Bill Fleckenstein, president and founder of Fleckenstein Capital, discusses the macro view of the world and the impact of the Federal Reserve's monetary policies.
He criticizes the Fed for its incompetence and reckless policies that have led to the creation of two huge bubbles and misallocated capital.
Fleckenstein also highlights the power of the passive bid in distorting the market and the importance of understanding its effects. He believes that the stock market has become a lagging indicator and that the Fed is trapped and unable to fight inflation.
Elsewhere, Fleckenstein discusses the bond market, gold, and silver. He also expresses concerns about the US national debt and the lack of fiscal responsibility.
Links:
Book: https://www.amazon.com/Greenspans-Bubbles-Ignorance-Federal-Reserve/dp/0071591583
Twitter/X: https://twitter.com/fleckcap
Website:https://www.fleckensteincapital.com/
Takeaways
Chapters
0:00 Introduction and welcome Bill Fleckenstein
0:55 Macro view and what the Fed does really matters
4:30 The distorting effects of the passive bid
6:30 The stock market is a lagging indicator
10:45 Equity markets in a bubble or not?
13:30 End game — long end of the bond market rates rise
18:26 Inflation and the inflation psychology
23:53 The Fed’s inflation fight, Fed cutting rates would be an obvious mistake
26:30 The economy and millennials
29:49 Gold price, gold market has figured out Fed is trapped
34:44 Silver
37:04 Outlook on the U.S. and conclusion
#111 David Hay: The Odds Of A Recession Are Going Up, Not Down, With Each Passing Day
#110 Marc Chandler: The Dollar's Rally Is, If It's Not Over Yet, It's Nearly Over
#109 Danielle DiMartino Booth: 'It’s Clear That The U.S. Economy Is In A Recession If It Wasn't For Everything That Uncle Sam Is Either Spending Or Fudging'
#108 Chris Whalen On The ‘Silent Crisis’ — The Looming Commercial-Led Recession
#107 Claudia Sahm: The Economy Is At An Inflection Point
#106 Harald Malmgren & Nicholas Glinsman: The U.S. Treasury Market Is The ‘Ultimate Wrecking Ball’
#105 Sam Burns: The Economy Isn't Headed For Recession Any Time Soon
#104 Christopher Zook On Stagflation, Energy, And A 'Generational Opportunity' In Commercial Real Estate
#103 Matt Higgins: The Only Way Out Is A Reckoning
#102 Masha Bucher On The State Of Venture Capital, Investing In AI, And How To Navigate Today's Market
#101 Larry McDonald: The Probability Of Sustained Stagflation Is Rising
#100 Bill Ackman On Activist Investing, The Economy, And Learning From Mistakes
#099 Peter Cecchini: 3 Reasons Why We're Headed Toward Recession
#098 Rick Rule: 'Potent And Very Ugly Cocktail' In A Rising Interest Rate Environment
#097 Peter Borish: My Concern Is More Than A Recession
#096 Michael Howell: It's Bonds, Not Banks, That Look Dangerous
#095 Carol Roth: You Will Own Nothing
#094 Todd Gordon: Why We're Not Headed Toward Recession
#093 Neil Howe: The Fourth Turning Is Here — How Will This Crisis End
#092 Milton Berg On Why There’s Strong Evidence The Market Won’t Do Well
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