This includes topics like the global economy, different asset classes, <br>inflation and what is yield curve control.

The Investor <br>Tutorials

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The global financial system is a lot like a natural ecosystem. In the natural world, individual organisms are interconnected in food chains with distortions to one link in the chain causing knock-on effects to all the others. The world of finance is very similar. Each asset class has its own idiosyncratic characteristics that drive price movements, but they also have a deep reliance on the fluctuations and proper functioning of the other asset classes. Together, the four main asset classes of equity, fixed income, commodities, and currencies make up the building blocks of finance, and even if you only invest in one, you need to pay attention to what is happening in all the others. In this episode of “Investor Tutorials”, Jamie McDonald kicks off our exploration of the four main asset classes, highlighting what makes each of them unique while also touching on clear examples of their inherent interconnectedness. McDonald also explains why real estate and crypto are missing from the list of asset classes making up the building blocks of finance.

The Building Blocks of Finance

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Jamie McDonald highlights equities in our continuing exploration of the four main asset classes. McDonald explains what exactly an equity is, the similarities and differences between public and private equity, how geography factors into equity valuation and liquidity, and other important classifications like size and sector. He also touches on how equities interact with each other as an asset class and how it is influenced by the other asset classes of fixed income, commodities, and currencies.

Equities - The Basics

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Jamie McDonald continues our exploration of the four main asset classes, highlighting fixed income. Unless you have taken out a mortgage or are a professional money manager, you may have only interacted with fixed income in the form of a bond ETF. Fixed income is one of the least accessible asset classes for retail, but as investors learned in the Great Financial Crisis, ignoring this market can be one of the greatest mistakes of your investing career. Here, McDonald demystifies the different types of fixed income products, explains why fixed income is one of the most important asset classes for global commerce, and gives examples of the deep connections between fixed income and the other main asset classes, like equity, that may make up more of your portfolio.

Fixed Income - The Basics

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Jamie McDonald continues our exploration of the four main asset classes, this time focusing on the building block that makes up the physical inputs to the economy: commodities. Fluctuations in commodity prices can have massive ripple effects across every corner of the financial ecosystem, but as one of the most idiosyncratic asset classes, commodities also provide interesting opportunities for diversification and uncorrelated returns during periods when both fixed income and equities struggle. Here, McDonald explains this contradictory nature of commodity interconnectedness and idiosyncrasy with the other asset classes; the links between commodities, the dollar, and inflation; and why even if commodities don’t make it into your portfolio, they can still provide incredible information as macro indicators.

Commodities - The Basics

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Jamie McDonald continues our exploration of the four main asset classes with an examination of currencies. Everything in the world is priced in one currency or another, so the fluctuations in their value can be the difference between a money making or money losing investment. This makes paying attention to currency moves especially important for investors who own assets priced in foreign currencies. McDonald breaks down this dynamic and the other knock-on effects that currency moves can have for government bond markets, commodities, and a handful of other asset classes. Not all currencies are made the same, and McDonald highlights the important differences between global trade currencies like the US dollar or euro, commodity currencies in both emerging and developed markets, pegged currencies like the Hong Kong dollar, and the increasingly important technology of cryptocurrencies.

Currencies - The Basics

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Now that we’ve outlined the four main building blocks of finance, it’s time to dive deeper into the four asset classes to better understand how they function. One important factor that is ubiquitous across all four asset classes is liquidity and the differences in relative liquidity between individual assets and markets. Here, Jamie McDonald breaks down relative liquidity in equity markets by explaining just how much larger and more liquid some markets are than others. This relative liquidity metric is a great proxy for systematic importance, and keeping track of this data can help improve your understanding of what moves in individual markets might mean for other asset classes and how those movements can be used as economic indicators.

Equities - Relative Liquidity

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One important factor that is ubiquitous across all four asset classes is liquidity. Here, Jamie McDonald breaks down relative liquidity in fixed income markets by explaining just how much larger and more liquid some of these markets are than others. McDonald focuses on the world of government bonds and short-term interest rate products that dominate fixed income market liquidity. This relative liquidity metric is a great proxy for systematic importance, and keeping track of this data can help improve your understanding of what moves in individual markets might mean for other asset classes. So even if you aren't trading in the fixed income market, you can still track their movements as economic and market indicators.

Fixed Income - Relative Liquidity

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Jamie McDonald breaks down relative liquidity in commodity markets by explaining which commodities trade the highest volume and carry the biggest weighting in commodities indexes. Much like equities, commodities trade across a number of global exchanges. But, unlike a share in a company, a commodity contract is not fungible across exchanges. That’s why it’s important to think in terms of contracts and exchanges as well as individual commodities to determine relative importance in a global ecosystem. McDonald notes the dominance of energy commodities, particularly crude oil, and discusses the surprisingly high weighting of agricultural commodities despite their relatively low volume at the individual contract level. And he details how certain contracts on international exchanges, like those in China, can be useful indicators of global growth even if they aren’t considered benchmarks.

Commodities - Relative Liquidity

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Jamie McDonald breaks down the concept of relative liquidity in currency markets, explaining which individual currencies trade the highest volume and identifying specific currency pairs investors must understand. Unlike equities and commodities, most currencies trade on over-the-counter (OTC) markets, which makes tracking volume in real time more difficult. Still, data available from the Bank of International Settlements every three years establishes a handful of currencies critical to international trade. McDonald notes that the most recent data show the U.S. dollar is still the most important currency in the global economy. McDonald also discusses currency indexes and measures of volatility. And he shines light on what can be gleaned from positioning data in currency futures markets, though those volumes are dwarfed by OTC markets.

Currencies - Relative Liquidity

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In this episode of Investor Tutorials, we look at the U.S. Dollar and its influence on global markets. Understanding the power of the dollar might be the difference between catching long term investment trends or being overwhelmed by them. To help you understand the importance of the U.S. Dollar, Jamie McDonald, a former portfolio manager at Point72, looks back at previous decades in an attempt to illustrate clear patterns in both bull markets and financial crises that are driven by movements in the dollar.

The Power of the Dollar

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In this episode of Investor Tutorials, Jamie McDonald, a former portfolio manager at Point72, tackles bond yields and breaks down the difference between nominal and real yields. McDonald explains the terminology of bond markets and the relationship between nominal and real yields. He then dives into what negative real yields are, the market implications of negative real yields, and what is coming next for bond yields.

Breaking Down Bond Yields - Nominal vs. Real Yields

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Jamie McDonald, former portfolio manager at Point72, helps viewers understand the signs, causes, costs, and occasional benefits of financial bubbles. Highlighting the predictability of human nature and paradigm shifts in monetary policy, McDonald raises another question, "Are bubbles inevitable?" He examines past bubbles for answers to these questions, breaks down the 5 stages of every financial bubble, and dissects the current environment to help viewers judge if we are in the midst of any bubbles now. You can find more info on mimetic desire and the role of passive indexation in equity market pricing here: https://www.realvision.com/shows/the-interview/videos/bubbles-monopolies-and-copycats & https://www.realvision.com/shows/the-interview/videos/the-perils-of-passive-indexation.

The Anatomy of Financial Bubbles

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Jamie McDonald, former portfolio manager at Point72, breaks down the mechanics, desired effects, and unintended consequences of yield curve control. With rates already cut to zero and quantitative easing clearly not "temporary," questions arise about what tools central banks have left. Yield curve control may very well be the next tool coming out of a dwindling arsenal of monetary policy tools. Some central banks like the BOJ have already implemented yield curve control, but questions remain as to whether it will make its way to the U.S. and what catalyst could finally force the Fed's hand. For a deeper look at Japan’s experience with YCC, watch Weston Nakamura break down on the Exchange - http://rvtv.io/exchBOJYCC1

Understanding Yield Curve Control

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With government spending at all-time highs and the emergence of non-government alternatives like cryptocurrencies, people are beginning to ask the question, "what makes money, money?" Working through the history of money and reserve currencies to the economic theory of chartalism and the three key criteria any system of money needs, Jamie McDonald endeavors to answer that question in this episode of "Investor Tutorials."

What is Money?

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With the previous business cycle extended beyond its historical limits by accommodative central bank policy and many investors unsure whether this cycle is still going or has reset due to COVID, is analysis of the business cycle still even useful? In this episode of "Investor Tutorials," Jamie McDonald explains how the business cycle can still fit into a mosaic approach of market analysis. McDonald touches on the both the historic and current realities, the ways new policy measures have changed the business cycle, and the most important indicator to watch.

The Power of the Business Cycle

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Investors are constantly bombarded with new data measuring an ever-expanding list of macro variables, but how do you know which ones matter and how to interpret them once the wheat is separated from the chaff? In this episode of "Investor Tutorials", Jamie McDonald helps navigate these questions by focusing on the most important data points of the moment, the differences between surveys and hard data and what makes them leading or lagging indicators, and the way that the evolution of data collection and availability can change the speed at which this is priced into assets.

The Macro Data that Matters

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It’s been decades since economists theorized that market participants don’t behave like the textbooks would have you believe, but still many investors choose to ignore their biases and those of consumers. In this episode of “Investor Tutorials,” Jamie McDonald outlines the most pervasive biases for investors, the realities of consumer behavior as described by behavioral economics, and the ways policymakers utilize behavioral economics to evolve their toolkit.

Battling Bias with Behavioral Economics

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Inflation is one of the most discussed but also most misunderstood topics in finance and economics. Considering the number of people who have devoted their careers to predicting, generating, or controlling inflation only to fail at doing so, if there’s one thing we know for certain, it's that there is no consensus about what causes it. In this episode of "Investor Tutorials", Jamie McDonald, former portfolio manager at Point72, breaks down what we do and don’t know about this mysterious economic force and examines inflation’s often-cited causes, different forms, and its consequences, whether they be good, bad, or ugly.

What Really Causes Inflation?

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Previously, Jamie McDonald, former portfolio manager at Point72, discussed the various causes behind inflation that people point to, the forms that it can assume, and its consequences. In this episode of "Investor Tutorials," McDonald teases out the differences of two types of inflation—stagflation and hyperinflation—by providing historical examples of when they have occurred and the conditions they have to meet in order to be categorized as either one.

The Differences Between Stagflation and Hyperinflation

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Historically, deflation has been present in some of the best and worst times in human history, being caused both technological advancement and the lifting up of humanity, and crushing debt that sends asset prices spiraling downward. In this episode of "Investor Tutorials", Jamie McDonald helps viewers understand the differences between "good" and "bad" deflation, their very different causes and consequences, why "good" deflation has its own societal costs, and why in spite of the damage that can be done by inflation, deflation is what policy makers fear most. You can find more "Investor Tutorials" episodes on inflation: https://rvtv.io/3pkk0yC and hyper & stagflation: https://rvtv.io/352aXcx.

Deflation: The Good, the Bad, and the Ugly

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Reflationary environments and the resulting reflation trades can be some of the best times for investors to take advantage of shifting leadership in markets. In this episode of "Investor Tutorials", Jamie McDonald helps viewers understand how to spot these environments and their drivers, the nuances of different types of reflationary environments, and the assets that have historically performed best and worst in these periods. Jamie also touches on why reflation is the odd man out of the often discussed "flations" like inflation, deflation, and hyper & stagflation. You can find more "Investor Tutorials" episodes on inflation (https://rvtv.io/3pkk0yC), deflation (https://rvtv.io/3zLqqLR), and hyper & stagflation (https://rvtv.io/352aXcx).

The Different Forms of Reflation

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Position sizing is one of the most important aspects of investing, and depending on if it is done correctly or incorrectly, it alone can be the difference between success and failure of the course of individual trades and even entire careers. Unfortunately, there are no hard and fast rules for position sizing as your style, time horizon, psychology and even differences between individual securities can drastically change what is the correct position size. In this episode of "Investor Tutorials," Jamie McDonald, former portfolio manager at Point72, breaks down theses nuances so that you can develop your own framework for position sizing.

The Art and Science of Position Sizing

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Along with position sizing, entry and exit points, and portfolio construction, understanding time horizon is one of the most crucial aspects of successful investing or trading. Raoul has said that the best piece of advice he ever received was from Paul Tudor Jones who said, "your trade's time horizon has to match your idea's time horizon." In this episode of "Investor Tutorials", Jamie McDonald, former portfolio manager at Point 72, helps Real Vision viewers do just that, so they can build their own process for finding and managing trades with time horizon in mind. You can find more tutorials on portfolio management and position sizing here: https://rvtv.io/3uSC04O.

How to Think About Time Horizons

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It is said that, for every investment or trade, you actually make two trades—first, you have to get into the trade, and then you have to get out. Getting either of these crucial moments wrong can be the difference between a winner and a loser. In reality though, there is much more nuance as investors can have multiple entries and exits. In this episode of "Investor Tutorials", former Point72 portfolio manager Jamie McDonald helps viewers understand this nuance and much more. You can find more tutorials on portfolio management and time horizons here: https://rvtv.io/3wcq13l

Examining Entry and Exit Points

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In our "Investor Tutorials" series on portfolio management and construction, we've already covered position sizing, time horizons, and entry and exit points as individual topics. Now, it’s time to tie it all together and examine portfolio management and its precursor, portfolio construction, from a high level. In this episode, Jamie McDonald, former portfolio manager at Point 72, helps put together all of these pieces into one cohesive framework. Previous episodes can be found here - entry and exit points (https://rvtv.io/3sHl9QN), time horizons (https://rvtv.io/3wcq13l), position sizing (https://rvtv.io/3uSC04O).

A Holistic View of Portfolio Management and Construction

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Whether it is sending meme stocks rocketing higher, accentuating selloffs like in March 2020, or pinning stocks to nice round numbers at the end of the month, the tail that is the global derivatives market is wagging the dog of the underlying markets these derivatives are based off. This means that even if you don’t trade options, you need to understand how they affect the stocks or assets you do invest in. In this episode of "Investor Tutorials", Jamie McDonald helps viewers understand the origin of the options market and the different use cases for options as well as the important dates, jargon, and nuances for options in different classes.

Understanding the Basics of the Options Market

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It’s no secret that fundamentals are often not responsible for price fluctuations in the market, but that doesn’t mean the technical forces moving markets can’t be understood. In this episode of “Investor Tutorials”, Jamie McDonald explains how market maker hedging of options positions in the form of delta and gamma hedging can have huge effects on the price of the underlying securities those derivatives are based off. This tutorial requires a basic understanding of options markets, and it is recommended that viewers first watch this prior episode exploring that very topic: https://rvtv.io/3ety5pb.

How Delta and Gamma Hedging Moves Markets

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The futures market is so often quoted and yet so often assumed to be understood; however, all investors, whether they trade futures or not, need to understand how futures work because of its strong influence on a broad array of its underlying securities. In this episode of "Investor Tutorials," Jamie McDonald breaks down the basics of futures and its terminology as well as how futures are traded and are used as a speculative tool for investors.

How Does the Futures Market Work?

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To be a great trader, you must understand who you’re up against. Indeed, investing is one of the very few disciplines where amateurs compete on the same ground with professionals. That’s why we’re launching our mini-series on the different types of investors across the various global financial markets with a close-up on your counterparty. From growth to value to long-short equity hedge funds and everything in between, we address every pertinent question on topic, including why two investors can execute opposite trades at the same time and both be correct.

Who's Who on the Investor Playing Field

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In this episode of Investor Tutorials, we dive into the world of value and growth investing. Those are two of the most well-known investing strategies and it is important for all investors to understand them and consider if they are suitable for their investment portfolios.

Value vs. Growth Investing

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One key to successful long-term investing is understanding how different investors approach the market – knowing your competition, more or less. Equally valuable is understanding the types of markets that favor each approach, which goes a long way to explaining market moves you otherwise would not have understood. Our mini-series on the investor playing field continues with a look at how quality investors and income investors approach the market, with an emphasis on respective objectives, time horizons, and investment vehicles.

What Is "Quality Investing"?

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It’s the strategy that started it all, and it remains the most popular approach to equity markets among hedge funds. In this episode, James McDonald explains based on his own experience what it’s like to manage a long-short equity hedge fund. Jamie explores some of the biggest misconceptions about the industry – including the idea that market direction doesn’t matter. It does – more specifically, market environment matters. Here’s another thing: Hedge fund managers put on losing trades all the time. In fact, as long as it’s less than 49% of the time, they should be fine. James unpacks the what and the why of all of that and more.

A Primer on Long-Short Equity Trading

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A “global macro” approach to financial markets is distinct from other strategies in one major way: It is definitively a top-down method of capital allocation, taking account, first, of macroeconomic and political factors. And, with the continuing proliferation of exchange-traded funds geared to particular countries, global macro is increasingly accessible to self-directed investors. Real Vision’s Jamie McDonald introduces global macro as a strategic investing concept, highlighting both long and short setups across asset classes to give it real-world meaning.

What Does a Global Macro Strategy Look Like?

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A legendary mystique surrounds arbitrage, largely the creation of Michael Douglas-as-Gordon Gekko in the seminal cinema classic “Wall Street.” Though the swashbuckling corporate raider of the 1980s is now more often a steely-eyed mathematics wiz, this type of investing can be understood by the average investor. Real Vision’s Jamie McDonald breaks it all down – merger arbitrage, convertible arbitrage, special situations, distressed assets – in this introduction to event-driven investing. Using real-world examples featuring some of history’s best "arbitrageurs," Jamie demonstrates how to exploit price inefficiencies in and around corporate events.

How To Invest Like Gordon Gekko

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In this Investor Tutorial, Jamie McDonald discusses how to make money in real estate. Looking at the residential and commercial sectors, he explores the market forces that affect property prices, including demographics, interest rates, economic growth, tax, and leverage. Given the real estate market's reliance upon leverage, the conversation delves further into the financing of brick-and-mortar investments, and crucially, outlines the inherent risks and rewards that leverage can bring.

An Introduction to Real Estate Investing

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Real Vision’s Jamie McDonald continues to take us through the inner workings of real estate, with a focus on how mortgage markets affect housing prices. He posits that once you understand the mechanics of the mortgage markets and how they make money for banks, you will understand what drives price. Understanding how they price it is central to understanding how the real estate pricing machine works.

The Drivers of Housing Prices

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Investors often feel more personally drawn to real estate investing than to any other kind. It’s something that you can live in and own and is truly a part of our everyday lives. But if buying and selling physical property sounds too time-consuming or difficult, there are several other options open to you — both on the long and short side. In this tutorial, Jamie McDonald walks us through what those options are and dissects their relative strengths and weaknesses so that you can decide which platform or security suits you best.

The Many Ways to Trade Real Estate

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In this Investor Tutorials mini-series, Jamie McDonald discusses the role of asset managers and their importance to investors. He explores their various forms including hedge funds, pension funds, insurance companies, and family offices under the umbrella of asset management, and he explains the key distinctions in their investment styles and objectives. The conversation also highlights the trend towards passive funds over actively managed strategies and how this is creating distortions in the market and potential trading opportunities for well-informed investors.

Asset Managers

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In this Investor Tutorials mini-series, Jamie McDonald discusses hedge funds and their prominence in financial markets. McDonald explores hedge funds’ evolution from their origins in the 1980s and ’90s, including the proliferation of strategies as well as their raw growth as investment vehicles. The industry has seen some drastic changes along the way, not least in terms of regulation. But not even that has stopped hedge funds from reaching an estimated $4 trillion in total assets under management. As for influence on price action, SAC Capital is said to have once accounted for 3% of all shares traded on the New York Stock Exchange. McDonald also highlights the commercial aspects of hedge funds’ operations, in terms of the fees charged to investors as well as why brokers value their business so highly. By the end of this tutorial, you should have a comprehensive understanding of the hedge fund industry and how you can use some of their techniques in your own trading strategy.

Hedge Funds

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In this Investor Tutorial, Jamie McDonald discusses insurance companies. Often overlooked in a financial services sector dominated by banks, McDonald explains why insurance companies and their more than $40 trillion in assets under management worldwide can move markets in a big way. McDonald breaks down the different types of insurance companies, explaining how they turn profits from both sides of the balance sheet.

Insurance Companies

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In this Investor Tutorial, Jamie McDonald discusses venture capital (VC) firms. While VCs predominantly operate in the early stages of a private company’s transformation, their mandates and return objectives can have wide-ranging implications for valuations of publicly listed companies. McDonald breaks down the initial public offering (IPO) process, regulatory requirements, the emergence of special purpose acquisition companies (SPACs), and how a VC exit can create opportunities for investors in the secondary market.

Venture Capital

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With a broad range of applications, industrial metals are widely used across economies, and their demand is closely linked to the business cycle. In this tutorial, Jamie McDonald explains the properties behind each of the major metals as well as the key indicators that commodity investors can incorporate into their analysis.

Industrial Metals and the Business Cycle

https://www.realvision.com:443/rv/media/Video/24f682cf2c714baeb08bf82ed80d62bb/transcript

The Investor
Tutorials

Investor Tutorials are bite-size videos to help
investors better understand critical market concepts.

The Four Main Asset Classes

Understanding The Global Economy

The Four Types of Inflation

A Primer on Portfolio Management

Futures and Options

Investing Strategies

Introduction to Real Estate Markets

The Main Types of Professional Investors

Introduction to Commodity Markets

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The Investor Tutorials

Investor Tutorials are bite-size videos to help investors better understand critical market concepts.