Mike Green on the Visible Hand, a Passive Singularity, and Pivoting to Optimism
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- Опубликовано: 3 ноя 2022
- We have been eagerly waiting for this one for a while! Our friend Mike Green, Chief Strategist and Portfolio Manager at Simplify Asset Management, returned to the podcast this week. Always thought-provoking, Mike journeyed with us through a wide range of topics that included:
- Why the enthusiasm for central bank intervention is so asymmetric
- Options trading and the wild swings in Zero Days to Expiration Options (0DTE)
- Statistical anomalies in the labor market
- The primary drivers of inflation in the 1970s
- A comparison between Volcker and Powell
- Monetary policy as a blunt tool and powerful opioid - numbing investors and delaying reforms
- Tax arbitrage by big corporations and why they must end
- A path to political moderation in the US
- Why tighter monetary policy may be the wrong policy right now
- A criticism of the Fed - authority, legitimacy, and reach
- Reasons for underinvestment in US energy production
- Why the capital allocation process in the US economy is largely broken
- An update on the recent dynamics of passive investment vehicles
- Home ownership, NIMBYism, and affordability
- The importance of the Minsky Framework for the current environment
- “If you’re not doing macro, macro is doing you”
- And much more
This is “ReSolve’s Riffs” - live on RUclips every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management Inc.
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*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association ("NFA"). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority. 
Развлечения
By far the most political Resolve Riff. I don't find Mike's optimism in policy makers finally coming to make reasonable changes compelling. Little time was spent on why policy makers today are ineffective, and no one dared touch deeper issues such as problems with democracy and the two party system. Having worked with Peter Thiel who is a big fan of Hoppe's Democracy the God that Failed, Mike is surely well aware of these issues.
I haven't watched this yet but Mike is pure delight. Always.
Great discussion as usual. Michael Green has great arguments and whole view of the situation. There is also research that agree with his arguments that higher interests might actually increase inflation since they make many investments less profitable thus decreasing the supply. Cam which also have been on the show have similar views.
Would be great to get the Twitter handles of the guests of the show.
@profplum99
Enjoy the quality guests, but really distracting when Resolve guys trip over and interrupt one another. Try rotating participation for each episode.
Great content.
Always enjoy listening to Mike his unconventional original thoughts are provoking even if i disagree with a lot of it and he often gets it wrong (rip team transitory)
Green kinda makes the ReSolve crew sound a bit simple minded.
Mike Green sounds salty about buying an expensive home during the pandemic craze.
Prefer a black background than a fake office one.
It feels like Michael Green is more defending bad positioning and airing grievances than engaging in objective analysis. He seems like a reasonably intelligent guy ... who is well-insulated from the real world.
I disagree, I think he accurately describes what happened and what needs to be done pretty clearly. The idea that the fed is god and responsible for all outcomes has become something of a religion these days, when in fact they're largely along for the ride and not a strong force in the economy. Remember, banks set interest rates and create money not the fed. Gov controls housing supply and has a large influence on private sector capital investment for productive uses. Just look at Europe or Asia and this becomes clearly evident. The bank of Japan has been doing easy policy since the early 90s and had a 30 year bear market in stocks and real estate!