. Ben Hunt to try and make sense of not just the movements this week as the Archegos unwind rippled through markets, but the potential fallout from Greensill's failure. We discuss the importance of each...
Published 04/07/21
One theme which has continually surfaced across just about every episode of The Grant Williams Podcast, is that of the debate surrounding whether deflation remains our likely future, or whether the return of inflation may finally be on the horizon after so many false starts. Given the persistence of the discussion, who better to drag into the ring than James Davolos, of Horizon Kinetics? Horizon has constructed an ETF designed to provide investors with a way to simply play the inflation...
Published 03/31/21
Stephanie and Grant reconvene to noodle about a whole bunch of hot button topics including bitcoin – specifically Steph’s concerns about possible regulatory interference and the under-discussed question as to where the crypto darling may rank in the capital structure – whether any upcoming inflationary pressures are likely to merely be transitory and the change in the seasons which seems to be bringing springtime to the world of value investing just as winter approaches for technology and...
Published 03/20/21
Bill and Grant welcome Milton Berg of MB Advisors, LLC to The End game for an illuminating look into the technical side of the current market environment. Milton outlines the overwhelming number of positive technical indicators which suggest that the ‘Everything Bubble’ may be nothing of the sort, why occasionally drifting from a technical focus to a fundamental focus has caused him problems in the past and why he thinks this party will only come to an end when certain conditions are...
Published 03/15/21
Bill and Grant welcome Russell Clark of Russell Clark Investment Management to The End Game for a deeply fascinating discussion which draws on Russell’s wealth of knowledge about Japan to map the path taken by the Bank of Japan and attempt to figure out what clues it can offer us as to the ultimate End Game. Russell details his experiences trying to buy JGBs and the lightbulb moment he experienced during the process and digs deep into the connection between food prices and inflation –...
Published 03/04/21
Ben and Grant examine the recent reddit/WallStreetBets assault on Wall Street and pick apart the narrative surrounding a story that’s kept the financial world (and far beyond) in its thrall for weeks on end. Is this the revolution it’s purported to be? Is Main Street finally ‘sticking it to the suits’, or is there a different truth behind thousands of headlines describing a stock market that’s turned into a casino? Ben explains the different players at the poker table, the distinctly...
Published 02/28/21
In this special preview, Grant and Bill welcome Jim Stack of InvesTech Research to The End Game for a fascinating conversation about how Jim sees The End Game playing out.From the outcome desired this time around by the Federal reserve to the results the last time they blew an epic, speculative bubble in the late-1990s, Jim explains where his technical signals suggest we are in the process, what he’s looking for to suggest the party may finally be winding up and why tenure in the investment...
Published 02/14/21