Michael Green: How Do You Like Them Apples?

24 snips

Apr 23, 2025

Michael Green, Chief Strategist for Simplify Asset Management, shares his insights from decades in finance. He recalls pivotal moments like the 1987 stock market crash and stresses the impact of passive investing on market dynamics. The discussion touches on the economic repercussions of Bitcoin versus gold and the dual effects of artificial intelligence on jobs. Green also critiques current economic policies, emphasizing the need for strategic thinking in navigating today's financial landscape.

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ANECDOTE

Profiting Off Volatility ETN Crash

Michael Green identified fragility in the inverse VIX market leading up to its 2018 collapse.
He profited by positioning in options ahead of the XIV blow-up caused by regulatory changes.

INSIGHT

Passive vs Active Investing Dynamics

Passive investing is algorithmic buying that lacks discretion and reinforces momentum.
Active management adds value but faces challenges from investor flows amplifying market extremes.

INSIGHT

Passive Flows Drive Market Fragility

Passive flows create market fragility as liquidity doesn't scale with market cap.
Fundamental signals are overshadowed by flow-based trading, causing distortion.

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Danny is joined by Michael Green, Chief Strategist for Simplify Asset Management. The conversation spans various pivotal moments including the 1987 stock market crash, the 'Big Short' trade during the 2008 financial crisis, and his insights as a portfolio manager at firms like Canyon Partners and Soros Fund Management. Michael also discusses his current role at Simplify Asset Management, where he leverages both active and passive investment strategies. The discussion delves into the dynamics of market flows, the implications of passive investing, and the critical role of market structure in understanding economic shifts. Michael's perspectives on gold, Bitcoin, and the future impacts of artificial intelligence on the economy round out this comprehensive dialogue.

ABOUT THE SHOW

For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners.

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