Odd Lots

Chris Meredith, Co-CIO of O'Shaughnessy Asset Management and a value investing expert, dives into the challenges traditional value investing faces today. He discusses how high-flying growth stocks have outpaced this historic strategy. The conversation highlights the nuances of value investing, from identifying genuine value stocks to understanding economic moats. Meredith also examines whether current downturns signal a temporary cycle or a deeper structural shift in the market, leaving listeners with thought-provoking insights on the future of investing.

Delve into the alarming rise of superbugs, resistant to antibiotics, posing a dire threat to public health. Discover how cancer patients are particularly vulnerable during treatments and the urgent need for innovative solutions. Explore hospitals' creative approaches, like using rectal swab testing and monitoring superbugs in airplane bathrooms. This critical issue demands global awareness and collaboration to combat the silent tsunami of infections.

Philip Tetlock, a leading expert in forecasting and psychology at the University of Pennsylvania, sheds light on the art of prediction amidst today's uncertainties. He discusses the complex dynamics of economic forecasting, where psychological biases often cloud judgment. Tetlock emphasizes the tension between delivering entertaining soundbites and offering precise, informative predictions. He also highlights the need for accountability among forecasters and stresses the importance of embracing historical context and adaptive thinking in making accurate forecasts.

John Hempton, co-founder of Bronte Capital and seasoned bank analyst, shares insights into the perplexing state of bank stocks trading at 30-year lows. He discusses the declining profit margins in banking amid diverse interests rates, challenging conventional views on seeking 'value' investments. Hempton also reflects on strategies for navigating today’s high market valuations and draws parallels with the tech bubble of the early 2000s, emphasizing the importance of understanding business models and recognizing risk in investment decisions.

Viktor Shvets, Macquarie's Head of Asia Strategy, dives into the implications of negative interest rates, which have reached an alarming $17 trillion in debt. He argues that this trend undermines the principle of the 'time value' of money, ultimately hindering economic growth. Shvets also presents a case for rethinking capitalism and political structures as the consequences of negative rates become clearer. Additionally, he discusses the challenges and potential of Modern Monetary Theory in addressing these fiscal dilemmas.

Laban Yu, the Head of Hong Kong and China research at Jefferies, dives into the intersection of science fiction and the U.S.-China trade war. He highlights how sci-fi narratives mirror the real-world tech rivalry and ethical dilemmas, like the 'Prime Directive' from Star Trek. The conversation explores China's ambitions in semiconductors, detailing both challenges and advancements. Yu also discusses the implications of tariffs and U.S. policies on trade dynamics, drawing fascinating parallels with sci-fi themes that question interference in technological progress.

Jill Carlson, co-founder of the Open Money Initiative, explores the innovative use of cryptocurrency in Venezuela's unstable economy. She explains how locals navigate hyperinflation and government control over the bolivar, turning to Bitcoin as a lifeline. Jill shares stories of resilience, like Anna, a university student who mines Bitcoin to support her family. The discussion also touches on how cryptocurrencies can challenge existing financial norms and the potential impact of initiatives like Facebook's Libra on underbanked communities.

Sandy Kory, managing director at Horizon Partners, offers a refreshing take on WeWork, challenging the skepticism surrounding the company. He discusses WeWork's innovative office environments and its struggle for valuation amidst market doubts. Kory argues that the company possesses untapped potential in a fragmented market, and he emphasizes its advantages in mature markets along with its flexible business model. He also highlights the need for strategic management to navigate competition and economic challenges while maintaining a positive outlook on WeWork's future.

Mark Cudmore, a Bloomberg macro strategist and longtime market bull, reveals his surprising shift to a bearish outlook. He discusses the unusual stock market landscape with equities at record highs despite rising negative sentiment. Cudmore analyzes the implications of the U.S.-China trade war and how it impacts investor behavior and economic forecasts. He highlights challenges in the credit markets, warning about potential recessions and the complexities of current financial policies that could threaten the market's stability.

Finn Brunton, an NYU professor and author of "Digital Cash," dives into the intriguing history of cryptocurrency and its unexpected links to cryonics. He discusses how early digital currency creators shared a vision of anonymity and futurism, similar to cryonics enthusiasts. The conversation highlights challenges of valuing currency and preserving wealth over time, along with ethical debates about the focus on immortality amid global issues. Brunton also touches on the paradoxes within these movements and the role of technologists in shaping the future.