Michael Howell of Crossborder Capital and Andy Constan of Damped Spring Advisors join Forward Guidance to discuss and debate all things liquidity.
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Michael Howell’s Substack: https://capitalwars.substack.com/
(00:00) // Defining Global Liquidity
(04:07) // Only Looking At Federal Reserve Liquidity Is A Big, Big Mistake
(11:23) // Why Has Michael Howell's Global Liquidity Index (GLI) Been Rising?
(18:49) // The U.S. Treasury's Issuance Composition Has Been A Huge Factor For Liquidity
(31:36) // Is This "Shadow Quantitative Easing (QE)"?
(44:06) // Inverted Yield Curve & Repo
(53:19) // Michael Howell's Bull Case For Stocks
(59:10) // The "Short All Assets" Trade
(01:07:43) // Will The Fed Return To Outright Quantitative Easing (QE)?
(01:11:41) // Is Liquidity Going To Expand? Yes, It Is - Michael Howell
(01:17:44) // Final Points On Term Premia, Fiscal Arithmatic, And The Dollar
Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.