What Goes Up

By Bloomberg

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Host Mike Regan is joined each week by expert guests to discuss the main themes influencing global markets. He explores everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.

Episode Date
Over the Borderline
Vincent Deluard, director of global macro strategy at the brokerage StoneX Group, discusses how Mexico and Canada may be primed to benefit from the continued reopening of the U.S. economy following the pandemic. Mentioned in this podcast: Did Capitalism Kill Inflation? Space Aged: Bottle of Wine from Space Station Could Sell for $1 Million
May 07, 2021
Bridgewater on Bubbles
Greg Jensen, the co-chief investment officer for the hedge-fund manager Bridgewater Associates, discusses this week’s Federal Reserve meeting and the firm’s approach to identifying excesses and bubbles in financial markets. Mentioned in this podcast: Fed Upgrades View of Economy While Keeping Rates Near Zero Powell Breaks Out the ‘Froth’ Word When Asked About Markets
Apr 30, 2021
After the Meme-Stock Gold Rush
Liz Ann Sonders, chief investment strategist at Charles Schwab, joined the latest episode of the “What Goes Up” podcast to discuss what appears to be a shift in focus among the crowds of new day traders who were so influential in the U.S. stock market earlier this year. Says Sonders: “Really since mid-February, we've seen a shift — believe it or not — back toward some semblance of fundamentals driving stocks; a bit more of a quality bias, profitability bias, a little bit of a valuation bias.”
Apr 23, 2021
Allocating for the Boom
Economic growth in 2021 is forecast to be unlike anything seen in the last several decades as the world begins to return to normal following the Covid-19 pandemic. Gaurav Mallik, chief portfolio strategist at State Street Global Advisors, joins the latest “What Goes Up” podcast to discuss what to expect and how he’s advising investors to allocate portfolios. 
Apr 16, 2021
A Quant’s Take on Innovation
He was one of the first money managers to deploy factor-investing strategies at his firm Gerstein Fisher, but now Gregg Fisher is trying something new: A quantitative approach to picking stocks of innovative small-cap companies at his new shop Quent Capital. Fisher joined this week’s “What Goes Up” podcast to discuss why he’s shifting to a more-active style of investing and how, despite his subsequent success, he wishes he could buy back that old drum set he sold for $900 in order to purchase a computer and start his first firm in the 1990s.
Apr 09, 2021
Yields Aren’t Done Yet
The swift rise in Treasury yields that triggered some wild swings in the stock market stopped this week – at least temporarily. Shawn Snyder, the head of investment strategy at Citi Personal Wealth Management, joins the “What Goes Up” podcast to discuss what caused yields to cool off and what to expect next.  
Mar 26, 2021
Inflation & Valuation Vertigo
Financial markets have become obsessed with the possibility of faster-than-normal inflation this year as economies reopen from Covid lockdowns. But inflation is a nuanced concept, so what different types of price rises should we expect? And most importantly, what does it all mean for markets in 2021? Joining the "What Goes Up" podcast this week to discuss this and other timely market topics is Philip Lawlor, head of global investment research at FTSE Russell. Mentioned in this podcast: Market Brawl Breaks Out Ahead of Fed With Tech, Bitcoin Battered 15th century bowl found at yard sale sells for $722,000
Mar 19, 2021
Introducing: Doubt
A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people questioning vaccines risks prolonging a pandemic that has already killed hundreds of thousands of Americans. How we got to this moment didn’t start with the rollout of vaccines or in March 2020, or even with the election of Donald Trump. Our confidence in vaccines, often isn't even about vaccines. It’s about trust. And that trust has been eroding for a long time. Doubt, a new series from Bloomberg’s Prognosis podcast, looks at the forces that have been breaking down that trust. We'll trace the rise of vaccine skepticism in America to show how we got here — and where we’re going. Doubt launches on March 23. Subscribe to Prognosis today on Apple Podcasts, Spotify or wherever you get your podcasts.
Mar 16, 2021
Markets Vs. Central Banks
Bond yields are rising, commodity prices are jumping, and stock markets around the globe are soaring. To David Adams, the chief investment officer at Reminiscent Capital, it all adds up to a single message: Central banks around the world have just gone too far. Based in Sydney, Australia, Adams discusses the implications. Mentioned in this podcast: An NFT Sold for $69 Million, Blasting Crypto Art Records ‘Dude, Get Back to Your Desk’: The Week That Roiled Bond Markets Nothing the Stock Market Does Ever Scares Its Retail Daredevils
Mar 12, 2021
Coming Soon: The Pay Check Season 3
More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to where we are today and what can be done to narrow the yawning racial wealth gap in the U.S. Jackie Simmons and Rebecca Greenfield co-host the season, which kicks off with a personal story about land Jackie's family acquired some time after slavery that they're on the verge of losing. From there the series explores all the ways the wealth gaps manifests and the radical solutions, like affirmative action, quotas, and reparations, that can potentially lead to greater equality.
Mar 08, 2021
Grandma Likes Amazon
The flattening of the Covid case curve and the re-opening of economies around the world is causing big ripples in the stock market, with investors selling off the Internet-based companies that led the market higher during lockdown. Susan Schmidt, head of U.S. equities at Aviva Investors in Chicago, discusses this and other hot topics for investors, including the recent jump in interest rates. Mentioned in this podcast: Stock Market Momentum Comeuppance Gets No Sympathy From the Fed Cathie Wood’s ARKK Struggles in Early Trading After 20% Retreat The tragic life and death of a ‘National Lampoon’ legend
Mar 05, 2021
Ragin’ Rates
The surge in Treasury yields this week caught a lot of investors off-guard, triggering a bout of volatility in the stock market. Amanda Agati, chief investment strategist for PNC Financial Services Group, shares how government spending packages are affecting interest rates. She also discusses how she looks at alternative high-frequency economic data and why she’s bullish on emerging markets. Mentioned in this podcast: In a Flash, U.S. Yields Hit 1.6%, Wreaking Havoc in Markets GameStop’s Reddit-Driven Roller-Coaster Rages On as Volume Soars
Feb 26, 2021
Death of Austerity
Marko Papic, partner and chief strategist at hedge-fund seeder Clocktower Group, discusses how the current economic and market cycle will be vastly different than the tepid recovery from the global financial crisis. He jokingly uses slogans from Reddit’s WallStreetBets forum to describe the risk-taking posture he believes investors will maintain amid a period of fiscal largesse: “All I know is that for the next two years, it’s like diamond hands and to the moon.” Mentioned in this podcast: The Bubble's Final Paroxysm May Be Months Away Get Ready for the Great U.S. Inflation Mirage of 2021
Feb 19, 2021
Getting Paid to Own Stocks
The dislocations in markets last year created a fleeting opportunity to buy stocks that pay big dividends on the cheap. Sorting through which companies had the wherewithal to weather the pandemic and keep the payments flowing was not an easy feat, however, given the unprecedented economic shutdown and uncertainty about how long the virus would affect various types of businesses. Joining this week’s podcast to discuss his process for evaluating dividends – in normal times and crazy times – is Chris D’Agnes, a portfolio manager at Hamlin Capital Management, an income-focused investment advisory firm that oversees about $4.8 billion in separately managed accounts and an equity mutual fund.    Mentioned in this podcast: Tilray Plunges Most on Record as Cannabis Stocks Tumble Dogecoin’s Creator Is Baffled by Meteoric Rise to $9 Billion
Feb 12, 2021
Macro Man Vs. YOLO Boy
Like a lot of parents these days, Cameron Crise is dealing with a teenager at home who wants to get into day-trading and reap the type of the windfalls boasted about by the WallStreetBets crowd. Crise, a former hedge-fund trader and now a strategist at Bloomberg who writes the “Macro Man” column, had a novel way of handling the situation. Inspired by the classic movie “Trading Places,” he proposed a $1 bet on where GameStop shares were headed and another wager that his son Patrick could not double his money in three days with some Reddit-inspired paper trading that didn’t actually put any of the son’s – or more importantly, father’s -- money at risk in the market. Who won this battle of Macro Man vs. YOLO Boy? Tune in to find out! Mentioned in this podcast: Meme Stocks Lose $167 Billion as Reddit Crowd Preaches Defiance Reddit’s Market ‘Hype Machine’ Is in a Quest to Drive Out Bots
Feb 05, 2021
'Stupid Prices'
The drama surrounding GameStop Corp. and other high-flying stocks targeted by social media-influenced traders has triggered a debate about behavior in markets and what regulators should do about it. Larry Tabb, the head of market-structure research at Bloomberg Intelligence, discusses this issue as well as the role clearing firms played in causing Robinhood and other brokerages to restrict trading in certain stocks. Mentioned in this podcast: In 11 Hours of Pure Mania, 100% Stock Gains Popped Up Everywhere How a Penny Stock Explodes From Obscurity to 451% Gains Via Chat Forums Reddit Jolts Activist-Short Hedge Funds Into ‘Adapt or Die’ Mode WallStreetBets Briefly Goes Dark After Fueling GameStop’s Surge Battle Between Hedge Funds and Day Traders Creates Record Volume
Jan 29, 2021
Tesla and AOL
Why does Tesla joining the S&P 500 remind Wells Fargo Securities’ head of equity strategy of AOL and the dot-com boom and bust era? He also explains why he’s sticking with his year-end estimate of 3,850 for the S&P 500 even after the benchmark index reached that level in the first month of the year. Mentioned in this podcast: GameStop Record Surge Gives Win to Reddit Army in Citron Clash Riskier the Better Is Rallying Cry of Day Traders Going Small
Jan 22, 2021
Rebooting the China Relationship
The upcoming inauguration of Joe Biden as president offers the U.S. a chance to reboot its relationship with China after a tumultuous four years under Donald Trump. Bob Hormats of investment firm Tiedemann Advisors, who has served in senior economic and trade policy roles under five different U.S. presidents, discusses what’s at stake.  Mentioned in this podcast: A Handful of Penny Stocks Just Made Up a Fifth of U.S. Volume
Jan 15, 2021
Perpetual Motion Stocks
Another week, another record high for stocks – even in the midst of political unrest. Vincent Deluard, director of global macro strategy at StoneX Group Inc., discusses the disconnect between stocks and reality, a so-called “bear market for humans,” his outlook for 2021, and the risk of inflation. Mentioned in this podcast: Stock Market Warns Workers That They’re the Problem for Business Day-Trader Heaven Arrives as Tesla, Bitcoin and Stock Options Surge
Jan 08, 2021
New Year… New Markets?
Peter Cecchini, founder and CEO of AlphaOmega Advisors, discusses the crazy year that was 2020 in markets, and gives his outlook for what’s to come. Topics include efficacy of the Federal Reserve, a boom in retail investor trading and zombie companies. Mentioned in this podcast: Day Traders Put Stamp on Market With Unprecedented Stock Frenzy Sustainability SPAC Queen's Gambit Growth Capital files for a $225 million IPO
Jan 01, 2021
'Tis the Season to … Lever Up?
Anastasia Amoroso, head of thematic strategy at J.P. Morgan Private Bank, discuss emerging investing themes, including deploying leverage in credit-market investments. She also discusses the outlook for green energy, and other top themes her team is advising. Mentioned in this podcast: 2020 Has Been a Great Year for Stocks and a Bear Market for Humans
Dec 25, 2020
Value in a Frothy Market
Danton Goei, who runs global investment strategies at Davis Funds, discusses what opportunities he's seeing around the world as the end of the coronavirus pandemic comes into sight. Yes, it’s a frothy market in the U.S., he says, but there are still opportunities in America and abroad. Mentioned in this podcast: Trading at 369% Premium, New Crypto Fund Astounds Even Bulls Soaring Stock Valuations No Big Deal to Powell Next to Bonds
Dec 18, 2020
The Great Debate of 2021
In the wake of Covid-19, corporations this year issued trillions of dollars of debt to make it through. Now, according to Josh Lohmeier, head of North American investment-grade credit at Aviva Investors, the big question for next year is: What should and will they do with all that cash?
Dec 11, 2020
The World Outside Tech Stocks
The recent rotation in the equity market has made the once no-brainer decision to bet big on big tech a little more complicated. Jacqueline Remmen, senior wealth strategy associate at UBS Private Wealth Management, discusses how she’s advising clients what to expect in the next phase of the market. Mentioned in this podcast: Tesla’s S&P 500 Entry Takes Away Secret Weapon for Stock Pickers The Bull Market Rotates Away From Tech-Driven Mega-Companies
Dec 04, 2020
Where Money Goes to Die
Randy Dishmon doesn't care much for investment strategies based on lumping stocks into boxes with labels like growth and value. The manager of the Invesco Global Focus Fund, which has returned 46% this year and consistently ranks in the top 1% of similar funds, joins the podcast to discuss how he approaches investing and the recent rotation in equities.   Mentioned in this podcast: ‘Very, Very Busy Week’ Wipes Out Traders’ Usual Holiday Doldrums Chaos in Factor Land Puts Quants on Hunt for Accidental Exposure
Nov 27, 2020
The New 60/40: 100/0?
Barely-there yields in the bond market have led to a search for other strategies to diversify portfolios with assets that will cushion the blow from any future drop in stocks. Peter van Dooijeweert, managing director of multi-asset solutions at Man Solutions, a division of hedge-fund firm Man Group, joined the latest episode of the “What Goes Up” podcast and talked about some possible alternatives. Mentioned in this podcast: In New 60/40 Portfolio, Riskier Hedges Are Displacing U.S. Debt| Got Lucky, Got It Right: How Newbie Stock Jocks Beat the Market
Nov 20, 2020
Heavy Rotation
Promising results in a coronavirus vaccine test triggered a wild rotation in the stock market this week. Lauren Goodwin, economist and strategist at New York Life Investments, joins the latest episode of the “What Goes Up” podcast to discuss the opportunities and pitfalls for investors looking to position for a post-Covid world. Mentioned in this podcast: These Charts Show the Euphoria the Pfizer Vaccine News Created Rotation Trade Turns to Duck-and-Cover as Coronavirus Runs Amok
Nov 13, 2020
A Top 1% Manager’s Strategy
Many investors, like most Americans, have been fixated on the political drama of this year’s presidential election. But when it comes to picking stocks, Jamie Cuellar has kept his eye on the longer term. He’s the manager of the Buffalo Small Cap Fund, which has outperformed 99% of peers in 2020 as well as over the past one, three and five years, according to data compiled by Bloomberg.  Cuellar joins the latest episode of the “What Goes Up” podcast to discuss the election, his fund’s strategy, and why small companies are still an opportunity for active fund managers to show their value in a climate that’s more and more dominated by passive and smart-beta strategies. Bloomberg Executive Editor Chris Nagi also joins the show to discuss markets. Mentioned in this podcast Forget Biden Vs. Trump: The Incumbent Is Winning in Stock Market ‘Scrap That’: Traders Lose the Plot in Night of 1,000 Twists
Nov 06, 2020
The Great Dollar Slowdown
The velocity of money is an attempt to estimate the average number of times a dollar changes hands. It crashed to record lows during the pandemic as the savings rate surged. But it had been trending downward for more than two decades prior to that. Adrian Helfert, a fund manager at Westwood Holdings, discusses what it means for markets. He also talks about how he and investors are positioned for the upcoming election and other hot financial topics.  Mentioned in this podcast: Investor Bill Gross accused of blaring 'Gilligan's Island' song on loop to torment neighbor Virus Threat Overshadows Election, Earnings in Market Selloff
Oct 30, 2020
Dollar Doldrums
The dollar has been in a slump against major currencies in the last few months, and betting on more declines has become a popular trade. Wells Fargo macro strategist Zachary Griffiths discusses how the election results could interrupt or continue the trend. Mentioned in this podcast: Robinhood’s Addictive App Made Trading a Pandemic Pastime  Banks Brace for ‘Big Bang’ Switch on $80 Trillion Worth of Swaps
Oct 23, 2020
Army of Day Traders
The shift to commission-free trading and the stay-at-home environment of 2020 helped usher a new army of day traders into the stock and equity-options markets. How will this influential cohort affect markets now that they account for a share of volume that rivals hedge funds? Liz Ann Sonders, chief investment strategist at Charles Schwab, discusses this, the upcoming elections, and other market topics. Mentioned in this podcast: Mysterious Mega-Flows Rotate Through World’s Biggest Tech ETF Day-Trader Options Action Is Spotted Yet Again in Nasdaq Surge
Oct 16, 2020
Forecast: A 'Tech-Stock Tsunami'
An antitrust report by Democratic staffers for the House of Representatives this week sent chills down the spine of investors holding shares of the major U.S. technology and internet companies that have driven the bull market. The report signals the likelihood of heightened regulatory scrutiny over these companies, especially if Democrats win the White House and both chambers of Congress in the November elections in a so-called “blue wave.” Max Gokhman, head of asset allocation at Pacific Life Fund Advisors, shares his thoughts on this and other market developments.
Oct 09, 2020
SPAC Attack
A stock market that sometimes seems bulletproof in the face of adversity can make it challenging for hedge funds looking for companies to sell short in anticipation of share-price declines. Ben Axler of the activist fund Spruce Point Capital Management discusses where he’s looking for opportunities, including in special-purpose acquisition companies. Mentioned in this podcast: Blistering IPO Market Is Rekindling Dot-Com Era Froth Fears The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’
Oct 02, 2020
Buffett’s 'Elephant Gun'
Warren Buffett has referred to the massive cash pile at his company Berkshire Hathaway Inc. as his “elephant gun,” meaning he’s always on the prowl for an opportunity to shoot large sums of money at a big acquisition or investment. While he made a few deals this year as the Covid-19 pandemic roiled markets, he hasn’t been quite as active as he was during the global financial crisis more than a decade ago. Why is that? Joining this week to discuss why is Larry Pitkowsky, co-managing partner at GoodHaven Capital Management. His GoodHaven Fund counts Berkshire Hathaway as its top holding. Pitkowsky also discusses other holdings in the fund and shares some thoughts on markets and value investing.  Mentioned in this podcast: Amazon Tells Echelon Fitness to Stop Selling $500 Prime Bike Can’t-Lose Trades Falter With Inflation Expectations Flagging
Sep 25, 2020
The Options Explosion
An explosion of trading in equity options among day-traders is suspected of helping to fuel the rally in U.S. stocks this summer. Chris Murphy, co-head of derivatives strategy at Susquehanna International Group, joins this week’s episode of the “What Goes Up” podcast to explain what happened. Mentioned in this podcast: The Wild Summer of 2020 Turned Small Investors Into Whales Reddit's Stock Threads Become a Must-Read on Wall Street
Sep 18, 2020
Another Tech Wreck
The selloff in high-flying technology stocks continued this week after a breathtaking rally over the previous five months. Is the bubbling bursting, or is this just a minor setback for the perennial darlings of the market? Seema Shah, chief strategist at Principal Global Investors in London, discusses this and other important issues for the stock market. Mentioned in this podcast: A Week Like This Was a Long Time Coming for Day-Trader Faithful Options Traders Whipped Up Stock Boom With SoftBank Buying​​​​​​​
Sep 11, 2020
Ugh! Not Politics Again!
The U.S. stock market’s melt-up seems to have ended in spectacular fashion this week, and now many on Wall Street are turning their attention to the election in November as a potential source of risk. Nela Richardson, senior investment strategist at Edward Jones, shares her take on this week’s market action and what to expect in November. Mentioned in this podcast: Low Rates Lead Investors to Look Beyond the Classic 60/40 Mix Volatility Markets Brace for Election Drama Like Never Before Mystery Solved: Days Like This Are What the VIX Warned About
Sep 04, 2020
Volatility From Voting
Politics has become one of the most-important drivers in markets and this year’s U.S. presidential election is shaping up to be the main focus of traders and investors in all asset classes. Naufal Sanaullah, chief macro strategist at hedge fund EIA All Weather Alpha Partners, discusses how he’s thinking about the market implications of the race. Mentioned in this podcast: Volatility Markets Brace for Election Drama Like Never Before Notorious B.I.G.’s Plastic Crown May Fetch $300,000 at Sotheby’s KFC Suspends `It’s Finger Lickin’ Good’ Slogan Amid Pandemic
Aug 28, 2020
A Market Wearing 'Rose-Colored Glasses'
Campbell Harvey, finance professor at Duke University and a senior adviser at Research Affiliates, is well known for his research on the yield curve as a recession indicator. While no one could have possibly predicted the cause of this recession – a global pandemic – it’s still true that an inverted yield curve once again predicted an economic downturn. Harvey joins the latest episode of “What Goes Up” to discuss what the bond market is signaling now, along with his new paper on gold. Mentioned in this podcast: Gold, the Golden Constant, COVID-19, 'Massive Passives' and Déjà Vu Fed Minutes Show FOMC Backs Away From September Guidance Shift
Aug 21, 2020
The MMT Experiment is Underway
Robert Hormats, who has worked in senior economic and trade policy roles under five different U.S. presidents and spent 25 years at Goldman Sachs Group Inc., believes the Covid-19 pandemic has forced the government to embark on what could be considered an involuntary experiment with Modern Monetary Theory. Now a managing director at wealth-advisor Tiedemann Advisors, Hormats discusses MMT, the U.S.-China relationship, prospects for a coronavirus vaccine – and how investors should think about all of it. Mentioned in this podcast: A Beginner’s Guide to Modern Monetary Theory Meet the Psychic That Big-Money Wall Street Traders Depend On
Aug 14, 2020
Reflections of a Goldman Sachs Manager
At the benchmark level, equity levels by many measures look stretched. But Katie Koch, co-head of fundamental equity at Goldman Sachs Asset Management, says there’s plenty of areas within the stock market that offer good value for investors right now. She discusses which industries and companies she likes, including a couple that have been ravaged by the coronavirus like restaurants and retail. Mentioned in this podcast: How a Goldman Sachs Manager Is Preparing For a Post-Covid World
Aug 07, 2020
The Bull Case for Gold
Lee Ferridge, head of North America macro strategy for State Street Global Markets, has been bullish on gold since late 2018, when an attempt at quantitative tightening by the Federal Reserve sent markets into a tailspin. From that moment, he knew the central bank’s balance sheet would only grow larger, a boon for real assets like gold. Now, the precious metal is smashing records, beating both stocks and bonds in 2020. Mentioned in this podcast: Kodak Pivots to Drugs After Abandoning Photography, Crypto At Center of ‘Erratic’ Market Moves Is a Raging Recovery Debate
Jul 31, 2020
Rob Arnott on Bubbles
Rob Arnott, chairman and co-founder of Research Affiliates, has spent a lot of time studying market bubbles. He shares what he’s learned, and give his takeaways about the current environment for investors. Mentioned in this podcast: Rob Arnott Says It’s Insanely Stupid to Chase Market Bubbles U.S. Stock Market Bull Run In Recession Makes Investors Anxious Yes. It's a Bubble. So What?
Jul 24, 2020
Introducing: Blood River, A New Podcast From Bloomberg
The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power. Blood River premieres on July 27.
Jul 20, 2020
A View of Markets From Overseas
Based in Sydney, Australia, David Adams, the chief investment officer at Reminiscent Capital, picked up on funding market stress early on. That helped his firm’s Asia-focused macro strategy implement a multi-step trade that delivered a 16.5% return in the first quarter of 2020. He joins the latest “What Goes Up” podcast to discuss how it worked, and what markets are signaling now. Mentioned in this podcast:  Bad Breath Offers a Rare Payoff in Listerine-Royalty Stake Sale Banksy's Covid-19 Warning
Jul 17, 2020
The Melt-Up After the Meltdown
The furious rebound in the U.S. equity market over the last few months runs the risk of turning into a "melt-up," according to Wells Fargo strategist Anna Han. She explains what’s driving the surge and why it’s worrying. Mentioned in this podcast: Bleak Message of Economic Pain Underlies Tech’s Market Dominance Tesla Short Shorts
Jul 10, 2020
A Bummer of a Summer for Stocks?
The U.S. stock market headed into the Fourth of July holiday with a full head of steam after the best quarterly advance since 1998. Yet risks lie ahead this summer. Chief among them is the possibility that Congress will fail to deliver additional fiscal support for the economy as the coronavirus continues to spread, according to Jack Janasiewicz, strategist and portfolio manager at Natixis Investment Managers. Also joining the show is Bloomberg reporter Felice Maranz, who discusses the state of affairs with bank stocks and what to watch in the upcoming earnings season. Mentioned in this podcast: No One Can Agree on Where the Stock Market Will Be in Six Months Stock Bulls Need Proof They Were Right to Go All In on Recovery
Jul 03, 2020
Views of a Top Growth Manager
It’s a perennial debate among market wonks: when will growth stocks finally stop outperforming value stocks for more than a short period? And what has driven the outperformance? Daniel Davidowitz, co-head of the large-company growth team at Polen Capital Management, offers his take. First, he says, you have to deconstruct the meanings of “growth” and “value.” Mentioned in this podcast: Is Value Dead? Debate Rages Among Quant Greats From Fama to AQR Stocks’ Covid Angst Takes Violent Turn After Simmering for Days
Jun 26, 2020
Pin the Tail Risk on the Quant
This year’s volatility in markets has highlighted how investors can protect their portfolios with tail-risk hedging strategies. Meb Faber, co-founder and chief investment officer of Cambria Investment Management, joins this week to discuss the thinking behind his firm’s tail-risk ETF (ticker: TAIL), and offer his thoughts on the state of markets.
Jun 19, 2020
Bear-Market Flashback
Stocks crashed back to Earth this week after a breathtakingly fast rebound from the bear market of February and March. What caused the plunge? And is the rally over? Medley Global Advisors macro strategist Ben Emons and Bloomberg’s Cameron Crise discuss the drivers of the wild week in markets and the hoards of newly minted day-traders who took advantage of the rebound on the latest episode of the “What Goes Up” podcast. Mentioned on this podcast:  Hundreds of Thousands of Tiny Buyers Swarm to Insolvency Stocks The Stocks-Only-Go-Up Strategy Falls Into a $2 Trillion Ditch
Jun 12, 2020
Get Me Out!
As lockdowns are eased across the country, Americans are slowly but surely getting out of their homes and engaging with the world outside again. That provides some opportunities for investors to benefit from the next group of stocks that will perform well, according to Shawn Snyder, head of investment strategy at Citigroup’s Personal Wealth Management unit. Still, some shares that did well during the lockdown represent the “future of America” and aren’t just flashes in the pan, he says. Mentioned in this podcast: The Really Big Stock Bull Case Says Fed Stimulus Doesn’t Go Away Bears Thwarted Again by Stock Market That Believes in Recovery
Jun 05, 2020
‘Scared For the Market’
Investors across Wall Street are beginning to wonder if the risk rebound has further room to run. Fed policy is extremely stimulative, economies are reopening, and slices of the market hit hard by Covid-19 are joining in on the rally. But GMO, the famous money manager founded by Jeremy Grantham, isn’t buying it. Mentioned in this podcast:  Investors Pile Into Stocks That Win in a Full Economic Recovery U.S. Corporate Bond Sales Smash Record, Soaring Over $1 Trillion Bored Day Traders Locked at Home Are Now Obsessed With Options
May 29, 2020
It’s Already 2021 in the Market
What explains the resiliency of the U.S. stock market, despite the worst economic data in most of our lifetimes? Susan Schmidt, head of U.S. equities at Aviva Investors in Chicago, says the market is already looking ahead to next year. That doesn’t mean there won’t be some more volatility in the near term. Mentioned in this podcast: U.S. Equity Markets Stubbornly Ignore the Doom Everywhere Extreme Behavior Is on Display Everywhere in the Stock Market Black Swan Author Spars With Quant Legend Over Tail Risk Hedges
May 22, 2020
An Historic Crash
It was 10 years ago this month that the S&P 500 dropped 5% in four minutes. Now, the infamous day is known as the Flash Crash of May 6, 2010, and a decade later global markets are again facing extreme volatility – albeit in a different way. Joining the “What Goes Up” podcast this week is Liam Vaughan, the author of a new book, “Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History,” to chronicle the historic day and how a 36-year-old day trader got caught in the middle of it all. Also on the episode is Jafar Rizvi, portfolio manager of Harding Loevner Global Small Companies & International Small Companies Funds, who helps explain how to navigate investing in global small cap firms in the wake of the coronavirus. Mentioned in this podcast: The Work-From-Home Trader Who Shook Global Markets Stock Market’s Winners Hint at Gloom Rather Than Quick Comeback
May 15, 2020
Death of the Buyback?
This is a year when unthinkable events have become commonplace. That has some investors wondering if the Federal Reserve could end up making what was previously an unthinkable move: purchasing stocks. Vincent Deluard, global macro strategist for brokerage INTL FCStone, discusses. Mentioned in this podcast: With Stocks Buybacks Halted, We’ll See How Much They Matter Stock Fear Gauge Falls to Nine-Week Low After Topping 2008 Highs
May 08, 2020
Treasury’s $1.9 Trillion Quarter
The U.S. Treasury is auctioning a dizzying amount of bonds to pay for the government’s economic relief efforts. Will the market be able to digest this mountain of supply? Wells Fargo Securities macro strategist Zachary Griffiths discusses. Mentioned in this podcast: Bond Traders Signal the Path to Reopening Will Be Long and Bumpy ​​​​​​​Kudlow Says China Will Be ‘Held Accountable’ for Coronavirus
May 01, 2020
Sell the Reopen News?
As several states take tentative steps to reopen their economies following lockdowns to slow the spread of Covid-19, the big question for investors is whether a V-shaped recovery is in store. Baird strategist Michael Antonelli discusses why he believes the economic re-openings won’t be greeted with a rally in stocks.   Mentioned in this podcast: Bad Data Is a Given for Wall Street Gaming Out Lockdown Exit What an Oil ETF Has to Do With Plunging Oil Prices ‘They Don’t Know What to Say’: Company Earnings Add to Confusion
Apr 24, 2020
Harvesting 'Crisis Alpha’
They say every crisis is also an opportunity, and some trend-following investment strategies are proving that true by reaping strong returns amid the chaos in markets triggered by the Covid-19 pandemic. AlphaSimplex Group’s Managed Futures Strategy Fund is up more than 7% in 2020, reaping what the firm’s chief research strategist Kathryn Kaminski refers to as “crisis alpha.” Kaminski discusses how trend following works and how the firm’s strategy saw the crisis brewing in other markets before it sent equities into a tailspin. Mentioned in this podcast: Crisis or Correction? A Quant’s View of the Coronavirus Don’t Feel Too Relieved by the Bounce Back in Stocks Wall Street’s Bulls Drive Epic Market Split From Grim Reality The Average U.S. Stock Is Catching None of That Megacap Magic
Apr 17, 2020
Misbehaving in a Pandemic
The Covid-19 virus is messing with all our heads, and that can cause investors to make some classic mistakes. Meanwhile, government stimulus efforts could lead to some skewed incentives for consumers and businesses. Edward Jones investment strategist Nela Richardson, who holds a doctorate in economics, gives her diagnosis of the role behavioral economics plays in the pandemic. Mentioned in this podcast:  A Bull’s Conundrum: Rally In Stocks Is Built on Staying Inside
Apr 10, 2020
Bankers on the Frontlines
While the world agonizes over grim statistics showing the growing number of victims of the novel coronavirus, professional money managers are forced to make important decisions on behalf of clients without much hard data on the economic damage being done. Diane Jaffee, senior portfolio manager at TCW Group Inc., discusses how the upcoming earnings season will help provide some much-needed information. Some highlights of the conversation are below. Mentioned in this podcast: A Lot Is Riding on Stock Bottom Calls That Worked in a Bull Market U.S. Jobless Claims Soar to Once-Unthinkable Record 6.65 Million Earnings Day Blowups Seen Skyrocketing With Street Flying Blind
Apr 03, 2020
Quick to Fall, Quick to Rise
Quick to fall, quick to rise -- such has been the story of the stock market. After tumbling more than 30%, this week was met with the fastest period of gains since the 1930s. But will the fierce rally last? Dan Chung, the chief executive officer of Alger, shares his thoughts and explain where the fund firm is looking for investment opportunities. Mentioned in this podcast: False Bottom or Start of Something Big: On This Rally’s Stamina Extreme Valuations, Gaping Margins and a Haven in Market Storm
Mar 27, 2020
Announcing Prognosis Daily: Coronavirus
Harnessing Bloomberg's reporting from every continent, Bloomberg's daily Prognosis podcast brings the news, data and analysis you need for living in the time of Covid-19. In around ten minutes, we will explain the latest developments in health and science, the impact on individuals, industries and governments and the adaptions they are making in the face of the global pandemic. Come back every weekday afternoon for a short dose of the best information about the novel coronavirus from more than 120 bureaus around the world. First episode drops Thursday, March 26. Subscribe on Apple Podcasts, Spotify, or wherever you listen.
Mar 25, 2020
The Sell-Everything Strategy
While the bear market in stocks has been alarming, dislocations in the corporate credit markets are arguably more dangerous for the stability of the financial system and the economy. Winifred Cisar, head of credit strategy at Wells Fargo Securities, gives her thoughts on the situation. Mentioned in this podcast: Global Credit Market Turmoil Rips From Australia to U.S. Munis Fed Feels Heat to Pump Out More Loans, Go Past Crisis-Era Rules
Mar 20, 2020
Buy The Dip Is Dead
As if the last few weeks weren’t volatile enough, this one was even worse. Swings were so wild that exchange-rules forced trading halts – multiple times. Thursday saw the worst day for the S&P 500 since 1987’s Black Monday crash, and the record long bull market came to a close. Cracks are forming in the credit markets, and classic hedges aren’t working the way they should. Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investments, explains why she’s not yet buying into this dip. Also joining the podcast is Bloomberg MLIV blogger Kriti Gupta, who discusses what an oil-price war means for global economies and energy firms. Mentioned in this podcast: Bull Market Ends Like It Began: In Chaos, Without Any Warning Credit Market Stress Deepens With Companies Racing to Raise Cash Bear Market Signals Over 80% Chance of Recession Hitting U.S.
Mar 13, 2020
Waiting for the Panic
Spasms of volatility continued to shake financial markets this week as the novel coronavirus spread in the U.S. and Europe. When will it all end and when will it be safe to buy this epic dip in the stock market? No one knows for sure. However, Naufal Sanaullah, chief macro strategist at hedge fund EIA All Weather Alpha Partners, explains what he’s looking for as a signal the tide is turning. Also joining the show is Bloomberg reporter Luke Kawa, who discusses how volatility markets are handling the turbulence. Mentioned in this podcast: Wall Street’s Pros Fess Up: ‘We Don’t Know What’s Going On’ Trump Signs $7.8 Billion Virus Bill After Infections Increase
Mar 06, 2020
Can Fed Fight the Virus?
Financial markets around the world have been roiled by the spread of the novel coronavirus, and it’s unclear what if anything the Federal Reserve and other central banks can do to stop the bleeding. Kathy Jones, chief fixed income strategist at Charles Schwab Corp., joins this week’s “What Goes Up” podcast to discuss the limited impact the Fed may have. Bloomberg’s Chris Nagi also joins the discussion to discuss the historic plunge in the stock market. Mentioned in this podcast: Wall Street Seeks the Right Metaphor for the Virus Meltdown Reddit’s Profane, Greedy Traders Are Shaking Up the Stock Market
Feb 28, 2020
Hedging an Epidemic
Flows into ProShares exchange-traded funds this year show investor appetite for investments that benefit from a declining stock market as the coronavirus threatens economic growth and investor confidence. Simeon Hyman, head of investment strategy at ProShares, and Bloomberg’s Rachel Evans explain how investors are positioning themselves amid the uncertainty.  Mentioned in this podcast: Riskiest ETFs Get Green Light, But Brokers Might Not Touch Them
Feb 21, 2020
Tales of a Top 1% Fund Manager
With passive and factor investing dominating the strategies of more and more investors, one would be forgiven for thinking that traditional bottoms-up stock picking is a dying art. But they’d be wrong. This week features Glenn Gawronski, who led the JPMorgan Small Cap Equity Fund to a top 1% performance in its Morningstar category before leaving to start his own investing firm called Byron Place Capital Management. Also joining the show is Bloomberg columnist John Authers, who talks about some of his recent columns about value investing and the European debt crisis.  Mentioned in this podcast: A Three-Legged Stool Approach to Finding Great Stocks To Invest In Value Investing’s Time to Shine Again Is Approaching Now We Can Say Euro-Zone Crisis Is Finally Over
Feb 14, 2020
UBS’s China Bull
China’s intense effort to contain the deadly new coronavirus is causing major damage to the nation’s economy and sending ripples through global financial markets. But it hasn’t shaken the conviction of Barry Gill, head of investments at UBS Asset Management, who is bullish on China’s long-term prospects as the nation continues to shift to a consumer-oriented economy. Bloomberg consumer-team editor Sally Bakewell also discusses how the coronavirus is affecting U.S. companies. Mentioned in this podcast: The Lasting Toll of a Deadly Virus Tesla’s 10,000% Options Surge Leaves Stock Gains in the Dust
Feb 07, 2020
Velocity of Risk Goes Viral
Paranoia about the coronavirus is spreading rapidly around the world, and the reaction in financial markets has been swift. Principal Global Investors strategist Seema Shah discusses how the “velocity of risk” is much faster now than it was during the outbreak of a similar virus, severe acute respiratory syndrome or SARS, in 2003. Also joining the podcast is Bloomberg Opinion’s health-care columnist Max Nisen, who explains how the clinical trial process and the profit incentives for drugmakers mean the quick development of a coronavirus vaccine is unlikely. Mentioned in this podcast: The Market Is Trying to Put a Price on the Coronavirus Outbreak
Jan 31, 2020
A Market Immune From Illness
Déjà vu? A week dominated by headlines of a spreading respiratory virus had investors recalling pandemics past, from SARS in 2003 to the Ebola scare six years ago. To discuss what the Wuhan virus could mean for markets, Dave Lafferty, chief market strategist at Natixis Investment Managers, and Ye Xie, a contributor to Bloomberg’s Markets Live blog, join the “What Goes Up” podcast. Some highlights from Natixis’ Lafferty: "There’s always sort of two phases: there’s the knee-jerk sort of risk-off, markets go down 1 percent, 2 percent, 3 percent, something like that, and then there’s a waiting period where we find out if it’s actually a more systemic problem. By and large in history, policy makers have gotten their arms around it, market tends to rally back." "The thing that worries me is that there’s so much optimism priced in, and people are worried about valuation. But valuation, in and of itself, isn’t a catalyst. So in that vacuum, people tend to look for catalysts and maybe some type of epidemic or pandemic becomes the excuse they’ve been looking for to either profit-take or sell down assets that they think are expensive. So I don’t think it’s necessarily the thing that makes or breaks the market, but I would agree at these valuations, with the way the market has run, it does make for kind of a convenient excuse to take a little profit here." Mentioned in this podcast: ‘Sharp and Short-Lived’: The Impact of Health Scares on Markets Markets Upset From China Virus Is Only Getting Larger Extreme Valuation Cases Wanted for a Red-Hot Rally in Equities
Jan 24, 2020
Learning to Love Lousy Stocks
Sometimes, it’s best to rip up the playbook, hold your nose and buy some of the worst stocks you can find. That’s the message from Jonathan Golub, chief U.S. equity strategist at Credit Suisse. He joined this week’s “What Goes Up” podcast to explain. “We like high quality portfolios, we like stocks that don’t have a lot of debt, we like stocks with growth and big global footprints,” Golub says. “But every one of those characteristics does well—or poorly—in certain situations.” Right now, the latter is the case, he contends. “Companies with deteriorating fundamentals that are heavily shorted are outperforming the market. And you wouldn’t normally think that, because those sound like they are negative characteristics.” A company is shorted because investors somewhere are betting its headed for bankruptcy, which Golub says makes sense in a weak economy. But if the economy turns around, he adds, “they’re going to actually improve more than a really healthy company. And this is really frustrating for investors with a quality bias.” Also joining the podcast is Bloomberg reporter Lananh Nguyen to discuss the takeaways from a busy week in bank earnings.
Jan 17, 2020
Introducing Prognosis Season 4: America's Broken Health-Care Costs
Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. 
Jan 13, 2020
Fundamentals in the Fog of War
U.S. benchmark stock indexes climbed to record highs this week even as the U.S. and Iran appeared to be on the brink of war. The return of investment-risk appetites was attributed to what appears to be a de-escalation of tensions after Iranian missiles hit U.S. targets in Iraq without causing any casualties. So is that the end of that? Not so fast, says Jonathan Mackay, senior market strategist at Schroders. Also joining the podcast is Bloomberg journalist Vildana Hajric, who discusses her reporting on how investors are reacting to the situation. Mentioned in this podcast: How Carlos Ghosn Became the World’s Most Famous Fugitive Red Flags Emerge With Record-High Stocks Brushing Aside Political Turmoil Buy the Dip, Wait and See, Add Hedges: Investors on Iran Strike
Jan 10, 2020
Your 2020 Guide
New year, new predictions. With 2020 off to the races, projections from strategists across Wall Street are now set in stone. Will market leadership change? Will a correction materialize over the next few months? What are the biggest risks? Chris Harvey, the head of equity strategy at Wells Fargo Securities, gives his view. Mentioned in this podcast: Maybe It’s Time to Start Worrying About Euphoria in U.S. Stocks
Jan 03, 2020
Remembering 2019
An inverted yield curve. Fears of recession. Three rate cuts from the Federal Reserve. And a boatload of negative yielding debt. All remnants of a year to remember, when everything rallied and U.S. stocks notched one of their best in decades. Matthew Peron, chief investment officer for City National Rochdale recounts 2019’s highlights.
Dec 27, 2019
OK Boomer, Time to Rebalance
It was a fabulous year to be invested in stocks or bonds. But what’s in store for 2020? Nela Richardson, an investment strategist at Edward Jones, and Bloomberg columnist Cameron Crise give their outlooks. Richardson says a lot of older clients are reluctant to make less risky investments due to the huge returns they’ve enjoyed in 2019. Meanwhile, the rally in bonds has pushed interest rates down and made the returns on fixed-income look unappealing.  Mentioned in this podcast: Maybe It’s Time to Start Worrying About Euphoria in U.S. Stocks U.S. Yield Curve Hits Steepest Point in Over a Year
Dec 20, 2019
Economic Worries Begin to Fade
Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market. Mentioned in this podcast: Job-Crusader Powell Signals Long Policy Pause Amid Low Inflation Fed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks It Took 13 Years for the Crisis to End in U.S. Financial Stocks
Dec 13, 2019
The Right Way to Be Wrong
Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities. Mentioned in this podcast: Peloton Stock Is Pummeled on Backlash From ‘Gift That Gives’ Ad A 20-Carat Blue Diamond Is Sold for Almost $15 Million
Dec 06, 2019
Make Money, Save the Planet
Climate change is arguably the biggest problem facing mankind in the 21st century, and any serious effort to slow it will require further massive investments in clean energy. At investment firm GMO, portfolio manager Lucas White leads a strategy that invests in companies which stand to benefit from the transition to green energy. It not only makes sound environmental sense, White says, but it also makes economic sense. Mentioned in this podcast: Thinking Outside the Box: How and Why to Invest in a Climate Change Strategy
Nov 29, 2019
Populism: As Popular as Ever
As 2020 approaches, the financial industry is busy issuing global outlooks for the new year. Recession? Trade deal? Higher or lower bond yields? Wilmington Trust Corp. threw another major risk into the mix: the continued rise of populism. Luke Tilley, chief economist at Wilmington and a former adviser with the Federal Reserve Bank of Philadelphia, weighs in. Also joining the show is Bloomberg’s Katherine Greifeld, who discusses the recent drop in bond yields and what’s arguably the most-boring foreign-exchange market since 1976. Mentioned in this podcast: Currency Doldrums Spur Complacency Risk That Could ‘Destroy Profits’ Bond Market’s Fate Hangs in Balance Before Trade-War Crunch Time
Nov 22, 2019
A Downer in December?
As U.S. benchmark stock indexes keep hitting new highs, at least one Wall Street strategist is on alert for a potential pullback by year’s end. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, explains why she’s sticking with a year-end target of 2,950 for the S&P 500, about 5% below where it’s currently trading. Also joining the podcast is Bloomberg’s Ye Xie, who discusses the U.S. trade war with China and democracy protests in Hong Kong from the perspective of a global markets reporter.   Mentioned in this podcast: FOMO Grows as Investors Scurry to Catch Stock Market Boom U.S. Senate Readies Quick Vote on Trade Status: Hong Kong Update Patek Philippe Watch Sells for $31 Million in Record Auction
Nov 15, 2019
Panic in the Bond Disco
The bond market has taken a major U-turn in recent weeks, causing the ever-important 10-year Treasury yield to jump from a three-year low of less than 1.43% in September to almost 2% on Thursday. Is this a turning point for fixed income or just a correction in an overbought Treasuries market? Robert Tipp, chief investment strategist at PGIM Fixed Income, shares his thoughts. Bloomberg Executive Editor Chris Nagi also explains what the rise in yields means for a U.S. stock market that touched record highs this week.   Mentioned in this podcast: Career Risk Flashing in Fund Land as Only 29% Beat Benchmarks U.S. Rates: Low for Long, But Likely Positive Robinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’​​​​​​​ Correction: This post incorrectly identified Robert Tipp’s title. The post has been updated.
Nov 08, 2019
How U.S. Yields Could Go Negative
Negative interest rates! They’re all the rage in Europe, but could this trend come to the U.S. financial system in the foreseeable future? Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investment Management, explains how it could happen. Also joining the podcast is Bloomberg Opinion columnist Shira Ovide, who discusses the latest earnings reports from big tech and communications companies. Mentioned in this podcast: Another rate cut—Is the U.S. economy weakening? First Obama, Then Trump, Now They Say Warren Will Crush Stocks Alphabet Is a Money-Making Mystery But It Works The 1963 Schwinn Catalog
Nov 01, 2019
Coming Soon: Travel Genius Season 2
Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.
Oct 29, 2019
Chile’s Popular Unrest Is a Lesson for the World
If it can happen in Chile, it can happen anywhere. That’s what Bloomberg Opinion columnist John Authers wrote this week as demonstrations broke out across the South American nation, long considered one of Latin America’s most-stable democracies. He joins this week to discuss the consequences for markets and societies with similar economic systems. Also joining the podcast is Bloomberg reporter Molly Smith, who gives her take on the current state of credit markets. Mentioned in this podcast: Chile's Violence Has a Worrisome Message for the World Authers' Newsletter: When Pensions Fail, People Get Angry
Oct 25, 2019
World's Hottest Market
The buzz on Wall Street this week was about the latest earnings reports from the big banks, and a Vanity Fair report on suspicious “Trump Chaos” trades in the futures market. Meanwhile, a small nation in the Caribbean still claims bragging rights as one of the world’s hottest stock markets.  Breaking it all down this week are Bloomberg’s Felice Maranz and Chris Nagi. And the podcast welcomes a special guest, Jamaican commerce minister Audley Shaw, who explains how sky-high interest rates decades ago helped fuel growth in the nation’s junior stock market. Mentioned in this podcast: Credit Cards Are a ‘Bright Spot’ in Bank Earnings, Analysts Say  ‘There Is Definite Hanky-Panky Going On:’ The Fantastically Profitable Mystery of the Trump Chaos Trades Welcome to Jamaica, Home of the World’s Best-Performing Stock Market Analysts Have a Few Problems With Trump ‘Chaos Trades’ Article
Oct 18, 2019
Don’t Call It QE
Federal Reserve Chairman Jerome Powell this week insisted that a plan to buy Treasury bills to build up excess bank reserves wasn’t the same thing as the central bank’s previous asset purchases, known as quantitative easing, or QE for short. Markets, however, reacted similarly to how they behaved during QE, with risky assets like stocks rallying and the Treasury yield curve steepening. Medley Global Advisors Macro Strategist Ben Emons and Bloomberg reporter Luke Kawa discuss the significance of the Fed’s latest move. Mentioned in this podcast: A Repeat of 2018’s Rout Is Likely Coming, Veteran Investor Says Nonsense Market Moves Have Investors ‘Exhausted’ by Trade Talks
Oct 11, 2019
Impeachment and Fat Tails
Officials from China are heading to Washington for trade talks next week, just as President Donald Trump battles the House of Representatives over impeachment hearings. How should investors prepare for the collision of these two stories? Kristina Hooper, chief global strategist at Invesco, joins the latest episode of the “What Goes Up” podcast to discuss.   "What the impeachment threat does is it creates fatter tails -- it increases the likelihood of extreme outcomes," says Hooper. "Whether it is greater likelihood that the U.S. takes minor concessions from China and calls it a deal. Or we could see something moving in the opposite direction where the U.S. takes a very extreme, aggressive position with China."    Hooper also discusses why she recommends investors should take a look at emerging market debt. Also joining the podcast is Bloomberg Businessweek economics editor Peter Coy to break down the latest indicators and discuss his “Wealth Number” gauge of an individual’s net worth.  
Oct 04, 2019
Introducing Stephanomics Season 2
Stephanie Flanders, head of Bloomberg Economics, returns to bring you another season of on-the-ground insight into the forces driving global growth and jobs today. From the cosmetics maker in California grappling with Donald Trump's tariff war, to the coffee vendor in Argentina burdened by the nation's never-ending crises, Bloomberg's 130-plus economic reporters and economists around the world head into the field to tell these stories. Stephanomics will also look hard at the solutions, in the lead-up to Bloomberg’s second New Economy Forum in Beijing, where a select group of business leaders, politicians and thinkers will gather to chart a better course on trade, global governance, climate and more. Stephanomics will help lead the way for those debates not just with Bloomberg journalists but also discussion and analysis from world-renowned experts into the forces that are moving markets and reshaping the world. The new season of Stephanomics launches Oct. 3.
Oct 01, 2019
Much Ado About Impeachment
House Speaker Nancy Pelosi’s decision to open a formal impeachment inquiry over President Donald Trump’s attempt to get Ukraine to dig up dirt on former Vice President Joseph Biden exploded in the news this week, sending a shudder through America’s political foundation. For investors though, it triggered a simple question: How should I trade this? Natixis Investment Managers Chief Market Strategist Dave Lafferty and Bloomberg reporter Luke Kawa join this week’s “What Goes Up’’ to break it all down. “In the near term, it doesn’t strike me as something tradeable,” said Lafferty. “We don’t know what we don’t know at this point; we don’t know what the revelations will be.” As 2020 approaches, however, “it has a lot of real market implications going into the election.” Lafferty also discusses using game theory to analyze how the impeachment proceedings may affect Trump’s trade war, and how central bank stimulus is having diminishing effects. “Super accommodative policy 10 years on now serves to undermine investor and consumer confidence, more than it does to instill it,” he said.  
Sep 27, 2019
A Week of Curve Balls
A stock market trying to notch new record highs this week was thrown a great deal of curve balls. Attacks on Saudi oil facilities sent crude prices surging. The Federal Reserve lowered interest rates for a second straight time through what was seen as a “hawkish cut.’’ And short-term financing costs went – as some called it – crazy. Joining this week’s "What Goes Up” podcast to make sense of it all is Liz Ann Sonders, the chief investment strategist at Charles Schwab, and Alex Harris, who covers short-term funding markets for Bloomberg News. Mentioned in this podcast:  The Repo Market’s a Mess. (What’s the Repo Market?)  ‘This Is Crazy!’: Wall Street Scurries to Protect Itself in Repo Surge  Wall Street Races to Figure Out If the Quant Stock Shock Is Over  Powell the ‘Artful Dodger’ Declines to Signal What Comes Next  Oil Having Best Week in Eight Months as Iran Sanctions Toughened
Sep 20, 2019
Billionaire Ken Fisher Boxes With Wall Street
While on the surface it looked like a calm week for the stock market, there was a lot of turbulence down below. Rising interest rates caused investors to rotate out of once high-flying momentum and growth equities in favor of beaten-down value stocks. This week’s “What Goes Up” podcast breaks it all down with Ken Fisher, the author of 11 books and billionaire founder of Fisher Investments. Mentioned in this podcast: Rob Arnott Wants to Take a Victory Lap on Factor Crowding Call
Sep 13, 2019
Business Goes To Chemistry Class
When you think of the Periodic Table of Elements, what comes to mind? Maybe chemistry class, or flashbacks to memorizing combinations of letters and numbers. But what about markets? This week on “What Goes Up,” the team behind Bloomberg Businessweek’s latest issue joins to make the connection. Bloomberg's Joel Weber, Jeremy Keehn and Eddie van der Walt discuss elements from gold and silver to helium and gallium. Mentioned in this podcast: Bloomberg Businessweek’s The Elements 
Sep 06, 2019
The Data Detective
The cost of a bacon cheeseburger. The average size of a U.S. home, and the average number of people who live in it. The number of Google searches for words like “cheap gas,” “coupons” and “Dow Jones.” Nick Colas, the co-founder of DataTrek Research, tracks all of this and more on top of a regular diet of traditional market data. Also joining the podcast is Bloomberg reporter Emily Barrett, who discusses the ferocious bond-market rally and how the Treasury is flirting with the idea of issuing 50 or 100-year bonds. Mentioned in this podcast:  Mnuchin Risks Unsettling Markets With Ultra-Long Treasury Bonds  Little to No Catalyst Is Needed to Push U.S. Yields Down Again  In Trump’s Tweet-Speed Market, Facts Take Back Seat to Hope
Aug 30, 2019
Introducing Prognosis Season 3: Superbugs
On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a silent tsunami of catastrophic proportions. We travel to countries on the frontline of the crisis, and explore how hospitals and doctors around the world are fighting back. Prognosis’ new season launches Sept. 5.  
Aug 29, 2019
The China Syndrome
Near record-low, and even negative, interest rates have captivated investors around the world. But are they here to stay? Chad Morganlander and Kevin Caron, portfolio managers at Washington Crossing Advisers, discuss how imbalances between China and other major economies have helped lead to a savings glut that’s depressed rates, and how the nation’s gradual shift to a more consumer-oriented economy could unwind this dynamic. Mentioned in this podcast: China Hits Back at Trump With Higher Tariffs on Soy, Autos  Powell Speaks, Trump Tweets, China Reacts, Markets Freak. Repeat How China Trade Policies Lead to U.S. Debt
Aug 23, 2019
Hong Kong. Yield Curve. Oh My.
Chaos in Hong Kong. A cross-asset market shock in Argentina. And that dreaded yield-curve inversion—a fleeting drop in 10-year U.S yields below 2-year rates—goes viral by creating panic-selling in the stock market. It was quite a week. JPMorgan Chase & Co. Global Markets Strategist Gabriela Santos joins this week's podcast to make sense of it all. Also joining hosts Sarah Ponczek and Mike Regan is Bloomberg cross-asset reporter Luke Kawa, who gives his take on the market volatility of August. Mentioned in this podcast: Countdown to Catastrophe? What the Yield Curve Means for Stock Bull Markets Equities Are on ‘Borrowed Time’ as Recession Signal Nears Inversion The Weekly Fix: Recession or Japanification. Which Is Worse?
Aug 16, 2019
Currency Wars
On Monday, China let its currency depreciate by the most since 2015, then later in the week President Donald Trump put more pressure on the Federal Reserve to cut interest rates to weaken the U.S. dollar. Has the trade war morphed into a currency war? And what are the implications for global markets? Bloomberg's Emily Barrett fills in as co-host on this week's “What Goes Up” podcast for Sarah Ponczek, while Bloomberg’s macro strategist Cameron Crise and currencies reporter Katherine Greifeld also join the conversation. Mentioned in this podcast: U.S. Intervention Odds Rise as Yuan Plunge Fuels Trump’s FX Fury What Exactly Does Trump Want for the Dollar? The Fate of the World’s Largest ETF Is Tied to 11 Random Millennials
Aug 09, 2019
What If the ‘Powell Put’ Fails?
The Federal Reserve has the stock market’s back, right? That’s what a lot of investors have come to believe. The so-called “Yellen put” (after former Fed Chair Janet Yellen) has rolled over into the “Powell put” (after current Fed Chair Jerome Powell) in trader parlance that likens central bank policy to options contracts protecting against losses in equities. But what if the Powell put doesn’t do the trick this time, and economic data and corporate earnings continue to deteriorate despite interest rate cuts? What if it isn’t enough to counteract U.S. President Donald Trump’s trade war? That’s one of the topics guest Alec Young, managing director for global markets research at FTSE Russell, explores on this week's show. Also joining the podcast is Romaine Bostick, a reporter and anchor on Bloomberg Television, to give his take on the state of play in markets, and what he’s hearing from sources on Wall Street. 
Aug 02, 2019
Record Stocks Amid Recession Signals
The stock market is trading near record highs yet concern about a potential recession continues to linger in the air, and that’s a tough dichotomy for investors to wrap their heads around, says Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. He joins the podcast to discuss how to position investments amid an uncertain outlook for the economy. Also joining the podcast is Brad Olesen, leader of Bloomberg’s U.S. stocks team, to discuss the highlights of the second-quarter earnings season. Mentioned in this podcast: S&P 500’s Earnings Miracle Is Failing to Take Hold in the Second Half Boeing Warns It May Halt 737 Output If Max Grounding Drags On
Jul 26, 2019
Stocks Stare Down a 'Low Bar'
Second quarter earnings season has officially begun. This week, the biggest banks set the stage for what could mark the S&P 500’s first quarterly profit decline in three years. Will underwhelming results be enough to spur further gains in equities this year? Evan Brown, head of multi-asset strategy at UBS Asset Management, and Bloomberg finance reporter Lananh Nguyen, join Sarah Ponczek and guest co-host Chris Nagi this week. Also on the episode, a look at U.S. dollar policy with the possibility of intervention in the headlines. Mentioned in this podcast: Banks' Record Earnings Show Fed Is Key to Whether Fun Continues BofA Counters Trading Slump With Gains in Consumer Banking Mnuchin Currency Remark Seen Raising Risk of FX Intervention White House Knows It Needs the Fed to Make a Dent in the Dollar
Jul 19, 2019
TINA's Back in Town?
With apologies to Bruce Springsteen, as the Fed prepares to cut interest rates for the first time in a decade, it looks like There Is No Alternative (again!) to U.S. equities. Is the S&P 500's rally to a fresh record a new lease on life or the last gasp before it succumbs to a corporate earnings slide? Two of Bloomberg’s finest, senior markets editor and columnist John Authers and cross-asset reporter Vildana Hajric, join Mike Regan and guest co-host Emily Barrett on this week’s What Goes Up podcast to discuss. It's a sober view from these stock market highs. Authers walks us through the signals he’s seeing in Shiller’s CAPE measure, which suggest that current valuations are "utterly, utterly dependent at this point on low interest rates." Hajric prepares us for a less-than-stellar quarterly earnings season but, as a special bonus, she catches us up with what’s going down in the world of Bitcoin billionaires, the Winklevoss twins. Mentioned in this podcast: Shiller's CAPE Reveals Dangers Lurking in Stocks: John Authers Maybe $5 Trillion Is All That Can Be Wrung From Stocks This Year Grim Earnings Forecasts Are Getting Worse by the Week in S&P 500
Jul 12, 2019
One Market That Volatility Forgot
The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record. Joining the latest episode of the “What Goes Up” podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team. Mentioned in this podcast: Be ‘Prepared for Anything’ as Trump Slams Europe, China on FX One Look at Passive Flows Explains the Story of Markets in 2019 Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His Job
Jul 05, 2019
Ain’t Nothin’ But a G-20 Thang
All eyes are on the Group of 20 nations meeting in Japan this weekend, with investors on the edge of their seats for news of progress in trade talks between the U.S. and China. News reports suggest that expectations are low. But what are markets signaling? Mark Hackett, chief of investment research at Nationwide Funds Group, weighs in. Also joining the podcast is Bloomberg Markets Live blogger Ye Xie with insights on what China needs to get a trade deal done. Mentioned in this podcast: A Scary View on What the G-20 Means for Stocks and a Calming One Record highs on Fed dovishness and trade optimism Buy Low-Tops, Sell High Tops: StockX Sneaker Exchange Is Worth $1 Billion
Jun 28, 2019
Jerome Powell’s Necktie Is Too Tight
Simultaneous pressure from markets and President Donald Trump to lower interest rates makes Federal Reserve Chairman Jerome Powell look like a guy whose necktie is too tight, says Julian Emanuel, chief equity and derivatives strategist at brokerage BTIG. He explains why, despite that pressure, the Fed may not cut rates in July as markets expect. Also joining the podcast is Bloomberg Opinion technology columnist Shira Ovide, who discusses how Slack Technologies Inc. has made its stock-market debut at a time when subscription-based, business-to-business software stocks are hot. Mentioned in this podcast:  Only Game in Town, U.S. Stocks Surge to Records in Yield Chase  What Dangers Lurk in Tech Company Emails?  Slack Poised to Join Cloud Valuations Soaring Into Thin Air Fatter Neckties Will Save the Economy
Jun 21, 2019
The Fine Art of Short-Selling
Short-seller Ben Axler’s Spruce Point Capital Management is thriving in the age of computerized investing by going where the machines don’t. He joins this week’s conversation to share how he digs deep into proxy statements and other obscure documents to sniff out the incentive targets that influence management, and then reverse engineers the ways they’re accomplishing them. Sebastian Boyd, a Santiago, Chile-based writer for the Bloomberg Markets Live blog, also discusses the state of credit markets and what to expect from the upcoming Federal Reserve meeting.    Mentioned in this podcast: The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’ Short Squeeze Fuels Junk-Bond ETF Jump After Record Bearish Bets  Fed Seen on Track for 2019 Rate Cut Though Call Is Close 
Jun 14, 2019
Embracing 'Maverick Risk'
In the midst of a multi-front trade war, Wall Street has advised that investors shun emerging market stocks. Rob Arnott, the founder of Research Affiliates and “godfather” of smart beta investing, disagrees. It's why half of his personal portfolio now sits in developing-nation value stocks, and his firm’s models predict U.S. equities will only return half of a percentage point in real terms over the next decade. Bloomberg’s Chris Nagi, a Bloomberg markets executive editor, also joins the conversation to discuss what Federal Reserve Chair Jerome Powell’s “appropriate” comments mean for stocks. Mentioned in this podcast: ‘Do They Have Enough Ammo?’: Markets Mull Potency of a Powell Put Pioneer of Yield-Curve Recession Indicator Says Don't Relax Yet Risk-On Is Back as Rally-Hungry Bulls Set Aside Trade Fears
Jun 07, 2019
Border Bombshell
Investors hadn’t quite finished wrapping their heads around what the escalating trade tensions with China would mean for their portfolios when President Donald Trump lobbed another bombshell into markets: the threat of tariffs on all imports from Mexico unless the nation halts the flow of immigrants crossing the border into the U.S. Bloomberg Opinion columnist Brian Chappatta joins the “What Goes Up” podcast to discuss the market’s reaction and why, despite the threat of higher prices from tariffs, investors are betting on lower interest rates. Also joining the show is Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, who describes her firm’s deep-dive research into how trade tensions will affect companies. They went through 500 conference-call transcripts over three quarters and lived to tell about it! Mentioned in this podcast:  S&P 500 Is at Risk of a 10% Tumble as Trade Angst Deepens, RBC Says Bond Traders Start Panic Buying in New Yield OrderPimco Warns That Central Banks Can’t Rescue the Bond Market Wall Street’s Darkening Trade War Gloom Means Tossing Old Advice
May 31, 2019
It’s a Tech War Now
Relations between the U.S. and China took a dangerous turn this week, according to Bloomberg Intelligence’s Gina Martin Adams: It’s now a technology war, not just a trade war. She joins co-hosts Sarah Ponczek and Mike Regan on the latest episode of the “What Goes Up” podcast. Also joining the show is Bloomberg’s Emily Barrett, a reporter on the bonds and foreign-exchange team, who talks about expectations for a low-inflation environment reflected in market pricing and what the latest Federal Reserve minutes signal for the path of interest rates. 
May 24, 2019
The Art of (Trade) War
Donald Trump’s bestseller "The Art of the Deal" is often cited by those trying to understand the president’s negotiating tactics as he escalates trade tensions with China. Ben Emons, a macro strategist at Medley Global Advisors, has been reading a different book in an attempt to understand the other side: ``The Art of War,” an ancient Chinese military strategy tome by Sun Tzu. Emons joins hosts Sarah Ponczek and Mike Regan this week to discuss the risks and opportunities in global markets as the trade war heats up. Also joining the podcast is Ye Xie, a Bloomberg Markets Live blogger, who gives his take on the situation and recommends some other literature that may illuminate China’s strategy. Mentioned in this podcast: Bonds Calling the Shots for Stocks as Rate Cuts Outweigh Trade Markets That Priced in a Trade Skirmish Now Brace for a Bruising Fight The Perils of Betting on a Quick End to U.S.-China Trade War
May 17, 2019
Skunk at the Garden Party
Renewed trade tensions between the U.S and China arrived in markets like a “skunk at the garden party,” according to David Joy, the chief market strategist at Ameriprise Financial who has more than 40 years of experience in investment management. He tells co-hosts Sarah Ponczek and Mike Regan how he’s expecting markets to handle this pungent new arrival on the latest episode of the “What Goes Up” podcast.    Along with that skunk, Uber Technologies arrived at the garden party of public markets this week with its long-awaited initial public offering. Kathleen Smith, co-founder of Renaissance Capital and manager of the IPO exchange-traded fund, joins the podcast to assess Uber and the rest of the money-losing herd of unicorns that may make 2019 a record year for IPO issuance.     As always, the hosts and guests finish up with a discussion of the craziest things they saw in markets this week.  
May 10, 2019
Introducing: Business of Bees
These days about one in three bites of food you eat wouldn’t be possible without commercial bee pollination. And the economic value of insect pollination worldwide is estimated to be about $217 billion. But as important as bees have become for farming, there’s also increasing signs that bees are in trouble. In the decade-plus since the first cases of Colony Collapse Disorder were reported, bees are still dying in record numbers, and important questions remain unanswered. On this new miniseries, host Adam Allington and environment reporters David Schultz and Tiffany Stecker travel to all corners of the honeybee ecosystem from Washington, D.C., to the California almond fields, and orchards of the upper Midwest to find answers to these questions.
May 08, 2019
The 'Four Horsemen' of Recession
Campbell Harvey, finance professor at Duke University and a senior adviser at Research Affiliates, joins Sarah Ponczek and Mike Regan in this week’s episode of the “What Goes Up” podcast. He discusses his dissertation on the yield curve and what he calls the “Four Horsemen” of a recession. He’s joined by Bloomberg strategist Cameron Crise, who gives a former macro trader’s perspective on how academic research like Harvey's influences buying and selling decisions. Mentioned in this podcast: The Fourth Horseman of the Next Recession ApproachesAlice’s Adventures in Factorland: Three Blunders That Plague Factor InvestingThe Management of Political Risk
May 03, 2019
Stocks Surge, Bears Balk
On the debut episode of “What Goes Up,” hosts Sarah Ponczek and Mike Regan explore what’s driving the stock market’s gains and why some bears are skeptical that the rally will be sustainable. Bloomberg executive editor Chris Nagi and cross-asset reporter Luke Kawa also join the conversation and look at how crude oil and the dollar have also been rallying, and why those gains could have huge implications for all manner of investments.    Mentioned in this podcast: All the Stuff Bears Are Saying to Spoil the S&P 500 Record PartyRed-Hot Nasdaq Run Is the Triumph of a Few Stocks Over the ManyKing Dollar Defies the Doubters as the U.S. Provides Investors an ‘Oasis’Oil Market Confounded Again as Trump Surprises on Iran Sanctions
Apr 26, 2019
Introducing "What Goes Up," A New Show From Bloomberg
On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek are joined each week by expert guests to discuss the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.
Apr 16, 2019