Real Vision

Real VisionMarch 24, 2021
The Unique Advantages Broadly Syndicated Loans Offer Investors
The Broadly Syndicated Loan (BSL) market is relatively new, having been created less than two decades ago. It is also widely misunderstood. So, what exactly makes this market an interesting play? Peter Gleysteen, CEO and CIO of AGL Credit Management LP, joins Real Vision managing editor Ed Harrison to break down how the BSL market has emerged over time, its unique advantages as an asset class, and how to navigate it while maximizing returns. Gleysteen explains that broadly syndicated loans are not securities like investment grade and high yield bonds—they’re loans that are originated by banks, and borrowers range from medium to very large companies that are mostly private. He addresses some of the misconceptions in the BSL market around covenants, leverage, and diversification and how to view them. He also discusses the current macro picture, why BSL issuers are predominantly U.S.-based, and the market's similarities to and differences from high yield credit. Key Learnings: Gleysteen offers insight into why broadly syndicated loans are suitable and advantageous for investors with longer time horizons, describing bank loans as an "all-weather asset class". Presently, fewer than 10% of borrowers have been affected by the pandemic, and most are U.S.-based, which, in a world where the U.S. is outperforming, provides valuable exposure. He also highlights how much more liquid BSLs are relative to similar instruments, emphasizing how they offer stable cash returns. Rather than considering a loan on its own, he advises to pay more attention to properly diversifying BSLs within a portfolio as it minimizes the impact of default and loss rates and provides the means to employ leverage and earn outsized returns


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Real VisionApril 20, 2021
Hidden Inflation Rears Its Head in Housing
Nick Halaris, president of Metros Capital, returns to Real Vision to give an update of the real estate market -- from the boom in residential housing to the struggles of impaired commercial properties. In this interview with Real Vision’s Jack Farley, Halaris attributes the surge in housing prices to a hidden form of inflation that is not captured in the Consumer Price Index (CPI) and that is facilitated by quantitative easing from central banks, a process that he terms “quantitative transmission.” Halaris explains why he thinks gold and Bitcoin will triumph over bonds in this inflationary environment and shares the generational importance of these assets. Lastly, he breaks down the prospects as he sees them of commercial properties such as malls, hotels, and offices. Filmed on April 14, 2021. Key learnings: The pandemic has caused a paradigm shift in how Americans view housing, and as such, Halaris thinks the boom in residential real estate will continue. On the commercial side, Halaris is much more bearish. He thinks inflation will run hot and therefore is highly constructive on assets such as gold and Bitcoin.
Real VisionApril 19, 2021
Will Dogecoin's Eye-Popping Surge Test the Fed's Resolve?
In the first segment, Real Vision managing editor Ed Harrison and Jack Farley investigate the challenges the Federal Reserve faces as speculative fervor reaches a fever pitch in Dogecoin as well as the ultimate fate of the yield curve. Harrison and Farley look how Fed Funds futures indicate the implied probability of the future Fed Funds rate and explore whether the holding pattern in bonds can continue and where yields will go if they go back on the march. In the final segment, Farley speaks to Deep Knowledge Investing's Gary Brode, who shares his analysis of stocks such as Enova International Inc ($ENVA) and Houghton Mifflin Harcourt Co ($HMHC).
Real VisionApril 19, 2021
Meb Faber: A Framework for Outperformance
Jason Buck of the Mutiny Fund welcomes Mebane Faber, co-founder and chief investment officer of Cambria Investments, for an in-depth conversation on the methods diligent investors can use to build and maintain wealth in all market environments. Faber breaks down his rigorous quantitative models to share fresh insights on bonds, equities, real estate, and commodities as well as the role these assets play within a portfolio. Faber and Buck discuss the importance of negatively correlated assets such as put options, which are a key feature of the Cambria Tail Risk ETF ($TAIL). Key learnings: Equity valuations are stretched thin, but buying at all-time highs has historically yielded surprisingly good returns. Faber thinks non-U.S. stocks are underrepresented in the typical U.S. portfolio and argues that for most individual investors, steady contributions to their portfolio matter much more than eking out that extra percentage of return.
Real VisionApril 16, 2021
Breaking Down "The Exponential Age: Crypto's Fast and Furious Rise"
Real Vision senior editor Ash Bennington welcomes Real Vision co-founder and CEO Raoul Pal to discuss his Expert View, “The Exponential Age: Crypto’s Fast and Furious Rise,” released today. Ash and Raoul will be contextualizing this piece for macro investors and more.

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