Podcasts about Bull Run

We're in the first inning of digital asset treasury companies reshaping institutional crypto adoption.Today we sit down with Michael Anderson from Framework Ventures to explore how MicroStrategy's playbook is spreading. With Ethereum ETFs trading below NAV and treasury companies preparing debt issuance once they hit $10 billion, we're seeing early signs of crypto's institutional future.Michael breaks down why DeFi remains blockchain's core value proposition and why we might see tens of billions in Ethereum purchases by year-end.Let's get into it.The RollupWebsite: https://therollup.co/Spotify: https://open.spotify.com/show/1P6ZeYd...Podcast: https://therollup.co/category/podcastFollow us on X: https://www.x.com/therollupcoFollow Rob on X: https://www.x.com/robbie_rollupFollow Andy on X: https://www.x.com/ayyyeandyJoin our TG group: https://t.me/+8ARkR_YZixE5YjBhThe Rollup Disclosures: https://therollup.co/the-rollup-discl

Carl Quintanilla, David Faber and Robert Frank led off the show with a preview of Friday's federal court hearing in the case of Fed governor Lisa Cook, who is suing to block President Trump's efforts to fire her. Former White House attorney Ty Cobb weighed in on the situation. The anchors explored market reaction to the Fed's preferred inflation gauge: July PCE in line amid expectations for a Fed rate cut in September. Also in focus: S&P above 6500, Bulls rule in August, Alibaba vs. Nvidia, Dell slides, Affirm soars, Robert's look at the biggest  insider sellers and a preview of his "Inside Alts" newsletter set to launch September 2. Squawk on the Street Disclaimer

Michael Rosen shares his insights on the recent earnings season, highlighting the resilience of the AI theme and the outperformance of tech leaders like Nvidia (NVDA). Despite some concerns around monetization and China, Rosen believes the facts support a continued bull run, driven by strong earnings across sectors and a favorable economic environment. He also touches on the potential for rate cuts and the impact on the market, but remains skeptical about the long-term outperformance of small-cap companies.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Alibaba (BABA) reports earnings before the opening bell Friday. The Chinese tech company, much like its international peers, have outperformed the SPX. However, Sam Vadas believes the upside run will depend on whether Alibaba can impress investors on the cloud revenue. She goes in-depth on everything Wall Street needs to know heading into the report. Joe Tigay offers an example options trade for Alibaba.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

In this episode, Jesse Eckel returns to unpack what could be ahead for markets in Q4 2025, and why this cycle might look different from anything we've seen before. We dig into the macro setup, the potential for September rate cuts, and how liquidity, regulation, and market psychology could shape the next few months. Jesse also shares how he's approaching allocation, exits, and what he's watching most closely heading into year-end.~~~~~

Everyone is wondering the same thing - when is the bull run set to explode or is this time different?► Bitcoin Well: bitcoinwell.com/simplybtc► Ledn: https://learn.ledn.io/simplySimply Bitcoin clients get 0.25% off their first loan► SAT123: https://sat123.com/simplybitcoinUse code SIMPLY for 15% off► Stamp Seed: www.stampseed.comPROMO CODE: SIMPLY for a 15% discount► HIVE Digital Technologies: hivedigitaltech.com► Casa: casa.io/simplyPROMO CODE: SIMPLY for 5% OFF your first year of Casa Standard or Premium ► BitcoinBen: bitcoinben.ioFOLLOW US► https://twitter.com/SimplyBitcoinTV► https://twitter.com/bitvolt► https://twitter.com/Optimistfields► Nostr: npub1vzjukpr2vrxqg2m9q3a996gpzx8qktg82vnl9jlxp7a9yawnwxfsqnx9gcJOIN OUR TELEGRAM, GIVE US A MEME TO REVIEW!► https://t.me/SimplyBitcoinTVSUBSCRIBE TO OUR YOUTUBE► https://bit.ly/3QbgqTQSUPPORT US► On-Chain: bc1qpm5j7wsnk46l2ukgpm7w3deesx2mdrzcgun6ms► Lightning: simplybitcoin@walletofsatoshi.com#bitcoin #bitcoinnews #simplybitcoinDISCLAIMER: All views in this episode are our own and DO NOT reflect the views of any of our guests or sponsors.Copyright Disclaimer under section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, education and research. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please contact Simply Bitcoin.

This week - it is said that bull markets don’t die of old age, they are killed off - but who could the likely culprits be? Will persistent inflation - and rates that stay higher for longer - finally catch up with markets? Will faith in AI finally begin to run out? Host Ed Monk is joined by Tom Stevenson to a provide a well-balanced take on the latest financial developments together with expert insights to help you grow your capital, manage your investment portfolio and make the most of the money markets. Popular for its jargon-free approach, clear analysis and fresh perspective, The Personal Investor podcast helps shine a light on the latest market developments for the savvy UK investor.See omnystudio.com/listener for privacy information.

Nach dem kräftigen Kursrückgang der vergangenen zwei Wochen kann sich der Krypto-Markt heute wieder etwas erholen, doch ist diese Erholung nachhaltig oder haben wir bei Bitcoin womöglich schon das Zyklus-Top gesehen, wie manch Krypto-Experte auf Social Media behauptet? Neben dieser Frage wollen wir uns heute auch anschauen, ob Ethereum nun endgültig Bitcoin outperformen wird. Hinweise dafür gibt es schließlich genug.

Get the headlines that matter, right when they hit the wire: Join our Telegram group for market moving news on top Bitcoin equities like $MSTR, $MARA, $RIOT, $CLSK, and more:  https://t.me/blockspacenews Welcome back to The Mining Pod! Today, TicTacc Director of Business Development Michael Rhoden joins us to talk about the current state of the ASIC market in 2025, including the impact of tariffs on pricing and demand, Proto's ASIC miner launch, the rise of hydro cooling solutions, manufacturing shifts to the US, and how public miner pivots to AI/HPC are reshaping the mining hardware landscape. Subscribe to our newsletter!  **Notes:** • Tariffs add 19% duty on Malaysian imports • S21 Plus best seller with hydro cooling • Proto rig weighs 120 pounds, 10-year life • US manufacturing capacity still limited • Bitcoin mining margins remain thin • Ethiopia halts new mining expansion Timestamps: 00:00 Start 02:52 Proto miner thoughts? 04:23 Proto pricing 06:13 Consumer interest in Proto 07:32 Tariffs 10:19 Bitmain's markets 12:08 Hottest ASIC markets globally 15:34 Ethiopia market 17:12 China mining 19:34 Cooling trends 22:53 S21 oversupply? 26:48 AISC prices not in a bull run 29:08 HPC pivots 34:46 Mad in the USA 37:22 Auradine 41:00 Dynamic ASIC market 43:12 Wrap up

Mentor Sessions Ep. 026: Bitcoin's $2M Gold Parity, ETF Surge, MicroStrategy Risks & Network Threats | Vijay BoyapatiIs Bitcoin set for a historic bull market? In this explosive BTC Sessions interview, Vijay Boyapati, author of The Bullish Case for Bitcoin, reveals why ETF approval is fueling massive institutional adoption, potentially ending Bitcoin cycles. He predicts Bitcoin hitting gold parity at $1.5M–$2M within 5–10 years! Vijay dissects MicroStrategy's financial engineering, NAV premium risks, and treasury companies' threat to Bitcoin's decentralization. He warns of quantum computing challenges, advocates for Bitcoin Core ossification, and shares Ron Paul-inspired libertarian insights on Bitcoin as the global reserve currency. For Bitcoiners seeking bull market analysis this episode is a must-watch! Join the Bitcoin revolution, learn why Vijay champions self-custody, and discover how Bitcoin could reshape finance. Like, subscribe, and secure your financial future now!Key Topics:Bitcoin bull market and ETF approvalVijay Boyapati on institutional adoptionGold parity and $1.5M–$2M price predictionMicroStrategy's financial engineering risksTreasury companies and centralizationQuantum computing threats to BitcoinBitcoin Core ossification debateRon Paul and global reserve currencyChapters:00:00 Intro & Episode Summary01:16 Institutional Adoption02:02 ETF Approval Impact04:13 Gold ETF Comparison & Bull Market05:00 Are Bitcoin Cycles Dead?06:52 Gold Parity Price Prediction10:57 Gold to Bitcoin Shift12:30 Nation States & Bitcoin Reserves13:48 MicroStrategy's Bitcoin Strategy15:30 Financial Engineering & NAV Premium18:49 Centralization Risks24:27 NAV Discount Dangers36:40 Bitcoin Core Ossification41:50 Quantum Computing ThreatsAbout Vijay Boyapati:Author of The Bullish Case for Bitcoin, Software Engineer & Bitcoin AdvocateX: @real_vijayWebsite: bullishcaseforbitcoin.com

Eddie Ghabour notes the market "shrugging off" the "battle" between Fed member Lisa Cook and President Trump as a good thing. He believes bulls are instead focused on Fed chair Jerome Powell's commentary at Jackson Hole and prospects of a rate cut as positives for the economic outlook. When it comes to stocks, Eddie expects small cap stocks to rally further after investors experienced a "frustrating" rotation in recent months.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Zinssenkung in Sicht, aber Bitcoin stürzt ab: Warum verkauft ein Wal 24.000 BTC und wieso outperformen Altcoins wie ETH und Solana? Erfahre im aktuellen BTC-ECHO Invest Podcast, was hinter der Korrektur steckt und welche Chancen jetzt am Markt lauern.

The BIGGEST Crypto Bull Run in History Starts NOW (Top Altcoins to Buy) In this episode, Joshua Jake breaks down the federal reserve Jackson hole symposium interest rate cut decision and the new monetary policy shift. Jerome Powell is focusing on.  He also dives into Donald Trump's portfolio and the most underrated Crypto gem you should be watching. Here's what happens historically when the feds decide to change monetary policy.   

Jerome Powell's Jackson Hole comments just sent Bitcoin surging—and it might only be the beginning. With rate cuts looming, stagflation risks rising, and fiat cracks widening, Bitcoin may have just found its new floor at $110K. Is this the start of the next parabolic run? Let's break it down.✅ Lednhttps://learn.ledn.io/simplySimply Bitcoin clients get 0.25% off their first loanNeed liquidity without selling your Bitcoin? Ledn has been the trusted Bitcoin-backed lending platform for 6+ years. Access your BTC's value while HODLing.

Bitcoin and MicroStrategy are both taking major hits—so is the bull run already over? Tuur Demeester, Guy Swann, and Pete Evans break down what's really happening, what comes next, and how investors should prepare.FOLLOW TODAY'S PANELISTS:https://x.com/peteevanschefxhttps://x.com/TheGuySwannhttps://x.com/TuurDemeesterFOLLOW BTC SESSIONS on X/Nostr: x.com/BTCsessionsbtcsessions@getalby.comBOOK private one-on-one sessions with BITCOIN MENTOR! Learn self custody, hardware, multisig, lightning, privacy, running a node, and plenty more - all from a team of top notch educators that I've personally vetted.https://bitcoinmentor.io/—------------------------------SHOW SPONSORS:BITCOIN WELL - BUY BITCOINhttps://qrco.de/bfiDC6COINKITE/COLDCARD (5% discount):https://qrco.de/bfiDBVAQUA WALLEThttps://qrco.de/bfiD8gNUNCHUK HONEYBADGER INHERITANCEhttps://qrco.de/bfiDARHODLHODL NO KYC P2P EXCHANGEhttps://hodlhodl.com/join/BTCSESSIONDEBIFI LOANShttps://qrco.de/bfiDCpCRYPTOCLOAKShttps://qrco.de/bg5Dvo#btc #bitcoin #crypto

After hitting new all-time highs above $124,000, Bitcoin is showing its first signs of weakness. Traders are watching closely as a six-week rally cools off, with historical cycles suggesting a pullback could be near. We look at seasonal market patterns, analyst expectations for Q4, and the growing influence of Bitcoin treasury companies. Plus: the latest on China's slowdown, altcoin season signals, and Gemini's surprise IPO plans. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Bitcoin dropped to price levels we haven't SEEN IN A WEEK!! Is the bull run cancelled?!► Bitcoin Well: bitcoinwell.com/simplybtc► Ledn: https://learn.ledn.io/simplySimply Bitcoin clients get 0.25% off their first loan► SAT123: https://sat123.com/simplybitcoinUse code SIMPLY for 15% off► Stamp Seed: www.stampseed.comPROMO CODE: SIMPLY for a 15% discount► HIVE Digital Technologies: hivedigitaltech.com► Casa: casa.io/simplyPROMO CODE: SIMPLY for 5% OFF your first year of Casa Standard or Premium ► BitcoinBen: bitcoinben.ioFOLLOW US► https://twitter.com/SimplyBitcoinTV► https://twitter.com/bitvolt► https://twitter.com/Optimistfields► Nostr: npub1vzjukpr2vrxqg2m9q3a996gpzx8qktg82vnl9jlxp7a9yawnwxfsqnx9gcJOIN OUR TELEGRAM, GIVE US A MEME TO REVIEW!► https://t.me/SimplyBitcoinTVSUBSCRIBE TO OUR YOUTUBE► https://bit.ly/3QbgqTQSUPPORT US► On-Chain: bc1qpm5j7wsnk46l2ukgpm7w3deesx2mdrzcgun6ms► Lightning: simplybitcoin@walletofsatoshi.com#bitcoin #bitcoinnews #simplybitcoinDISCLAIMER: All views in this episode are our own and DO NOT reflect the views of any of our guests or sponsors.Copyright Disclaimer under section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, education and research. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please contact Simply Bitcoin.

In today's episode, we get into the heart of Bitcoin's bull run with Charles Edwards, founder of Capriole Investments, the guy whose charts institutions are watching. From MicroStrategy's high-stakes Bitcoin playbook to 150+ digital asset treasury companies now buying BTC daily, this episode breaks down the macro forces driving Bitcoin to potentially new all-time highs.~~~~~

Crypto News: Ethereum rallies to $4,600. Circle to launch Layer 1 blockchain Arc using USDC stablecoin as native gas token. XRP Treasury company Vivopower partners with Crypto dot com. Show Sponsor -

Crypto News: Ethereum breaks $4,000 and rallies to $4,300 setting up the Altcoin market for a major rally. Harvard endowment invests $116M into BlackRock Bitcoin ETF.Show Sponsor -

Kevin Green says the SPX did a "phenomenal job" on Wednesday holding the 6,300 — and now has 6,400 on the radar. He says as long as a broadening rally and 20-day SMA holds, that resistance can be broken. On gold, Kevin explains the commodity's "quintuple top" and weighs on whether it signals upside or downside price action.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Darrell Cronk, chief investment officer at Wells Fargo Wealth and Investment Management, says he expects both the stock market and the economy to face a "soft patch" that will increase volatility and mute returns for the rest of the year, but he believes conditions are strong enough that there will be no recession and that those year-end doldrums will lead to improvement and gains in 2026. Cronk, who also is president of the Wells Fargo Investment Institute, notes that his firm has already set year-end price targets for next year, and is forecasting 7,000 on the Standard & Poor's 500 as the "midpoint target" in that forecast.  Jenny Harrington, chief executive officer at Gilman Hill Asset Management — the author of "Dividend Investing: Dependable Income to Navigate All Market Environments" — makes her debut on the show, bringing her take on equity-income investing to the Market Call. Plus, Chip Lupo of WalletHub, discusses the site's 2025 Household Debt Survey, which showed that 44 percent of people expect their household debt level to increase in the next 12 months, and that 55 percent of respondents think they will still have debt to pay when they die.

XRP Bull Run | Crypto Explodes, Dems Implode | Go woke, Go Broke | Sweeney Breaks the Internet ----- Bull Run Confirmed: Markets are surging, but historically August and September are brutal for gains—just ask Jim Cramer. Ripple Goes Banking: Ripple's OCC banking license application is public—what it reveals could reshape their future footprint. XRP NYC: Builders, holders, and devs are converging for XRP Community Night in New York. Big energy incoming. Fighting FUD: Best resource to shut down BTC maxi denial of XRPL facts. Share it, save it. Xahau Ecosystem: New projects rolling out on Xahau—check the full list and see who's building. One Shot: A cinematic teaser drops—“Would you mint it or let it slip?” A nod to the XRP community. Geopolitics: Trump launches new sports council with legends, and his trade strategy vindicated—media, as always, doubted him. Dems in Decline: Gallup, CNN, WSJ—all show brutal numbers for the Democratic Party. The narrative is cracking. Kennedy & Robinson: Sen. John Kennedy delivers another zinger, and Tommy Robinson joins Advance UK. Political shifts in motion. Woke Fallout: Jaguar CEO steps down after viral fail; Sweeney's Dunkin' ad drives liberals mad; American Eagle doubles down—corporate insanity continues. Cultural Chaos: Yellow jeans, TikTok meltdown, and Baby Trump memes—because of course. ----- #XRP #Bitcoin #Trump #CryptoNews #OnTheChain #CryptoAirdrop #Geopolitics SUPPORT ON THE CHAIN GRAB A BADASS YETIS COFFEE – Fuel your crypto grind! ☕ Visit: otc.one/BadassYetisBrew MINT YOUR BADASS YETIS NFT – Own a piece of the legend! Visit: otc.one/mint OTC MERCH IS HERE! – Represent the community in style! Visit: onthechain.shop BUY US A COFFEE – Help keep the content flowing! Visit: otc.one/buy-us-a-coffee JOIN THE CHANNEL – Get exclusive perks & behind-the-scenes content! Visit: otc.one/join ********** ON THE CHAIN – CONNECT WITH US! Listen to the OTC Podcast – Never miss an update! Visit: otc.one/podcast Visit Our Website – The home of crypto insights! Visit: onthechain.io Follow OTC on Twitter – Stay updated in real time! Visit: otc.one/otc Join the OTC Community on Twitter – Be part of the discussion! Visit: twitter.com/i/communities/1599435678995062788 ********** FOLLOW THE OTC TEAM Follow Jeff on Twitter:

Crypto News: Bitcoin and altcoins continue their downtrend. Jim Cramer turns bearish signaling inverse cramer. Publicly traded company launches SUI treasury.Show Sponsor -

Gracy Chen, CEO of Bitget, a crypto trading platform, talks the industry with Diane King Hall. She feels President Trump has “fulfilled” many of his promises to the crypto industry. However, she doesn't see “enough clear frameworks” and isn't looking to enter the U.S. market right now, citing regulation, license expenses, and costs. Domestic competition in the sector is also heating up. Gracy argues that we are in the beginning stages of a “long bull run” for crypto.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Polina Pompliano and Anthony Pompliano discuss what's going on with bitcoin, hashrate hitting all-time highs, tariffs, and why the American economy is still king.=========================Markets are at all-time highs. Public equities are outperforming. And individual investors are driving it all. It's officially the rise of the retail investor. On September 12th in NYC, I'm hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors. We're bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, one-on-one fireside chats, and actionable investment ideas from each investor. This is going to be an absolute banger event. Join us if you like markets and think retail is two steps ahead of Wall Street.TICKETS: ⁠⁠https://www.independentinvestor.co⁠⁠/ (use promo code POMPYT25)======================Bitizenship helps Bitcoin-forward investors gain EU residency and a path to Portuguese citizenship in five years while maintaining exposure to Bitcoin. Their regulated fund qualifies you for the Golden Visa through an operating company focused on Bitcoin-native innovation. Book a free strategy call at bitizenship.com/pomp.=======================Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/=======================Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Created by Gavin Wood, co-founder of Ethereum, Polkadot empowers users to build decentralized applications with ease. Backed by industry leaders, making it a preferred choice for big names, Polkadot stands out as a leading choice for investors seeking a reliable, future-proof solution in the growing world of Web3 technology. Learn more at https://polkadot.com/.=======================Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/=======================View 10k+ open startup jobs:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

Scott Wapner and the Investment Committee debate the bull run for stocks and whether the market is heading for a shakeout. Plus, some committee stocks are on the move to the downside, the desk share their strategy. And later, Josh Brown is adding a group of names to his “Best Stocks in the Market.” Investment Committee Disclosures

Title: Trump's Wealth Strategies for 2025 (and How to Apply Them Today) Summary: The video discusses the financial landscape in the aftermath of the 2024 election, particularly in the context of Donald Trump's anticipated presidency. The speaker expresses an optimistic viewpoint on how Trump's return will invigorate the economy, creating wealth-building opportunities, particularly in real estate and private equity markets. They outline several strategies for capitalizing on Trump's pro-business policies, including deregulation, tax incentives, and a strong focus on American manufacturing. The speaker emphasizes the importance of proactive investment in high-potential areas such as real estate, capital raising, and cryptocurrencies to benefit from this economic shift. Their approach includes increasing investment activity, building a robust network, and taking advantage of favorable regulations to maximize returns and mitigate risks in a changing economic environment. Links to Watch and Subscribe: https://drive.google.com/file/d/1dtsGF8NEokD60wmA54A04hRHnYS7sjsi/view?usp=drive_link https://www.youtube.com/watch?v=oFD3v9ERpNI&list=PLSfheWyV7beFqERLX4ebBUJ4SmzmF6z8e&index=3 Bullet Point Highlights: Pro-Business Environment: Trump's presidency is expected to create a pro-business atmosphere with decreased government intervention. Deregulation and Opportunities: Anticipated deregulation will likely open up new financial avenues and incentivize investment in real estate. Real Estate Boom: A predicted resurgence in real estate investment is positioned as one of the most lucrative opportunities during Trump's term. Capital Raising Simplified: Reduced scrutiny on capital raising will facilitate more investment opportunities for entrepreneurs and investors. Tax Benefits Forecast: The return of substantial tax incentives, including retroactive bonus depreciation, will benefit real estate investors significantly. Crypto as a Key Component: The speaker notes the potential for increased investment in cryptocurrencies, positioning it as an essential part of modern investment strategies. Building a Network: Emphasis on establishing a strong investor network preemptively to capitalize on emerging opportunities in the evolving economic landscape. Transcript: (Seth Bradley) the election is over and guess what you're still not wealthy and you're still not in Nazi Germany but Donald Trump is about to make a lot of people rich and I plan on being one of them if you're smart you will too whether you love him or you hate him there's one thing you can't deny when he's in office the economy moves money shifts New Opportunities open up and old ones disappear and if you know where to look you can set yourself up to win big in 25 so I'm going to break down exactly how I plan to capitalize on Trump's return   from real estate investing to Capital raising to attx strategies so you can get ahead of the game and build some serious wealth let's get into it all right let's start with the big picture if Trump is in office this is what you can expect deregulation and business growth Trump has always been Pro business pro- entrepreneur and anti-g a that means less government interference fewer roadblocks for businesses and a pro capitalist environment expect them to cut funding to agencies like the SEC the IRS and   other regulatory bodies that slow down investment and deal making so also expect more tax incentives for small businesses investors and real estate developers and of course tariffs right America First manufacturing Trump has made it very clear he's bringing Manufacturing back to the US expect tffs on China Mexico and other foreign producers forcing companies to reinvest in American infrastructure factories and real estate so what does that mean that means more demand for industrial real estate warehouses and Logistics hubs   right here in the US and guess who's already looking at those opportunities this guy next think about stock market volatility private Market opportunity things like that the stock market will always be a roller coaster investors will Panic foreign economies will overreact to tariffs and our economy will overreact to Mean Tweets but the real money it's going to be in the private markets real estate funds direct Investments small businesses smart investors will pull money out of the stock market and put it into hard assets   and that's where the real opportunity is let's talk specifics next now that we know what's coming let's talk about where the money is moving and how I'm going to capitalize number one of course real estate real estate is about to explode again Trump is a real estate guy he's going to bring back policies to favor investors I'm calling it now 100% bonus depreciation is coming back and it'll be retroactive that means massive tax writeoffs for Real Estate Investors making syndication funds and Commercial properties even   more attractive Trump will push for more opportunity zones making it easier to defer and reduce capital gains taxes by investing in you know it real estate and we're going to see lower regulation which means easier development faster approvals and more investor-friendly lending so what am I doing doubling down on multif family things like self storage and especially industrial real estate also raising Capital raising Capital aggressively to get in before the next wave of incentives positioning myself to capitalize on tax advantages   while everyone else plays catchup that's the key start thinking about your real estate play now number two raising Capital will be easier than ever under Trump trump will likely gut the sec's budget of course he's already doing it now which means less scrutiny on private Capital raising more capital is going to flow into the private Equity markets syndications and alternative assets fewer restrictions on fundraising advertising and deal structuring those sorts of things and institutional investors will reallocate big money to   private markets as the economy shifts so what am I doing specifically scaling up my Capital raising strategies for these syndications for funds for fun to funds using especially 506c offerings to publicly Market deals and attract accredited investors and positioning funds to take in institutional Capital that's going to be fleeing the stock market and that volatility and getting into the private markets and number three a lot of people hate him for this but it's true and it's going to happen happen the rich get richer so you better   play the game to win Trump won so expect major tax cuts for businesses and investors in a pro capitalism Market expect lower corporate tax rates more deductions for business owners and a friendlier tax code for those who actually know how to use it he'll defund the IRS and possibly eliminate it all together we'll see he's talked about the external Revenue Service replacing it we'll see but anyways less audits less enforce less aggressiveness from the IRS if it even exists anymore this will favor   business owners investors in high net worth individuals so what am I doing structuring my investments to take full advantage of bonus depreciation and tax loopholes using cost segregation studies to maximize tax deductions on real estate and remember it's highly likely predicting it now 100% bonus depreciation will be restored and on top of that be retroactive to the previous few years so I'll be advising High net worth investors on how to legally keep more of their money number four investing in   crypto and Bitcoin Trump is pro crypto and creating massive tax shelters and deregulating this will be the perfect storm for another crypto Bull Run so start setting some money aside for crypto it's got to be part of your portfolio get educated make sure you know what you're doing invest wisely and again make it a major part of your portfolio moving forward and if you're still playing by the old rules W2 income stock market Investments zero tax strategy you're going to get left behind that's all all right so here's what I'm   doing right now to prepare number one stacking up capital for real estate deals before these policies actually shift number two building a bigger investor Network because when the floodgates open it's going to be too late I've got to be ready I've got to build that Network number three structuring my business entities to take full advantage of tax benefits number four focusing on Industrial real estate and always multif family as well because if Trump brings back us manufacturing that's where the   Gold Rush will be number five using my legal and investment expertise to help investors navigate and win in this new economy huge help you guys out along the way number six investing in Bitcoin and crypto crypto As Trump is pro crypto and creating massive tax shelters deregulating is going to be huge look guys this is not about politics it's about understanding how money moves and positioning yourself now ahead of time to get ahead of the curve so here's the deal you can either sit back you can let   this opportunity pass you can let everybody catch up you can sit on the sidelines and let things happen let it pass you by or you can get in the game right now if you're serious about raising capital Capital investing in real estate and multiplying more of your money in 2025 let's talk drop a comment hit that subscribe button and follow along because I'm going to be breaking down exactly how to play this game in real time let's go get it   Links from the Show and Guest Info and Links: https://www.youtube.com/watch?v=oFD3v9ERpNI&list=PLSfheWyV7beFqERLX4ebBUJ4SmzmF6z8e&index=3   https://www.facebook.com/sethbradleyesq/posts/pfbid0YM2q1WNHabhysUrF6eSRyeGFHErEFG88pFgxsjQjgxcuXpBMwndSRXJkVYUR4APal   https://www.instagram.com/p/DGBUz4uzg-m/ https://x.com/sethbradleyesq/status/1890086851630997992 https://www.linkedin.com/posts/sethbradleyesq_trumpeffect-donaldtrump-wealthbuilding-activity-7295852153070333952-p_px?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAKVay0BMf-qnL2v6W-30PvVRZnCs0eCFQU https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en  

Our analysts Paul Walsh, James Lord and Marina Zavolock discuss the dollar's decline, the strength of the euro, and the mixed impact on European equities.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Markets. I'm Paul Walsh, Morgan Stanley's Head of European Product. And today we're discussing the weakness we've seen year-to-date in the U.S. dollar and what this means for the European stock market.It's Tuesday, July the 15th at 3:00 PM in London.I'm delighted to be joined by my colleagues, Marina Zavolock, Morgan Stanley's Chief European Equity Strategist, and James Lord, Morgan Stanley's Chief Global FX Strategist.James, I'm going to start with you because I think we've got a really differentiated view here on the U.S. dollar. And I think when we started the year, the bearish view that we had as a house on the U.S. dollar, I don't think many would've agreed with, frankly. And yet here we are today, and we've seen the U.S. dollar weakness proliferating so far this year – but actually it's more than that.When I listen to your view and the team's view, it sounds like we've got a much more structurally bearish outlook on the U.S. dollar from here, which has got some tenure. So, I don't want to steal your thunder, but why don't you tell us, kind of frame the debate, for us around the U.S. dollar and what you're thinking.James Lord: So, at the beginning of the year, you're right. The consensus was that, you know, the election of Donald Trump was going to deliver another period of what people have called U.S. exceptionalism.Paul Walsh: Yeah.James Lord: And with that it would've been outperformance of U.S. equities, outperformance of U.S. growth, continued capital inflows into the United States and outperformance of the U.S. dollar.At the time we had a slightly different view. I mean, with the help of the economics team, we took the other side of that debate largely on the assumption that actually U.S. growth was quite likely to slow through 2025, and probably into 2026 as well – on the back of restrictions on immigration, lack of fiscal stimulus. And, increasingly as trade tariffs were going to be implemented…Paul Walsh: Yeah. Tariffs, of course…James Lord: That was going to be something that weighed on growth.So that was how we set out the beginning of the year. And as the year has progressed, the story has evolved. Like some of the other things that have happened, around just the extent to which tariff uncertainty has escalated. The section 899 debate.Paul Walsh: Yeah.James Lord: Some of the softness in the data and just the huge amounts of uncertainty that surrounds U.S. policymaking in general has accelerated the decline in the U.S. dollar. So, we do think that this has got further to go. I mean, the targets that we set at the beginning of the year, we kind of already met them. But when we published our midyear outlook, we extended the target.So, we may even have to go towards the bull case target of euro-dollar of 130.Paul Walsh: Mm-hmm.James Lord: But as the U.S. data slows and the Fed debate really kicks off where at Morgan Stanley U.S. Economics research is expecting the Fed to ultimately cut to 2.5 percent...Paul Walsh: Yeah.Lord: That's really going to really weigh on the dollar as well. And this comes on the back of a 15-year bull market for the dollar.Paul Walsh: That's right.James Lord: From 2010 all the way through to the end of last year, the dollar has been on a tear.Paul Walsh: On a structural bull run.James Lord: Absolutely. And was at the upper end of that long-term historical range. And the U.S. has got 4 percent GDP current account deficit in a slowing growth environment. It's going to be tough for the dollar to keep going up. And so, we think we're sort of not in the early stages, maybe sort of halfway through this dollar decline. But it's a huge change compared to what we've been used to. So, it's going to have big implications for macro, for companies, for all sorts of people.Paul Walsh: Yeah. And I think that last point you make is absolutely critical in terms of the implications for corporates in particular, Marina, because that's what we spend every hour of every working day thinking about. And yes, currency's been on the radar, I get that. But I think this structural dynamic that James alludes to perhaps is not really conventional wisdom still, when I think about the sector analysts and how clients are thinking about the outlook for the U.S. dollar.But the good news is that you've obviously done detailed work in collaboration with the floor to understand the complexities of how this bearish dollar view is percolating across the different stocks and sectors. So, I wondered if you could walk us through what your observations are and what your conclusions are having done the work.Marina Zavolock: First of all, I just want to acknowledge that what you just said there. My background is emerging markets and coming into covering Europe about a year and a half ago, I've been surprised, especially amid the really big, you know, shift that we're seeing that James was highlighting – how FX has been kind of this secondary consideration. In the process of doing this work, I realized that analysts all look at FX in different way. Investors all look at FX in different way. And in …Paul Walsh: So do corporates.Marina Zavolock: Yeah, corporates all look at FX in different way. We've looked a lot at that. Having that EM background where we used to think about FX as much as we thought about equities, it was as fundamental to the story...Paul Walsh: And to be clear, that's because of the volatility…Marina Zavolock: Exactly, which we're now seeing now coming into, you know, global markets effectively with the dollar moves that we've had. What we've done is created or attempted to create a framework for assessing FX exposure by stock, the level of FX mismatches, the types of FX mismatches and the various types of hedging policies that you have for those – particularly you have hedging for transactional FX mismatches.Paul Walsh: Mm-hmm.Marina Zavolock: And we've looked at this from stock level, sector level, aggregating the stock level data and country level. And basically, overall, some of the key conclusions are that the list of stocks that benefit from Euro strength that we've identified, which is actually a small pocket of the European index. That group of stocks that actually benefits from euro strength has been strongly outperforming the European index, especially year-to-date.Paul Walsh: Mm-hmm.Marina Zavolock: And just every day it's kind of keeps breaking on a relative basis to new highs. Given the backdrop of James' view there, we expect that to continue. On the other hand, you have even more exposure within the European index of companies that are being hit basically with earnings, downgrades in local currency terms. That into this earning season in particular, we expect that to continue to be a risk for local currency earnings.Paul Walsh: Mm-hmm.Marina Zavolock: The stocks that are most negatively impacted, they tend to have a lot of dollar exposure or EM exposure where you have pockets of currency weakness as well. So overall what we found through our analysis is that more than half of the European index is negatively exposed to this euro and other local currency strength. The sectors that are positively exposed is a minority of the index. So about 30 percent is either materially or positively exposed to the euro and other local currency strength. And sectors within that in particular that stand out positively exposed utilities, real estate banks. And the companies in this bucket, which we spend a lot of time identifying, they are strongly outperforming the index.They're breaking to new highs almost on a daily basis relative to the index. And I think that's going to continue into earning season because that's going to be one of the standouts positively, amid probably a lot of downgrades for companies who have translational exposure to the U.S. or EM.Paul Walsh: And so, let's take that one step further, Marina, because obviously hedging is an important part of the process for companies. And as we've heard from James, of a 15-year bull run for dollar strength. And so most companies would've been hedging, you know, dollar strength to be fair where they've got mismatches. But what are your observations having looked at the hedging side of the equation?Marina Zavolock: Yeah, so let me start with FX mismatches. So, we find that about half of the European index is exposed to some level of FX mismatches.Paul Walsh: Mm-hmm.Marina Zavolock: So, you have intra-European currency mismatches. You have companies sourcing goods in Asia or China and shipping them to Europe. So, it's actually a favorable FX mismatch. And then as far as hedging, the type of hedging that tends to happen for companies is related to transactional mismatches. So, these are cost revenue, balance sheet mismatches; cashflow distribution type mismatches. So, they're more the types of mismatches that could create risk rather than translational mismatches, which are – they're just going to happen.Paul Walsh: Yeah.Marina Zavolock: And one of the most interesting aspects of our report is that we found that companies that have advanced hedging, FX hedging programs, they first of all, they tend to outperform, when you compare them to companies with limited or no hedging, despite having transactional mismatches. And secondly, they tend to have lower share price volatility as well, particularly versus the companies with no hedging, which have the most share price volatility.So, the analysis, generally, in Europe of this most, the most probably diversified region globally, is that FX hedging actually does generate alpha and contributes to relative performance.Paul Walsh: Let's connect the two a little bit here now, James, because obviously as companies start to recalibrate for a world where dollar weakness might proliferate for longer, those hedging strategies are going to have to change.So just any kind of insights you can give us from that perspective. And maybe implications across currency markets as a result of how those behavioral changes might play out, I think would be very interesting for our listeners.James Lord: Yeah, I think one thing that companies can do is change some of the tactics around how they implement the hedges. So, this can revolve around both the timing and also the full extent of the hedge ratios that they have. I mean, some companies who are – in our conversations with them when they're talking about their hedging policy, they may have a range. Maybe they don't hedge a 100 percent of the risk that they're trying to hedge. They might have to do something between 80 and a hundred percent. So, you can, you can adjust your hedge ratios…Paul Walsh: Adjust the balances a bit.James Lord: Yeah. And you can delay the timing of them as well.The other side of it is just deciding like exactly what kind of instrument to use to hedge as well. I mean, you can hedge just using pure spot markets. You can use forward markets and currencies. You can implement different types of options, strategies.And I think this was some of the information that we were trying to glean from the survey was this question that Marina was asking about. Do you have a limited or advanced hedging program? Typically, we would find that corporates that have advanced programs might be using more options-based strategies, for example. And you know, one of the pieces of analysis in the report that my colleague Dave Adams did was really looking at the effectiveness of different strategies depending on the market environment that we're in.So, are we in a sort of risk-averse market environment, high vol environment? Different types of strategies work for different types of market environments. So, I would encourage all corporates that are thinking about implementing some kind of hedging strategy to have a look at that document because it provides a lot of information about the different ways you can implement your hedges. And some are much more cost effective than others.Paul Walsh: Marina, last thought from you?Marina Zavolock: I just want to say overall for Europe there is this kind of story about Europe has no growth, which we've heard for many years, and it's sort of true. It is true in local currency terms. So European earnings growth now on consensus estimates for this year is approaching one percent; it's close to 1 percent. On the back of the moves we've already seen in FX, we're probably going to go negative by the time this earning season is over in local currency terms. But based on our analysis, that is primarily impacted by translation.So, it is just because Europe has a lot of exposure to the U.S., it has some EM exposure. So, I would just really emphasize here that for investors; so, investors, many of which don't hedge FX, when you're comparing Europe growth to the U.S., it's probably better to look in dollar terms or at least in constant currency terms. And in dollar terms, European earnings growth at this point are 7.6 percent in dollar terms. That's giving Europe the benefit for the euro exposure that it has in other local currencies.So, I think these things, as FX starts to be front of mind for investors more and more, these things will become more common focus points. But right now, a lot of investors just compare local currency earnings growth.Paul Walsh: So, this is not a straightforward topic, and we obviously think this is a very important theme moving through the balance of this year. But clearly, you're going to see some immediate impact moving through the next quarter of earnings.Marina and James, thanks as always for helping us make some sense of it all.James Lord: Thanks, Paul.Marina Zavolock: Thank you.Paul Walsh: And to our listeners out there, thank you as always for tuning in.If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Our analysts Paul Walsh, James Lord and Marina Zavolock discuss the dollar's decline, the strength of the euro, and the mixed impact on European equities.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Markets. I'm Paul Walsh, Morgan Stanley's Head of European Product. And today we're discussing the weakness we've seen year-to-date in the U.S. dollar and what this means for the European stock market. It's Tuesday, July the 15th at 3:00 PM in London.I'm delighted to be joined by my colleagues, Marina Zavolock, Morgan Stanley's Chief European Equity Strategist, and James Lord, Morgan Stanley's Chief Global FX Strategist. James, I'm going to start with you because I think we've got a really differentiated view here on the U.S. dollar. And I think when we started the year, the bearish view that we had as a house on the U.S. dollar, I don't think many would've agreed with, frankly. And yet here we are today, and we've seen the U.S. dollar weakness proliferating so far this year – but actually it's more than that.When I listen to your view and the team's view, it sounds like we've got a much more structurally bearish outlook on the U.S. dollar from here, which has got some tenure. So, I don't want to steal your thunder, but why don't you tell us, kind of frame the debate, for us around the U.S. dollar and what you're thinking.James Lord: So, at the beginning of the year, you're right. The consensus was that, you know, the election of Donald Trump was going to deliver another period of what people have called U.S. exceptionalism. Paul Walsh: Yeah.James Lord: And with that it would've been outperformance of U.S. equities, outperformance of U.S. growth, continued capital inflows into the United States and outperformance of the U.S. dollar. At the time we had a slightly different view. I mean, with the help of the economics team, we took the other side of that debate largely on the assumption that actually U.S. growth was quite likely to slow through 2025, and probably into 2026 as well – on the back of restrictions on immigration, lack of fiscal stimulus. And, increasingly as trade tariffs were going to be implemented…Paul Walsh: Yeah. Tariffs, of course…James Lord: That was going to be something that weighed on growth.So that was how we set out the beginning of the year. And as the year has progressed, the story has evolved. Like some of the other things that have happened, around just the extent to which tariff uncertainty has escalated. The section 899 debate. Paul Walsh: Yeah. James Lord: Some of the softness in the data and just the huge amounts of uncertainty that surrounds U.S. policymaking in general has accelerated the decline in the U.S. dollar. So, we do think that this has got further to go. I mean, the targets that we set at the beginning of the year, we kind of already met them. But when we published our midyear outlook, we extended the target.So, we may even have to go towards the bull case target of euro-dollar of 130.Paul Walsh: Mm-hmm. James Lord: But as the U.S. data slows and the Fed debate really kicks off where at Morgan Stanley U.S. Economics research is expecting the Fed to ultimately cut to 2.5 percent... Paul Walsh: Yeah. Lord: That's really going to really weigh on the dollar as well. And this comes on the back of a 15-year bull market for the dollar. Paul Walsh: That's right. James Lord: From 2010 all the way through to the end of last year, the dollar has been on a tear. Paul Walsh: On a structural bull run.James Lord: Absolutely. And was at the upper end of that long-term historical range. And the U.S. has got 4 percent GDP current account deficit in a slowing growth environment. It's going to be tough for the dollar to keep going up. And so, we think we're sort of not in the early stages, maybe sort of halfway through this dollar decline. But it's a huge change compared to what we've been used to. So, it's going to have big implications for macro, for companies, for all sorts of people.Paul Walsh: Yeah. And I think that last point you make is absolutely critical in terms of the implications for corporates in particular, Marina, because that's what we spend every hour of every working day thinking about. And yes, currency's been on the radar, I get that. But I think this structural dynamic that James alludes to perhaps is not really conventional wisdom still, when I think about the sector analysts and how clients are thinking about the outlook for the U.S. dollar. But the good news is that you've obviously done detailed work in collaboration with the floor to understand the complexities of how this bearish dollar view is percolating across the different stocks and sectors. So, I wondered if you could walk us through what your observations are and what your conclusions are having done the work.Marina Zavolock: First of all, I just want to acknowledge that what you just said there. My background is emerging markets and coming into covering Europe about a year and a half ago, I've been surprised, especially amid the really big, you know, shift that we're seeing that James was highlighting – how FX has been kind of this secondary consideration. In the process of doing this work, I realized that analysts all look at FX in different way. Investors all look at FX in different way. And in …Paul Walsh: So do corporates.Marina Zavolock: Yeah, corporates all look at FX in different way. We've looked a lot at that. Having that EM background where we used to think about FX as much as we thought about equities, it was as fundamental to the story...Paul Walsh: And to be clear, that's because of the volatility…Marina Zavolock: Exactly, which we're now seeing now coming into, you know, global markets effectively with the dollar moves that we've had. What we've done is created or attempted to create a framework for assessing FX exposure by stock, the level of FX mismatches, the types of FX mismatches and the various types of hedging policies that you have for those – particularly you have hedging for transactional FX mismatches. Paul Walsh: Mm-hmm. Marina Zavolock: And we've looked at this from stock level, sector level, aggregating the stock level data and country level. And basically, overall, some of the key conclusions are that the list of stocks that benefit from Euro strength that we've identified, which is actually a small pocket of the European index. That group of stocks that actually benefits from euro strength has been strongly outperforming the European index, especially year-to-date.Paul Walsh: Mm-hmm.Marina Zavolock: And just every day it's kind of keeps breaking on a relative basis to new highs. Given the backdrop of James' view there, we expect that to continue. On the other hand, you have even more exposure within the European index of companies that are being hit basically with earnings, downgrades in local currency terms. That into this earning season in particular, we expect that to continue to be a risk for local currency earnings. Paul Walsh: Mm-hmm.Marina Zavolock: The stocks that are most negatively impacted, they tend to have a lot of dollar exposure or EM exposure where you have pockets of currency weakness as well. So overall what we found through our analysis is that more than half of the European index is negatively exposed to this euro and other local currency strength. The sectors that are positively exposed is a minority of the index. So about 30 percent is either materially or positively exposed to the euro and other local currency strength. And sectors within that in particular that stand out positively exposed utilities, real estate banks. And the companies in this bucket, which we spend a lot of time identifying, they are strongly outperforming the index.They're breaking to new highs almost on a daily basis relative to the index. And I think that's going to continue into earning season because that's going to be one of the standouts positively, amid probably a lot of downgrades for companies who have translational exposure to the U.S. or EM.Paul Walsh: And so, let's take that one step further, Marina, because obviously hedging is an important part of the process for companies. And as we've heard from James, of a 15-year bull run for dollar strength. And so most companies would've been hedging, you know, dollar strength to be fair where they've got mismatches. But what are your observations having looked at the hedging side of the equation?Marina Zavolock: Yeah, so let me start with FX mismatches. So, so we find that about half of the European index is exposed to some level of FX mismatches. Paul Walsh: Mm-hmm. Marina Zavolock: So, you have intra-European currency mismatches. You have companies sourcing goods in Asia or China and shipping them to Europe. So, it's actually a favorable FX mismatch. And then as far as hedging, the type of hedging that tends to happen for companies is related to transactional mismatches. So, these are cost revenue, balance sheet mismatches; cashflow distribution type mismatches. So, they're more the types of mismatches that could create risk rather than translational mismatches, which are – they're just going to happen.Paul Walsh: Yeah. Marina Zavolock: And one of the most interesting aspects of our report is that we found that companies that have advanced hedging, FX hedging programs, they first of all, they tend to outperform, when you compare them to companies with limited or no hedging, despite having transactional mismatches. And secondly, they tend to have lower share price volatility as well, particularly versus the companies with no hedging, which have the most share price volatility. So, the analysis, generally, in Europe of this most, the most probably diversified region globally, is that FX hedging actually does generate alpha and contributes to relative performance.Paul Walsh: Let's connect the two a little bit here now, James, because obviously as companies start to recalibrate for a world where dollar weakness might proliferate for longer, those hedging strategies are going to have to change.So just any kind of insights you can give us from that perspective. And maybe implications across currency markets as a result of how those behavioral changes might play out, I think would be very interesting for our listeners.James Lord: Yeah, I think one thing that companies can do is change some of the tactics around how they implement the hedges. So, this can revolve around both the timing and also the full extent of the hedge ratios that they have. I mean, some companies who are – in our conversations with them when they're talking about their hedging policy, they may have a range. Maybe they don't hedge a 100 percent of the risk that they're trying to hedge. They might have to do something between 80 and a hundred percent. So, you can, you can adjust your hedge ratios…Paul Walsh: Adjust the balances a bit.James Lord: Yeah. And you can delay the timing of them as well.The other side of it is just deciding like exactly what kind of instrument to use to hedge as well. I mean, you can hedge just using pure spot markets. You can use forward markets and currencies. You can implement different types of options, strategies. And I think this was some of the information that we were trying to glean from the survey was this question that Marina was asking about. Do you have a limited or advanced hedging program? Typically, we would find that corporates that have advanced programs might be using more options-based strategies, for example. And you know, one of the pieces of analysis in the report that my colleague Dave Adams did was really looking at the effectiveness of different strategies depending on the market environment that we're in.So, are we in a sort of risk-averse market environment, high vol environment? Different types of strategies work for different types of market environments. So, I would encourage all corporates that are thinking about implementing some kind of hedging strategy to have a look at that document because it provides a lot of information about the different ways you can implement your hedges. And some are much more cost effective than others.Paul Walsh: Marina, last thought from you? Marina Zavolock: I just want to say overall for Europe there is this kind of story about Europe has no growth, which we've heard for many years, and it's sort of true. It is true in local currency terms. So European earnings growth now on consensus estimates for this year is approaching one percent; it's close to 1 percent. On the back of the moves we've already seen in FX, we're probably going to go negative by the time this earning season is over in local currency terms. But based on our analysis, that is primarily impacted by translation.So, it is just because Europe has a lot of exposure to the U.S., it has some EM exposure. So, I would just really emphasize here that for investors; so, investors, many of which don't hedge FX, when you're comparing Europe growth to the U.S., it's probably better to look in dollar terms or at least in constant currency terms. And in dollar terms, European earnings growth at this point are 7.6 percent in dollar terms. That's giving Europe the benefit for the euro exposure that it has in other local currencies. So, I think these things, as FX starts to be front of mind for investors more and more, these things will become more common focus points. But right now, a lot of investors just compare local currency earnings growth.Paul Walsh: So, this is not a straightforward topic, and we obviously think this is a very important theme moving through the balance of this year. But clearly, you're going to see some immediate impact moving through the next quarter of earnings. Marina and James, thanks as always for helping us make some sense of it all.James Lord: Thanks, Paul. Marina Zavolock: Thank you.Paul Walsh: And to our listeners out there, thank you as always for tuning in.If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.