On What’d You Miss this Week, Scarlet Fu, Joe Weisenthal, Caroline Hyde, and Romaine Bostick spoke with Sean Stiefel, Navy Capital Founder and Portfolio Manager, about Aurora getting a listing on the New York Stock Exchange. Stiefel, who manages the first U.S.-based long/short public equity fund dedicated to cannabis investing, commented on the recent pot stock rout that came despite strong demand in the first week of legalization in Canada. Stiefel said this was the start of a revaluation of these companies, and that branding would be the next wave for the industry.
Scott Minerd, Global CIO at Guggenheim Partner, came on to discuss the big selloff that hit markets this week. Minerd shared his bearish outlook on risky assets and said the system is overloaded with debt. Looking forward, he said that as interest costs rise, one or two companies will default, which will turn into a more "general contagion."
Tim Hockey, TD Ameritrade President and CEO, joined to recap their earnings and give an update on retail participation in the markets. Hockey explained why volatility makes for good business, when it comes to TD Ameritrade.
Jason Vaillancourt, Co-Head of Global Asset Allocation at Putnam Investments, came on to talk about volatility at this point in the cycle. Vaillancourt, who oversees more than $15 billion in assets, explained there will likely to be a "breather" in earnings going forward. The yield curve, policy uncertainty, and the amount of leverage on corporate sector balance sheets, all together suggest that volatility should be higher than it is, he said.
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