Wednesday, December 29, 2010

Upcoming Media Appearances

Bloomberg radio, "Taking Stock with Pimm Fox", today, Wednesday, December 29, @ 4:05 pm (eastern)

BNN TV, "Business Day", tomorrow, Thursday, December 30, @ 3:05 pm (eastern)

Tuesday, December 21, 2010

Meir Statman

Do investors really know what they want?

Well known among those in the CFA Institute and CFA society circles, the highly regarded behavioral scientist shares his thoughts and insights from his most recent book, "What Investors Really Want". Benefits (utilitarian, expressive, and emotional), cognitive errors, human nature, and rational investing are touched on in this most interesting and informative interview. Who knows, by exploring the mind of the market you may find yourself looking in the mirror.

To listen to the 15 minutes 04 second interview, click here

Wednesday, December 15, 2010

Bethany McLean

In The Tempest the Bard wrote, "Hell is empty, and all the devils are here." He could have easily been describing the financial crisis, its causes, and its aftermath.

My interview with the coauthor of "All The Devils Are Here: The Hidden History of the Financial Crisis" takes us deep into the details of what went wrong and why. The depth of the investigative work is truly remarkable and, when understood in conjunction with my September 16th podcast interview with Simon Johnson, helps complete the picture of what happened, why it happened, and how to anticipate future such crisis.

To listen to the 13 minutes 04 second interview, click here

Thursday, December 2, 2010

Michael Phillips

My interview with the former CEO and Chairman of Russell Investments, current Chairman of the Russell 20-20 Association, and Chairman of Altaira Wealth Management, enabled me to tap into his decades of investment experience and insights to explore important economic and market issues including: a global macro economic overview, the recently adopted financial regulations, and the structure of today's financial markets with its prospective impact of producing a lost generation of investors.

To listen to the 14 minutes 20 second interview, click here

Note; Due to recording factors, there is a slight volume variance between the interviewer (that would be me) and the interviewee (that's Michael) as well as an occasional warble in the interview. This does not take away from the quality of the content but can impair the quality of the listening experience. My apologies to Michael and to all listeners.

Tuesday, November 30, 2010

Ralph Acampora, CMT


Now affiliated with the investment and wealth management firm, Altaira Wealth Management, the legendary market strategist shares his optimistic market views, the tools he uses to analyze the markets, and the importance and impact that a changed market structure has on the investing.

To listen to the 14 minutes 54 second interview, click here

Thursday, November 4, 2010

Bloomberg radio today

On "Taking Stock with Pimm Fox" on Bloomberg radio today, we got to discuss my blog posting, Bernanke "The Gambler".

Thursday, October 21, 2010

Bloomberg radio appearance

In case you missed the Tuesday, October 19 appearance on "Taking Stock with Pimm Fox", click here

Wednesday, September 29, 2010

TheStreet.com media appearance

Last Friday's TheStreet.com interview has been published and posted today.

To view the interview, click here

Monday, September 27, 2010

Bloomberg radio appearance

In case you missed the Monday appearance on "Taking Stock with Pimm Fox", click here

Media appearance today: Bloomberg radio "Taking Stock with Pimm Fox"

Media appearance today on Bloomberg radio program "Taking Stock with Pimm Fox" at 4 PM (eastern).

Prospective talking points:

* There may be an enthusiasm gap in politics but there is certainly not one in the equity markets.
* The September relief rally has morphed into a more confidently bullish mode lifting valuation models well into overvalued territory.
* At to above average P/Es are now embedded in the data.
* Is the current environment average, which therefore justifies an average P/E of 15?
* Do the valuation math:
o current S&P 500 price: 1147
o required return: 11%
o future price (12 months ahead): 1273
o optimistic expected earnings (next 12 months): $86
o future price (1273) divided by exp. earnings ($86) = 15 P/E

Also, re enthusiasm - Cash levels at stock mutual funds are now at their lowest levels in decades. (see accompanying chart, click image to enlarge)

Plus market technicals - internal divergences have begun, no external divergences thus far.
Last time internal divergences occurred (early August), stocks dropped 8%.

Thursday, September 16, 2010

Simon Johnson

"A fiscal agenda that is sensible and a fiscal message that makes sense has to make banking front and center."
Simon Johnson

The consequences of public policy decisions are front and center in my very informative interview with the coauthor of 13 Bankers: The Wall Street Takeover and The Next Financial Meltdown and highly regarded commentator. In the interview we explore many vital issues - too big to fail, shadow banking system, securitization, Basel III, US fiscal debt, Elizabeth Warren.

To listen to the 14 minutes 11 second interview, click here

Monday, September 13, 2010

David Malpass

Tomorrow is primary day in New York state. One of the Republican candidates for senator is our guest - David Malpass, President of Encima Global and former Chief Economist with Bear Stearns. In a most informative way, the self described Reagan Republican makes his conservative case of limited government, tax and associated public policies for your consideration.

To listen to the 12 minutes 20 second interview, click here

Wednesday, September 8, 2010

Dr. Rob Atkinson

Will President Obama's economic proposals help produce a sustainable economic expansion? For this and other timely topics, we once again turn to the CEO and innovation expert with the Information Technology and Innovation Foundation to help identify the key elements of public policy that can most effectively enable the US to achieve sustainable economic growth.

To listen to the 12 minutes 28 second interview, click here

Friday, September 3, 2010

foxbusiness.com appearance: Friday, Sept. 3



Note: At the end of the video I commented re my attendance at The Juilliard School. To clarify, I attended and took several classes at the school but was not a matriculating student as my comment might imply.

Thursday, September 2, 2010

Yahoo Finance "Tech Ticker" appearance: Wednesday, Sept. 1

Yahoo Finance "Tech Ticker" appearance: Wednesday, Sept. 1

Jonathan Erlichman

Astute investors know that the financial media plays an essential role in the investment decision-making process. It is, therefore, most helpful to understand the process by which those in the financial media go about doing their work. To this end, listeners will find that the thoughts and insights offered by the well-respected markets reporter and anchor at Bloomberg TV to be most useful.

To listen to the 12 minutes 31 second interview, click here

Wednesday, August 11, 2010

Vinny on Bloomberg radio

In case you missed the Monday appearance on "Taking Stock with Pimm Fox", here it is.

To listen to the interview, click here

Monday, August 9, 2010

Wednesday, July 21, 2010

Diane Swonk

My interview with the Chief Economist with Mesirow Financial and author of "The Passionate Economist: Finding the Power and Humanity Behind the Numbers" includes the austerity versus stimulus debate, the multi-speed global economy, deflation, advisable government policy, and the risks of developed economies deceleration.

The length of the interview is 15 minutes 32 seconds.


If the audio player doesn't load, click here

Wednesday, July 14, 2010

David Rosenberg

Exactly how bearish is David Rosenberg? The answer may surprise you.

The length of the interview is 14 minutes 26 seconds.



If the audio player doesn't load, click here

Friday, July 9, 2010

Rob Nichols

Continuing our focus on the likely impacts of financial regulatory reform on the financial services industry and the overall economy, we get the perspective from the President and COO of the Financial Services Forum.

While not as well known as some other associations, the Financial Services Forum is "a non-partisan financial and economic policy organization comprising the CEOs of 19 of the largest and most diversified financial services institutions doing business in the United States". Need I say more?

Those interested in hearing the views of this important group from its leader will find it a most productive use of one's time.

The length of the interview is 17 minutes 38 seconds.


If the audio player doesn't load, click here

Wednesday, July 7, 2010

Todd Groome

In this twilight period before earnings season gets into full swing and the all-important third quarter macro economic reports provide the vital insights into the strength of the US economic recovery, we arranged for a series of podcast interviews with key leaders in various segments of the financial services industry to give their initial thoughts and opinions on the financial regulatory reform bill working its way through Congress.

My first guest is Todd Groome, Chairman, Alternative Investment Management Association. In this interview, we learn how hedge funds, private equity, and other alternative investment organizations might perceive the prospective changes.

The length of the interview is 16 minutes 02 seconds.


If the audio player doesn't load, click here

Friday, July 2, 2010

Monday, June 14, 2010

Upcoming Media Appearances

Bloomberg radio, "Taking Stock with Pimm Fox", Tuesday, June 15, 4 pm (eastern)

"Ron Insana program", Wednesday, June 16, 7:15 am (eastern)

Thursday, June 3, 2010

William C. Dunkelberg

Those looking for Friday's job data to hit the latest whisper number (+900,000) are likely to be disappointed.

In my conversation with the Chief Economist for the National Federation of Independent Business (representing that segment of the US economy that is responsible for most of the job creation - small business) we explore the likely square root recovery for the US economy, the state of small business (not especially good) and how it augers for new job creation (also, not especially good).

Understanding why and how small businesses are in less than stellar shape - well into an economic recovery - and its implications - economic and political - are topics investors in large, publicly-traded companies may want to take some time investigating.

The length of the interview is 15 minutes 03 seconds.

To listen to the interview, click here

Friday, May 28, 2010

Christopher Chabris, Ph.D. and Daniel Simons, Ph.D.

If someone told you to keep your eye on a bouncing ball, do you think you would notice a gorilla entering into then departing your field of vision?

We kick off our summer reading series with the authors of "The Invisible Gorilla: And Other Ways Our Intuitions Deceive Us". In a most fascinating conversation with the cognitive psychologists, we explore key elements of behavioral science and many of its applications to decision-making including the myth of intuition, the illusion of knowledge (e.g. Amaranth), and the appeal of confidence and certainty ("...we prefer people who are confident even when we have all the information we need to see that they are less accurate in what they are saying."). Bernie Madoff, anyone?

Investors seeking to gain a better understanding of their own investment decision-making process will find the time spent listening to this podcast as time well spent.

The length of the interview is 16 minutes 28 seconds.


If the audio player doesn't load, click here

Wednesday, May 19, 2010

Don Rissmiller

"Kick the can down the road" seems to be the policy response of governments, Europe being the latest to do so. My fourth interview with the Chief Economist at Strategas Research Partners begins with this issue and the virtually inevitable consequence when "the bill comes due". We also discussed the inherent conflict between the positives of the cyclical recovery presently experienced in most regions of the world and the secular risks of a (still) structurally imbalanced world. We end with a quick look at the US consumer.

The length of the interview is 14 minutes 25 seconds.

To listen to this interview, click here

Friday, May 14, 2010

Dr. Ian Bremmer

As important as China and other emerging economies are to the global economy, precious little time is devoted to understanding their form of capitalism. And when it comes to western oriented economies, even less time is taken to understand which form of capitalism will emerge as the dominant economic philosophy in the aftermath of the ongoing credit and economic crises.

My interview with the founder and president of Eurasia Group, the world's leading global political risk research and consulting firm, and author of The End of the Free Market: Who Wins The War Between States and Corporations addresses these vital and transformational issues that are and will impact the global economy. Investors who take the time to go down the learning curve and seek to understand this emergent battle - its consequences and likely outcomes - will benefit significantly.

The length of the interview is 12 minutes 30 seconds.

To listen to this interview, click here

Thursday, May 13, 2010

Dr. Robert Litan

We conclude our Innovation Series with a discussion on the financial regulatory reform working its way through Congress, America's global innovation position, the competitive threat from emerging markets' companies, and the public policy considerations.

Dr. Robert Litan, Vice President, Research and Policy, Ewing Marion Kauffman Foundation; Senior Fellow, Economic Studies, Brookings Institution, is our guest.

The length of the interview is 13 minutes 15 seconds.

To listen to this interview, click here

Wednesday, May 12, 2010

Lakshman Achuthan

The recent market volatility has brought back into the discussion the risk of a double dip in the US economy. To this and other economic issues we turn to the prescient Managing Director of the Economic Cycle Research Institute (ECRI).

Mr. Achuthan describes how the ECRI analysis points toward a deceleration of economic and profits growth and not a double dip. In this interview, we also explore the unique methodology of ECRI, the Euro rescue package, the impact of a shocks, and the preconditions necessary for shocks to alter the direction of a prevailing economic trend.

Note: In addition to the above noted website, those wishing to learn more about Mr. Achuthan and ECRI might consider his book, Beating the Business Cycle.

The length of the interview is 16 minutes 58 seconds.

To listen to this interview, click here

Friday, May 7, 2010

Dr. Ross Levine

Does recently maligned financial innovation produce an economic good? The third installment in our Innovation Series explores this question with the James and Merryl Tisch Professor of Economics and Director William R. Rhodes Center for International Economics and Finance, Watson Institute for International Studies, Brown University.

Fresh off his Economist magazine on-line debate with Nobel laureate Joseph Stiglitz, Dr. Levine - the advocate for financial innovation - describes why financial innovation is not just important but "necessary for growth". We also discussed the role of regulation viz-a-viz financial innovation and the future of the economics profession (including the George Soros funded Institute for New Economic Thinking initiative.

The length of the interview is 14 minutes 12 seconds.

To listen to this interview, click here

Wednesday, May 5, 2010

Dr. Paul Kedrosky

We continue our Innovation Series with the well-known editor of the popular blog, Infectious Greed, by exploring his views on financial regulatory reform - its potential negative impact on angel investing and the implications for innovation, as well as the risk that banks would be constrained from assisting early stage growth companies. We also discussed the appropriate role of government in spurring innovation and the under appreciated aspect re how immigrants play a key role in America's standing in innovation.

The length of the interview is 15 minutes 44 seconds.

To listen to this interview, click here

Friday, April 23, 2010

Dr. Rob Atkinson

We kick off our Innovation Series with an interview with the CEO of the Information Technology and Innovation Foundation and his pointed concern regarding the substantial decline in the US's standing in innovation, how it will impact the global competitive position of the US, and the issues involved competing with mercantilistic economic systems (e.g. China).

The length of the interview is 16 minutes 05 seconds.

To listen to this interview, click here

Wednesday, April 21, 2010

Philip J. Orlando, CFA

My third interview with Federated Investors' Senior Vice President, Chief Equity Market Strategist, Senior Portfolio Manager includes a constructive view for a sustainable cyclical economic recovery based on a successful handoff from government spending to private sector growth, pent up US consumer demand, benign inflation (for now), and solid global growth in manufacturing. The longer-term, more secular issues related to the explosive growth in government debt and what is the right balance for regulatory reform are also discussed.

The length of the interview is 16 minutes 34 seconds.

To listen to this interview, click here

Note: Phil is actively involved with FECA, the Foundation for Educating Children with Autism

Friday, April 16, 2010

Phil Roth, CMT

Is the bull done? "Not yet", says the Wall Street veteran and Chief Market Technical Analyst with Miller + Tabak. However, a period of an extended correction/consolidation (e.g. the late 1970s) is a good probability as is the risk of seemingly out-of-the-blue, sudden declines (e.g. January 19 to February 8 of this year). Making his fifth BTSB appearance, Phil also shares his views re the continuing absence of traditional investors in the current bull market, the recently elevated levels of investor optimism, and the importance of 4.25% in the 10 year US Treasury rate.

The length of the interview is 14 minutes 22 seconds.

To listen to this interview, click here

Wednesday, April 14, 2010

Sam Stovall

Earnings season gets underway, companies don't disappoint, and stocks respond in kind. What does it mean?

Making his fourth BTSB appearance, the Chief Investment Strategist with Standard and Poors equity research group applies the historical to the present putting the good economic and market news in context.

The length of the interview is 15 minutes 03 seconds.

To listen to this interview, click here

Friday, April 9, 2010

Komal Sri-Kumar, Ph.D.

If you're looking for a truly out-of-consensus view re the economy and markets, my interview with the Chief Global Strategist and Chairman–Comprehensive Asset Allocation Committee for TCW will not disappoint. The economic risks of a double dip (courtesy the slingshot effect), the uncertainty re the economic handoff (from government spending to sustainable private sector growth), and a stagflation (you read that correctly!) resistant portfolio mix are among the many interesting and challenging views expressed by my guest.

The length of the interview is 17 minutes 08 seconds.

To listen to this interview, click here

Wednesday, April 7, 2010

Joseph Battipaglia

My annual conversation with the Market Strategist/Private Client Group for Stifel Nicholas and Chief Investment Officer with Washington Crossing Advisors includes the prospects of an economic handoff to the private sector and a sustainable recovery, the risks of yet another jobless recovery, and the consequences of high corporate profitability and excess cash.

The length of the interview is 15 minutes 58 seconds.

To listen to this interview, click here

Monday, April 5, 2010

David Wanetick

With earnings season just around the corner, my conversation with the managing director of IncreMental Advantage provides an excellent introduction to understanding how to value intangible assets (e.g. patents), valuing emerging technologies, and identifying the most applicable methodologies to intangible asset valuations.

The length of the interview is 12 minutes 04 seconds.

To listen to this interview, click here

Wednesday, March 31, 2010

Jason Zweig

Before earnings season consumes most of your attention, my interview with the well-regarded columnist for the Wall Street Journal and author of "Your Money and Your Brain: How the Science of Neuroeconomics Can Help Make You Rich" includes the emerging investment field of neuroeconomics and behavioral finance, attributes of good investors, and what constitutes a good investment attitude.

Investors seeking to take a step back and reflect on the investment decision-making process and understand why we do what we do will find this interview a most rewarding experience.

The length of the interview is 17 minutes 50 seconds.

To listen to this interview, click here

Friday, March 26, 2010

Lawrence G. McDonald

In a most thought provoking interview with the Managing Director of Pangea Capital Management and author of "A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers", we began by discussing the recently issued report on Lehman Bros. and Repo 105. We then moved on to key elements in his book including several truly inside experiences such as the brass knuckles tactics of senior management and how "they silenced their best talent when they needed them most". We also discussed Larry's views on how big banks today are "too big to succeed" and the risk exposure to the US economy (62% of GDP) that the top 6 banks represent.

The length of the interview is 18 minutes 22 seconds.

To listen to this interview, click here

Wednesday, March 24, 2010

Dr. George Friedman

In my interview with the founder and CEO of STRATFOR and author of "The Next 100 Years: A Forecast for the 21st Century" we explore the provocative views that are a hallmark of Dr. Friedman's work. Challenging the status quo of conventional thinking, this interview will stretch your intellectual horizons as Dr. Friedman describes the consequences of the coming global population bust, the disruptive role technology will play, the geopolitical fault lines that lie ahead, the philosophy that is American pragmatism and its conflict with European metaphysics, and the current rift between the US and Israel.

The length of the interview is 14 minutes 49 seconds.

To listen to this interview, click here

Friday, March 19, 2010

Lord Robert Skidelsky

My interview with Lord Robert Skidelky, author "Keynes: The Return of the Master", begins the rare and valuable perspective on a vital issue that few investors take the time to stop and consider: what economic philosophy will emerge as the dominant approach to managing capitalistic economies?

In light of the shattering of what has been known as American-style capitalism (what some have labeled "cowboy capitalism"), having a clear understanding of which economic philosophy will dominate in the years ahead is essential to all investors. (This point will become more clear re China and "state capitalism" when my interview with Dr. Ian Bremmer is posted in early May.)

For those investors interested in truly going beyond the sound bite of economic matters, the 15 minutes 32 seconds spent listening to this interview will be time very well spent.

To listen to this interview, click here

Wednesday, March 17, 2010

Marisa DiNatale

My interview with the Director and Economist with Moody's Economy.com includes a +2.8% full year real GDP forecast (skewed more toward the second half of the year due in part to the compositional factors of the stimulus and a diminution of the inventory rebuilding cycle in the 1H10), the dynamics of growing economy in a weak jobs market, and the state of the (US) states.

The length of the interview is 14 minutes 35 seconds.

To listen to this interview, click here

Vinny on foxbusiness.com


The length of the interview is 7 minutes 21 seconds.

Note: If the video doesn't play immediately try the following - reload the page, restart your browser, or use a different browser.

Also, Vinny on BNN TV is available here.

Friday, March 12, 2010

Tom McManus

My interview with the well known and highly respected investment strategist includes the secular trends for the economic "new normal", US consumer and employment outlook, corporate profitability, and P/E levels for the equity markets.

The length of the interview is 12 minutes 50 seconds.

To listen to this interview, click here
If interested in reaching Tom, click here

Friday, March 5, 2010

Adam Parker

In my interview with the Chief Investment Strategist for Sanford C. Bernstein, Mr. Parker describes how the second half of the year is likely to result in a modestly below consensus view for 2010 operating earnings for the S&P 500, why a 13 to 15 P/E is more appropriate for the current market climate, some of the issues involved with the Fed's exit strategy and the economic handoff from government stimulus to sustainable private sector growth, and the prospects for a strong capex spending cycle and technology.

The length of the interview is 14 minutes 48 seconds.

To listen to this interview, click here

Wednesday, March 3, 2010

Christian Menegatti

In my interview with Nouriel Roubini's Head of Global Economic Research Mr. Menegatti expressed a cautiously optimistic outlook for the US economy with few signs of a double dip, a stagnant Eurozone outlook, limited concern re contagion from the Greek tragedy, key risks to global trade, and why Gold appears to be in a win/win situation.

The length of the interview is 18 minutes 01 second.

To listen to this interview, click here

Wednesday, February 24, 2010

Michael Greenberger

Can meaningful regulatory reform occur in this highly political year? Is the Obama administration on the right side of the credit derivatives argument? What is the future of financial innovation? If gaining a deeper understanding of the key issues related to financial innovation and regulatory reform is of interest*, then my second conversation with the former Director, Division of Trading and Markets, Commodity Futures Trading Commission will fit that bill.

The length of the interview is 18 minutes 28 seconds.

To listen to this interview, click here

*Including the 1990's battles between Alan Greenspan, Robert Rubin, Larry Summers versus CFTC chairperson Brooksley Born re regulating OTC derivatives (Greenberger was a top aide to Born). The dust up was the central feature of the excellent Frontline segment, "The Warning".

Note: To learn more about Professor Greenberger's work click here

Wednesday, February 17, 2010

Dan Clifton

My interview with the Head of Policy Research for Strategas Research Partners includes an assessment of the likely electoral bloodbath in store for the Democrats this November, the state of the US states, the increasing sovereign debt crisis, and an economic policy of "kick the can down the road".

To listen to this interview, click here

Wednesday, February 10, 2010

Dr. Andrew Lo

Leveraging off my first interview with the Director of MIT's Laboratory for Financial Engineering and co-author of "The Heretics of Finance: Conversations with Leading Practitioners of Technical Analysis", Dr. Lo describes the progress in his Adaptive Markets Hypothesis (AMH), the difference between AMH and game theory, the prospects of an evolution to CAPM, and some very useful resources in better understanding decision-making.

To listen to this interview, click here

Wednesday, February 3, 2010

Gregory Zuckerman

I had the pleasure of conducting a most fascinating interview with the senior writer at the Wall Street Journal and author of "The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History", a book that goes well beyond its title or, as Mohammed El-Erian put it, "Greg Zuckerman's book is much, much more than a brilliant account of Paulson's trade of the century; it also provides a highly enjoyable and lucid journey through the analytical and emotional maze that constituted the financial markets on the eve of the Great Recession. The book is compulsory reading for those looking for exceptional insights on the complex forces that interconnect Wall Street, hedge funds and Main Street."

For those investors seeking to gain a better insight into how the Wall Street of today really works, this interview will help accomplish that goal.

The length of the interview is 14 minutes 37 seconds.

To listen to this interview, click here

Wednesday, January 27, 2010

Richard Bernstein

My interview with the former chief investment strategist with Merrill Lynch, who has gone and set up shop at Richard Bernstein Capital Management, includes a "wildly bullish" view for 2010. Need I say more?

To listen to this interview, click here

Wednesday, January 13, 2010

Justin Fox

The economic and business columnist for Time and popular blogger's recent book, "The Myth of the Rational Market", is the focus of this week's interview. Areas such behavioral finance and how investors might consider ways to navigate an investment world turned upside down now that key principles such as the efficient markets hypothesis and CAPM are under siege is explored and discussed.

The length of the interview is 16 minutes 14 seconds.


Kent Moors

“If you think the run up to July 2008 was a wild ride, you haven’t seen anything yet.” So said this week's guest referring to the energy price run to record highs in 2008. In my interview with the professor of political science from Duquesne University and internationally recognized expert In global risk management, oil and natural gas policy and finance, cross-border capital flows, we explored his comprehensive approach to energy analysis and why he believes energy prices are in for an even more dynamically volatile period ahead.

Dr. Moors is also president of ASIDA (an international consulting firm specializing in former Soviet, Caspian, and other developing markets) as well as Executive Managing Partner of Risk Management Associates, International, a full service global management consulting and executive training firm.

To listen to the 13 minutes 12 second interview, click here

Wednesday, January 6, 2010

Tim Hayes, CMT

We get the year started with yet another most informative and insightful interview (my third) with the Chief Investment Strategist for Ned Davis Research as we discussed his year ahead outlook, one that includes an up first quarter followed by a likely mid year major correction culminating in a year end rally. Such a scenario will require a much more actively adept investor seeking to generate alpha. We also explored the context within which the current market falls: the cyclical bull within a secular bear market.

The length of the interview is 14 minutes 50 seconds.