Podcasts about td securities

For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully constructed team of ministers balancing geographic, gender and ethnic interests from across the country. Frank addresses comments from Alberta's Premier Danielle Smith on separation, suggesting she would be better off leading than following her base of support. On a positive note, Smith seemed more bullish on the prospects for energy infrastructure builds across the country following comments from Quebec Premier Legault, who previously did not support building pipelines through his province. Frank discussed Prime Minister Carney's visit to the Whitehouse where he received good marks for his messaging on Canada's sovereignty which did not require confrontation with the President. We then move the discussion to global issues, covering handshake trade deals, the conflicts in Ukraine and Gaza, which Frank suggests are closer to the end than the beginning, and the recent flare up between Pakistan and India in Kashmir. He finishes with a suggestion that the Jays are better than their record, a point of view that was not supported by the normally bullish podcast host. This podcast was recorded on May 21, 2025. Chapter Headings:01:28 - The Carney Cabinet06:21 - Smith and Alberta Separation12:50 - Spending on Energy Infrastructure21:53 - Bullish Tone for Canada28:50 - Carney and Trump34:36 - Trump and Tariffs40:30 - Is Trump's Nobel Prize Slipping Away?43:31 - India-Pakistan Flare Up  For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 71, Peter is joined by two market on close experts from Vanguard, portfolio managers Nick Birkett and John Kraynak. Nick has been trading the US close for the past eight years from his perch in the Scottsdale office. Prior to moving to the US, Nick was with the portfolio trading team at JP Morgan in London for 14 years. John is based out of Malvern and has been with Vanguard for 15 years. He manages portfolios for the international team and is active in trading closing order flow for Vanguard in Canada and Brazil and is involved in working with Mexican officials on the potential creation of a MOC auction modeled off the new relatively new, and very well received, TSX MOC facility. Nick and John go through the nuances of each model and order type important to closing auctions and debate the pros and cons of various features of each MOC facility. The two PMs finish up with tips for traders navigating on close risk in the Americas, a process that requires local knowledge that takes into consideration unique trading conventions in each market.  This podcast was recorded on May 5, 2025. Chapter Headings: 01:11 - Does Concentration of Flow on Close Lead to Higher Intra Day Trading Costs?07:24 - Model Preferences – Europe Style or American Style Closing Auction16:30 - MOC Deep Dives – Canada, Mexico (work in progress), Brazil33:56 - NYSE Allows Early Floor Look, Late Imbalance Flip Flops – Does That Cause Fairness Issues?41:08 - Understanding Accessible MOC Volume – Case Study – Canada45:22 - Broker Sponsored Closing Facilities – Good or Bad48:25 - Advice for Traders Navigating the Close For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In this episode, Frank McKenna, Deputy Chair at TD Securities and former Canadian ambassador to the US, shares his insights on the outcome of the Canadian federal election, what it means for Prime Minister Carney, and potential implications for financial markets. He explores how external factors shaped Canadians' demand for decisive leadership and how Prime Minister Carney can govern assertively with a strong minority government. Frank also discusses the fiscal challenges facing the new government and potential economic implications moving forward.  This episode was recorded on April 29, 2025. 

In Episode 64, Frank covers the Canadian election from top to bottom, including addressing unflattering comments about Canada as a country from the leader of the Bloc Quebecois and the Premier of Alberta. Frank addresses each of the major platform concerns of Western leaders as it relates to natural resource and pipeline development including Bill C69, the energy cap and industrial carbon tax.  He provides a 101 lesson on equalization payments, a source of frustration for Western provinces who typically are not recipients of transfers from the Federal Government by virtue of low tax bases and resource reserves.  The episode then shifts to Canada-US relations, where Frank addresses President Trump's interference with the Canadian election and expectations for renegotiation of a trilateral trade agreement, which he suggests Canada reluctantly pursue, but with eyes wide open and asks from the north side of the border.  He finishes with an update on the war in Ukraine and, of course, laments the state of play of his beloved Toronto Blue Jays. This podcast was recorded on April 29, 2025. Chapter Headings: 00:29 - First Take on Election Results and Future of Unelected Pierre Poilievre09:34 - Regional Interests Take Centre Stage13:17 - Addressing Western Canadian Demands28:17 - Equalization Payments36:26 - Trump and the Canadian Election42:50 - The 90 Day Tariff Negotiation48:00 - Back and Forth on Russia-Ukraine  For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 70, we invite back two Bid Out podcast veterans, Jim Toes, President of the Security Traders Association, and Jaret Seiberg, TD Cowen's Washington Research Group Financial Services Policy Expert, for a discussion on the next SEC Administration, likely to be led by Paul Atkins. Jim and Jaret start with an explanation for the low key, zero drama nature of the Atkins confirmation hearing for SEC Chair, citing the limited pushback expected on the nomination, and the fact that the confirmation process has been streamlined post the GFC. That said, Minority Ranking Member Elizabeth Warren published a 34-page letter of issues and questions for the Chair-Designate covering a wide range of current and historic SEC issues, including many about the time Atkins spent as an SEC Commissioner prior to the GFC. Jim and Jaret discuss several of the topics raised by Senator Warren, including potential conflicts for the Chair, gamification of markets, the future of FINRA and the CAT, and crypto oversight.  The pod finishes with Jim's look into his crystal ball to answer the question "will Atkins reverse NMS during his tenure?"This podcast was recorded on April 2, 2025.Chapter Times:00:55 - The Zero Drama Atkins Hearing and Next Steps08:30 - Senator Warren's 34 Page History Lesson13:22 - The Future State of Completely Partisan Commissioners23:34 - Will Atkins Reverse Policy Decisions from Gensler Administration?31:10 - How Can Atkins Manage Conflicts Including with Trump?35:31 - 0DTE, Gamification, 24 Hour Trading and Crypto – Protecting Retail Investors For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Three women in positions of leadership share the key relationships with other female mentors who helped guide and shape their journeys. Christina Petrou, Chief Operating Officer of TD Securities, and Tamara Finch, Executive Managing Director, Head of Global Transaction Banking, open-up about their personal experiences and insights with host, Lisa Thomas, Managing Director and Deputy Head of Global Research. Together, they discuss turning points in their career trajectory, the strength of partnership and what they've learned from their best (and worst) experiences.  Join us for an in-depth conversation on what tools make it easier for women facing a work/life balance, slow progress in gender parity and other challenges when looking to accelerate and advance their career. This podcast was recorded on March 11, 2025 For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 63, the focus of discussions in on two main topics: new Prime Minister Mark Carney's early days at the helm of Canada, and tariffs. Frank discusses Carney's decision to travel to Europe before the US, a move that was criticized by Saskatchewan Premier Scott Moe, and the significant downsizing of the new Liberal cabinet, a move that was sure to hurt some feelings inside the caucus. Frank provides the pros and cons of choosing Carney or Conservative Leader Pierre Poilievre to represent Canada in negotiations with President Trump, and he debunks the recent claims by former Prime Minister Stephen Harper that Carney didn't deserve credit for Canada's response to the GFC. In the tariff discussion, Frank dismisses Trump's repeated exaggerations about trade deficits equaling some sort of subsidy provided to Canada from the US.  Frank counters that the existing trade deficit is not a subsidy that costs the United States jobs, instead it is a function of our abundance of raw material inputs that the United States imports from Canada. Frank also lays to rest any notion that Canada's dairy sector is not open for business with US suppliers; in fact, the US has yet to use up more than ½ of its dairy quotas with Canada since the 2018 CUSMA agreement set new free trade supply limits. Frank finishes with some ideas for Canada's government to meet its NATO spending commitments, and his belief in the need to keep momentum moving forward with respect to the elimination of intra-provincial trade barriers. This podcast was recorded on March 17, 2025.           Chapter Headings 00:25 - Friendship Day in Colorado03:44 - Carney's Cabinet and First Trip to Europe09:02 - Carney or Poilievre – Who is Best Positioned to Negotiate with Trump?14:28 - Carney on Taxes16:41 - Harper on Carney's Contribution to Canada's GFC Response19:03 - Two East Coast Premiers Retire – is this Coincidence?21:12 - Trump's Exaggerations Used to Justify Tariffs on Canada28:38 - Meeting NATO Defense Spending Target36:24 - Understanding Dairy Quotas – Not Just a Canada Issue48:08 - Is Momentum for Removing Intra-Provincial Trade Barriers Sustainable?50:25 - Caught in the Blue Jays Vortex…Again For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 62, Frank is joined by Chris Krueger of TD Cowen's Washington Research Group to discuss the first 30 days of the Trump Administration, and the on-going trade war with Canada. Chris outlines his biggest surprises to date, including the sheer torque of rulemaking from the executive branch - he figures his team in Washington undershot the runway when it suggested Trump 2.0 would be "all gas, no break."Frank provides insights into Canada's strategy for defending itself and thinks the current alignment across the country will be key to victory against the US tariffs, but he agrees with former Prime Minister Harper in suggesting that Canadians will need to be prepared to endure some hardships through this difficult period. He also explains the meaning of Interprovincial trade barriers, suggesting that they act as a 7% tariff on goods moving from province to province.  Chris also shares his biggest surprises to date in Trump's second term, including the influence of Elon Musk. Both Chris and Frank think that the right leaning Supreme Court will give Trump leeway to continue his changes in Washington but will keep some guardrails in place.This podcast was recorded on February 18, 2025.Chapter Headings03:23 Newfoundland Premier's “Chilling” Feedback from Trump Team10:38 Next Steps on Canada-US Tariff Debate15:40 Will Supreme Court Support Guard Rails for Executive Branch?24:40 Flooding the Zone to Change the Narrative in US31:22 Elon Musk's Influence on Whitehouse  For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Aliyah Mohamed is Chief Capital Officer at KingSett Capital. She joined in 2022 and has oversight of equity and debt capital strategy and formation, as well as marketing and communications.Prior to joining KingSett, Aliyah spent over 16 years in Investment Banking at TD Securities, most recently as Managing Director, Real Estate, where she advised clients on a wide variety of mergers and acquisitions, divestitures, initial public offerings and equity and debt, public and private offerings.In this episode, we talked about:•⁠  ⁠How Aliyah Got into Real Estate•⁠  ⁠Chief Investment Officer vs Chief Capital Officer Jobs Aspects•⁠  ⁠Kingsett’s Main Focus•⁠  ⁠Institutional Clients Industries•⁠  ⁠Canadian Investment â€¢â   ⁠Fund Structures•⁠  ⁠Acquiring Process•⁠  ⁠Acquisition in the Canadian Market•⁠  ⁠Diversity in Real Estate

In this episode, we delve into the emerging trends shaping the future of financial services across North America. Jim Spencer, Managing Director, Head of Global Financial Institutions, Investment Banking, TD Securities, and Mahsa Afghahi, Managing Director, Head of Financial Institutions – Canada, TD Securities, share their insights with host, Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities, on key developments impacting the industry – from the latest innovations in asset management and evolving market dynamics to strategic mergers and acquisitions driving transformation.  Join us for an in-depth conversation on how these trends are reshaping the financial landscape, their implications for investors, and how institutions are adapting to stay ahead in a rapidly changing market. This podcast was recorded on January 16, 2025. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 69, two Canadian market structure experts, Doug Clark, Head of Equity Product Design for TMX Group, and Rob Gouley, Equity Trading Principle, OMERS, join the podcast to dig in on all things Canadian equity market structure. The conversation starts with a quick elevator pitch on what are the key differentiating features about trading in Canadian shares versus other market models, including the troublesome growth in F Class trading of Canadian shares in the US OTC market. Rob provides his perspective on venue innovation in Canada, and also gives a positive take on the TSX's revised market on close mechanism, which now looks and feels a lot like Nasdaq's US MOC mechanism. Doug provides a 411 on both Alpha X in Canada, and the recent launch of AlphaX US, and Rob outlines the better late than never CSA response to the SEC's market structure rule changes. The two speakers end up in a thought exercise on what Canada's market would look like if Canada banned OPR and Fair Access. This podcast was recorded on January 24, 2025. Chapter Times: 05:45 - The Elevator Pitch on Trading in Canada10:00 - Canadian Trading Volume on F Class Shares in US13:50 - The Pros and Cons of Transparent Broker IDs17:30 - New Marketplace Innovations in Canada28:58 - TMX Dips its Toes into US Ocean35:50 - Canada's Reboot on Market on Close39:52 - Canadian New Issue Market in Atrophy43:55 - Canada's Response to SEC on Ticks and Access Fees50:43 - A Case for Canada to Ban OPR and Fair Access For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode 61 is a deep dive into Canadian politics. Frank starts by handicapping the Liberal leadership race to elect Canada's next Prime Minister, a leader whose first order of business will be filling the leadership vacuum in Ottawa as Canada fights back against tariff threats from President Trump. He reminds Canada's provincial leaders of the importance of putting aside regional differences in favor of a Team Canada approach.  Frank takes listeners back to Economics 101 where he discusses the theory of comparative advantage, while suggesting that businesses on both sides of the border are holding back investment while the period of tariff uncertainty continues. He addresses the trolling by President Trump of Canada and makes a passionate plea to Americans to understand that while we are friends, we want to remain Canadian. The conversation then moves to global affairs where we discuss the Israel-Hamas peace agreement, the likely end of the Ukraine War and other potential hot spots for geopolitics, including one that is surprisingly close to home. This podcast was recorded on January 20, 2025.          Chapter Headings00:50 - The Race to be Canada's Prime Minister06:24 - Trump Tariff Decision on Hold10:20 - Leadership Vacuum in Ottawa11:50 - Economics 101 – Tariffs and Comparative Advantage14:45 - Canada's Response to the Wildfires in LA18:12 - Governor Trudeau and Manifest Destiny23:06 - Justin Trudeau's Legacy and Biggest Regret26:50 - Identity Politics30:40 - Predicting the Election Outcome32:35 - Does the Israel-Hamas Peace Agreement Have Legs?36:30 - The Trump Oligarchy37:40 - Zelensky's Dealmaking with Trump39:42 - Other Potential Geopolitical Hot Spots in 2025 For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

“The Silver Market Is Sleepwalking Into A Squeeze Right Now” Last year a TD Securities analysts wrote a report about why he's expecting the next silver squeeze. And after the EFP premiums blew out in the gold and silver markets, he just said 'the silver market is sleepwalking into a squeeze right not.' We're starting to see the impacts of some of Trump's policies already, even before he's taken office. And in an already fragile silver market, there's stress in the market. To find out more, click to watch the video now! - Get access to Arcadia's Daily Gold and Silver updates here: https://goldandsilverdaily.substack.com/ - To get your very own 'Silver Chopper Ben' statue go to: https://arcadiaeconomics.com/chopper-ben-landing-page/ - Join our free email list to be notified when a new video comes out: click here: https://arcadiaeconomics.com/email-signup/ - Follow Arcadia Economics on twitter at: https://x.com/ArcadiaEconomic - To get your copy of 'The Big Silver Short' (paperback or audio) go to: https://arcadiaeconomics.com/thebigsilvershort/ - Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 - #silver #silverprice #gold And remember to get outside and have some fun every once in a while!:) (URL0VD)Subscribe to Arcadia Economics on Soundwise

In Episode 68, we are joined by Allison Bishop, President of Proof Trading, for a discussion on market data in the US, a topic that is a front burner item with market structure followers.  Allison provides her firm's experience as a start-up small broker required to purchase market data and the choice between subscribing to the faster but more expensive prop feeds from exchanges or using publicly available data feeds known as SIPs.  Her firm chose the SIPs which put her front and center as a stakeholder in the on-going debate over content and governance of the public data feeds, a contest that began in 2018, included multiple lawsuits and remains in limbo and awaiting direction from the SEC.   This podcast is a great resource for any market participant wanting to understand the history of the debate over market data and what might happen next with the incoming Atkins Administration at the SEC. Chapter Headings:04:50 - The Choice between the SIP and Prop Feeds07:15 - Guiding Principles of Market Data Reform13:36 - The Final Rules on SIP Content and Governance15:29 - Making Sense of the Initial Cost Proposal for the Enhanced SIP25:40 - Why Data Should be a Utility like Water or Electricity?29:09 - Will Smaller Exchanges Fight Incumbents to Lower Data Fees? For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode 60 is dominated by recent events in Ottawa, a period Frank describes as the most chaotic in his lifetime. Frank first dissects the decision by Chrystia Freeland to resign from her post as Minister of Finance prior to delivering the Liberal Government's Fall Economic Statement. He then provides an update on next steps for the Liberal Party including his expectation that Prime Minister Trudeau will resign, perhaps after his own walk in the snow. Next it is on to the important task at hand, that is preparing to confront President Elect Trump's tariff threats, a topic Frank discussed with Canada's Premiers at precisely the same time Freeland resigned. The discussion then moves to international affairs, including budget issues in Europe and South Korea, as well as the warp speed of events in Syria and the rest of the Middle East. The discussion finishes in the same place it always does, with both Frank and Peter bemoaning the state of their beloved Toronto Blue Jays. This podcast was recorded on December 17, 2024.Chapter Headings 00:50 - Freeland's Shock Resignation07:58 - Next Steps for Trudeau's Government12:28 - Framing Canada's Response to Trump's Tariffs24:50 - Democracy in South Korea27:23 - The End of Assad's Reign of Terror in Syria For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Entering the holiday shopping season, we dive deep into e-commerce by exploring how tech giants apply AI and digital advertising to shape the future of retail. John Blackledge, Managing Director, TMT – Internet Research Analyst, TD Cowen, joins host Amy Van Arnhem, Managing Director and Head of Canada Senior Relationship Management, TD Securities, to discuss how online retail growth has driven improvements in the scale and speed of delivery infrastructure. We also cover the beneficial impact AI can have on labour productivity and take a look at the biggest quarter of the year for ad spending.   This podcast was recorded on November 18, 2024. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Frank is back from a vacation in the Far East, and he is fired up to talk about the US Election and its implications for global geopolitics. We cover Trump's controversial cabinet picks. Frank is supportive of Marco Rubio as Secretary of State, and Rubio will have his hands full with very active global hot spots in Russia, China, and the Middle East. The conversation ends with the new US Administration's implications on Canada, including whether Canada and the USMCA will be on the inside or outside of Trump's proposed tariff wall, and timing for a Canadian election. This podcast was recorded on November 21, 2024. Chapter Headings 1:00 – Frank's Unique Take on the Election Result5:07 - Handicapping Complex Senate Confirmations12:16 - Elon Musk's New Role Running DOGE, the Department not the Coin17:52  – Comparing Cabinet Appointment Process in US vs Parliamentary System20:07 – Are We Nearing the End Game in Russia?28:16 - The Future of USMCA and Relationship with Mexico31:47 - The Latest on Timing for a Canadian Election For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In this episode, we speak with Andrew Hall, Managing Director and Head of the Carbon Market Advisory at TD Securities, about the world of project financing, carbon credits, green bonds, and how banks like TD are stepping in to support BECCS and other emissions-reducing initiatives.To learn more, visit TDSecurities.com

As has become tradition, each year at our annual portfolio management and market structure conference we include a panel with index providers from the Big 3, FTSE-Russell, MSCI and S&P Dow Jones.  In our recent event held November 7th, we added a portfolio manager from Vanguard's International Team, Michael Perre, to the discussion to provide a user's perspective on some of the hot button items for index benchmark providers.  Topics covered in this discussion include recent consultations on domicile and capping, South Korea's status as a split country and the possibility it moves either to Emerging for FTSE or Developed for MSCI and accountability for index provider errors that leave a footprint in the market.  The panelists also discuss whether indexing is a crowded trade.  Other participants include Catherine Yoshimoto from FTSE, Jean-Maurice Ladure from MSCI and Louis Bellucci from S&P. Chapter Headings 1:00 - Who Do Indexers Sell to if the Bubble Bursts?12:54 - S&P's Domicile Consultation29:00 Accountability for Index Provider Errors36:53 - South Korea's Split Status44:47 - Is Indexing a Crowded Trade Yet?48:15 - Capping Benchmarks and RIC Rules For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode Summary: In this episode of Because of Bitcoin, host Mauricio Di Bartolomeo sits down with John Glover, Chief Investment Officer of Ledn, to discuss the groundbreaking transformations Bitcoin is sparking in financial markets and lending. With over 25 years in traditional finance, John sheds light on how Bitcoin's transparency and decentralized nature present an antidote to legacy banking flaws. From defining rigorous risk management policies to breaking down what sets Bitcoin-backed loans apart, this episode provides a comprehensive view of the journey from TradFi to the innovative frontier of digital assets. Key Topics Discussed:1. John Glover's Financial Background:John's journey from studying quantum chemistry to leading roles in Canadian banks, including TD Securities and Barclays.His transition from traditional finance to Ledn, where he applied traditional risk management to the digital asset space.2. Bitcoin as Pristine Collateral:Why Bitcoin's 24/7 trading availability and transparent, non-gap-risk profile make it a robust form of collateral.John explains how Ledn capitalizes on Bitcoin's unique qualities for over-collateralized, lower-risk loans.3. Risk Management at Ledn:Insights into Ledn's rigorous risk management policies, including transparency, in-house technology, and client protections.Examples of policies that kept Ledn stable during the 2022 crypto lending crisis, as opposed to peers like BlockFi, Celsius, and Voyager.4. Institutional Involvement in Bitcoin:How Ledn's recent $50 million Bitcoin-backed loan with Signum Bank marks a milestone for institutional-grade digital asset lending.John discusses the growing interest from traditional financial players and what it means for Ledn's cost of capital and loan offerings.5. Transparency and Client Assurance:How Ledn's Open Book Reports give clients insight into how their assets are used, boosting client confidence and trust.John's perspective on Ledn's dedication to transparency as a differentiator in the Bitcoin lending space.6. Future of Bitcoin-backed Loans and Yield Products:John's projections on the growth of Bitcoin-backed lending, upcoming challenges, and potential yield compression due to institutional demand.Insights on new products like custody loans and the impact of traditional financial entities entering the space.7. Bitcoin and the 2024 U.S. Election:John shares his perspective on the potential impact of the 2024 election on Bitcoin, with differing outcomes depending on the party in power.The broader implications for Bitcoin's long-term trajectory, regardless of short-term market fluctuations.8. Technical Analysis and Bitcoin Price Predictions:John breaks down his weekly technical analysis of Bitcoin's price movements and offers projections for the coming year.Explanation of Elliott Wave Theory and how it applies to Bitcoin's potential path to $100,000 and beyond.About the Guest: John GloverJohn Glover is Ledn's Chief Investment Officer, bringing over 25 years of experience in traditional finance to the digital asset world. John was formerly with TD Securities, Barclays, and Validus Risk Management and has a robust background in derivatives, FX, and institutional risk. At Ledn, John applies traditional financial risk management frameworks to Bitcoin lending, ensuring a secure, transparent, and client-first approach. Resources and Links:Learn more about Ledn: https://www.ledn.ioFollow Ledn on Twitter for John's Weekly TA: @LednSubscribe to our newsletter for more Bitcoin insights: https://www.ledn.io/newsletter

In this special edition of Geopolitics, we check in on a post-election panel discussion at the 25th Annual TD Securities Portfolio Management and Market Structure Conference.  With Frank Mckenna out of the country, Geopolitics host Peter Haynes is  joined by The Honorable Rona Ambrose, Deputy Chairwoman of TD Securities and Chris Krueger, Geopolitics Expert at TD Cowen's The Washington Research Group to discuss the surprising US Election results and its implications for Canada-US relations.    Rona also takes time to discuss the political backdrop in Canada and potential for an election north of the border in the next few months. Chapter Headings: 1:00 – The Outstanding Races – When Will They Be Decided?4:30 – Rona's Biggest Surprise10:10 – The Future of USMCA and Canada's Minerals and Water15:55 – Trump's Potential Cabinet Appointments23:10 – Tariffs, Immigration and Ukraine29:00 – The 411 on Pierre Poilievre36:40 – Key Dates Until Inauguration For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 57, Frank invites Chris Krueger, TD Cowen's Washington politics expert, to the podcast to discuss the upcoming November 5th US Election and key factors that will determine who wins the Presidential race.  Frank explains the importance of the election outcome to Canada, noting that if Trump is true to his word (and there is no reason to doubt him), then a Republican victory would lead to a weakening (if not outright end) of multilateralism globally. While the USMCA might survive, the threat of unilateral tariffs will overhang Canada-US relations for the duration of the next Administration. We discuss down ballet Congressional votes, which according to both Frank and Chris are likely to lead to a split Congress. Chris also weighs in on the risk of outlier events disrupting the peaceful transition of power. We wrap up with Frank's take on the Federal Liberal Caucus revolt, and the likelihood that Prime Minister Trudeau stays on through the next election in Canada, especially considering incumbent defeats in provincial elections from coast to coast. Chapter Headings: 0:55 - Is the US Election the Most Consequential in History?2:11 - Key Variables that Will Decide the Outcome8:58 - USMCA – Threat of Unilateral Sanctions from a Trump Administration14:07 - Will the Prime Minister Push Biden to Resolve Softwood Lumber Dispute?16:50 - Risk of Outlier Events Disrupting Peaceful Transition of Power27:02 - Trump Tax Breaks and Debt Ceiling33:19 - Placing Bets on the Winner36:28 - Liberal Caucus Revolt and Likelihood Trudeau Stays on Through Next Election For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In this episode of ICMA Education & Training's latest vlog “Careers in Capital Markets”, Tim Skeet (Bank of China; ICMA UK Regional Chair) and Alex Malitsky (Director - Fixed Income Syndicate & Origination, TD Securities) discuss careers in finance.

In this episode of Navigating Major Programmes, Riccardo Cosentino sits down with Vickie Turnbull, a trailblazer in infrastructure finance with over 35 years of experience in the banking industry. Vickie shares her unique journey from corporate banking to becoming a key figure in infrastructure finance, shedding light on her extensive work with leading Canadian banks like TD Securities and RBC. Now, in what she calls "Vickie 2.0," she remains deeply involved in the sector, leveraging her expertise in advisory roles and as a board member for Infrastructure Ontario.Vickie also dives into her commitment to mentorship and advocacy for women in infrastructure, reflecting on her role in founding the Women's Infrastructure Network (WIN) and Women in Energy Canada (WIECAN). She emphasizes the importance of diversity and inclusion in infrastructure and discusses how these networks have evolved to support and empower women in the industry."I think that's one of the things I really love about the whole infrastructure space is it takes a village to get these transactions done. I think that's been part of the fun part for me is that I have so many different people that I talk through as I'm working on a transaction. Right? And you've got all these people that you can interact with. And again, you get that whole diversity. People are looking at things from various different ways. And at the end of the day, we've got these fabulous assets that are getting built for the use of Canadians and replacing, you know, things that really needed to be replaced. There's a lot more that still needs to be done. So I'm a part of it, but I don't see myself, like I, it's hard and I don't know whether that's just how I think through things, how I look at it, but I do really, like, it does take a village to get these things done and I couldn't do it alone on my own. Absolutely not." – Vickie TurnbullKey Takeaways:Vickie's journey from corporate banking to a leadership role in infrastructure financeThe genesis and growth of the Women's Infrastructure Network and Women in Energy CanadaInsights into navigating the complexities of infrastructure finance and project managementThe evolving role of mentorship and diversity in the infrastructure sectorStrategies for fostering innovation and resilience in major programmes If you enjoyed this episode, make sure and give us a five star rating and leave us a review on iTunes, Podcast Addict, Podchaser or Castbox. The conversation doesn't stop here—connect and converse with our LinkedIn community: Follow Vickie Turnbull on LinkedInFollow Navigating Major Programmes on LinkedInFollow Riccardo Cosentino on LinkedInRead Riccardo's latest at wwww.riccardocosentino.com   Music: "A New Tomorrow" by Chordial Music. Licensed through PremiumBeat.DISCLAIMER: The opinions, beliefs, and viewpoints expressed by the hosts and guests on this podcast do not necessarily represent or reflect the official policy, opinions, beliefs, and viewpoints of Disenyo.co LLC and its employees.

Post Labor Day markets kicked into gear on Tuesday and didn't stop all week. US markets fell hard, with the S&P down over 4% for the week. Oil lead the way lower this week with copper also down. Gold held in pretty much flat for the week.    On this weekend's show we bring on two very different guests. One to discuss trading strategies for a wide range of markets and commodities. The other guest focuses on managing a portfolio of resource stocks in what could be the early stages of a bull market.   We hope you all enjoy! We will be at the 2024 Precious Metals Summit next week meeting with a wide range of resource Companies. Please send us the stocks you like and we will do our best to have a chat with management. Click here to see what companies will be there.  Our email addresses are Fleck@kereport.com and Shad@kereport.com.   Segment 1 and 2 - Mike Larson, Editor in Chief at Money Show, discusses why September has historically been weak, the potential Fed rate cuts, and their impacts on the bond and commodity markets. Mike also touches on real estate trends, central bank policies, and the outlook for the U.S. dollar and precious metals. Click here to find out about the upcoming MoneyShow conferences. Segment 3 and 4 - Bernie de Groot, Senior Investment Advisor - Options & US Licensed, Canaccord Genuity, wraps up the show by analyzing the short-term bearish and long-term bullish outlook for gold, highlighted by a recent report from TD Securities' Daniel Ghali. Bernie shares insights on fund positioning, central bank buying trends, and the implications of anticipated Federal Reserve rate cuts. The conversation also explores the disparity between gold prices and mining equities diving into the types of gold equities that are being favored by investors.  

Tim Wiggan, Group Head, Wealth Management and Insurance, TD Bank Group, returns to TD Securities to speak with us about his new role. Through his breadth and depth of experience, he is uniquely positioned for the leadership role of the high-performing Asset Management, Insurance and Wealth divisions. Tim shares the themes and challenges shaping his new role and the growth plans for these respective businesses.This episode was recorded on July 17, 2024. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Themes: Burnout, Life Balance, Self Empowerment, Relationships, Healing, Ayurveda, Yoga, Self Care, Self LoveLauren Baptiste is enhancing today's work culture with a simple strategy: prioritize well-being as the "hardest-working" professionals climb the corporate ladder. As a burnout coach, life coach, and consultant on a mission to help women level-up at work and at home, Lauren brings more than 13 years of experience in corporate culture and workplace burnout alongside her knowledge as practitioner of Ayurveda, hormonal health and other evidenced-based modalities. This results in clients shifting from exhausted to energetic, cynical to optimistic, and ineffective to empowered.​Lauren is also an international speaker on the topics of burnout, mindfulness and women in leadership, and has consulted for a wide range of clients including IBM, TD Securities, EY, NFL, Warner Music, Estee Lauder, Standard Chartered Bank and the United Nations. Lauren has been published in many established outlets, such as Forbes, Thrive Global, Medium and Authority Magazine. In this conversation with burnout expert, coach, & speaker Lauren Baptiste of Acheloa Wellness and Empowered Connection Podcast host Daniel Cordua, we dive into these insight topics and helpful tools:- What exactly is “burnout?”- Lauren shares her personal story of burnout and how it brought her into her healing + towards her mission- What are the internal stories + patterns from within that bring us to the external circumstances that lead to burnout?- Living in a culture of over-doing in the West that enables & encourages burnout- The tell-tale signs that we, or someone we love, is going through burnout- How to give ourselves the space in our lives, simple boundaries and the self love to create proper awareness, presence + accountability… & help shift a dynamic that could lead to burnout- Daniel shares his story of burnout as a small business owner in the healing industry- How we can show up for others in our lives if and when they are experiencing burnout- Lauren's 5 step process of rebuilding a foundation within ourselves + our lives that can prevent burnout- How the improper use of the senses to cope with burnout create more damage to ourselves & more cycling into patterns of burnout-How to take on a vision of our our life as a "long game"And much more!Connect with Lauren's work here: acheloawellness.comFollow Lauren on Instagram for burnout tips: @acheloawellness*Connect with Daniel for your Free Discovery Session -  for individuals + couples who are ready to explore, illuminate + empower their lives & their relationshipsSUMMER SALE ! Get 25% OFF all coaching journeys and packages by mentioning Empowered ConnectionPartnership Full of Possibility for 2024 - for couples ready to up-level their partnership and create more intimacy + deeper connection.Find Daily Relationship Tools + Tips & Self Growth + Empowerment Practices with Damodar on Instagram - @empoweredconnection.me*Sponsored by our adored, organic and hand-crafted with intention healing product line Bhava Wellness - RECEIVE 15% OFF  by using the code EMPOWEREDCONNECTION (one word, all caps) at checkout!

In this engaging episode of The Art of Consulting Podcast, host sits down with Lauren Baptiste, a life coach and consultant specializing in workplace burnout and well-being. With over 13 years of experience in corporate culture, Lauren is on a mission to help professionals, particularly women, transition from exhaustion to empowerment. Her unique approach incorporates elements of Ayurveda, hormonal health, and evidence-based modalities, making her insights particularly compelling for anyone looking to improve their work-life balance. Key Topics Discussed: 00:06 - Introduction: Host introduces Lauren Baptiste, emphasizing her mission to enhance work culture by prioritizing well-being. Lauren's diverse background includes expertise in Ayurveda, hormonal health, and evidence-based modalities. She has consulted for a wide range of clients including IBM, TD Securities, EY, NFL, Warner Music, Estee Lauder, Standard Chartered Bank, and the United Nations. 01:11 - Understanding Burnout: Lauren delves into the concept of burnout, highlighting its symptoms such as emotional exhaustion and cynicism. She differentiates between the 'soft' and 'hard' sides of burnout, emphasizing the importance of addressing both for overall well-being. Lauren explains how even high performers can fall prey to burnout, making it crucial to identify and address it early. 05:16 - Urgency of Addressing Burnout: The discussion covers the severe consequences of burnout, including extreme cases leading to suicidal thoughts. Lauren emphasizes the need for immediate intervention and sustainable solutions to prevent such outcomes. She shares stories about the drastic impact of unchecked burnout and stresses the importance of professional help and personal strategies to manage it. 11:03 - Balancing Work and Personal Life: The conversation turns to finding a balance between professional achievements and personal enjoyment. Lauren suggests integrating fun into daily routines while fulfilling career goals to maintain a healthy life balance. She talks about her own experiences and how small changes can make a significant difference in one's outlook and well-being. 18:02 - Empowering Others: Lauren discusses the importance of empowering those around us instead of trying to solve every problem ourselves. She relates this to consulting, where the aim should be to provide tools and knowledge rather than taking on all tasks. Lauren shares practical tips on how to foster empowerment in both personal and professional settings. 23:03 - Authenticity in Different Roles: The conversation touches on authenticity, stressing the importance of being true to our roles in various contexts. Lauren uses the analogy of a UFC fighter to explain how one's behavior should align with the role they are playing. She elaborates on how being authentic within these roles can lead to more meaningful and effective interactions. 27:27 - Importance of Connection: Lauren highlights the impact of loneliness on burnout, especially for consultants. She suggests intentional connection through small gestures like texting friends or arranging meet-ups to foster meaningful relationships and mitigate burnout. Lauren shares personal anecdotes and scientific studies to emphasize the critical role of social connections in maintaining mental health. 30:00 - Final Thoughts: The episode concludes with Lauren reiterating the need for a balance between being a hero in our professional roles and taking care of our own well-being. She encourages listeners to seek support when needed and to maintain objectivity in their roles. Lauren leaves the audience with actionable advice on how to start making positive changes today. Episode Highlights: 00:06: Introduction of Lauren Baptiste, life coach and consultant with a focus on workplace well-being. 01:11: Exploring burnout symptoms and the urgency of addressing them. 05:16: The necessity of balancing professional goals with personal joy. 11:03: Empowering others and maintaining objectivity in consulting roles. 18:02: Authenticity in different roles for personal and professional growth. 23:03: The detrimental impact of loneliness on burnout. 27:27: Intentional connection as a remedy for loneliness and burnout. 30:00: Final thoughts on balancing heroism and personal well-being in professional roles. About Our Guest Today: Lauren Baptiste is enhancing today's work culture with a simple strategy: prioritize well-being as the "hardest-working" professionals climb the corporate ladder. As a life coach and consultant on a mission to help women level-up at work and at home, Lauren brings more than 13 years of experience in corporate culture and workplace burnout alongside her knowledge as a practitioner of Ayurveda, hormonal health, and other evidenced-based modalities. This results in clients shifting from exhausted to energetic, cynical to optimistic, and ineffective to empowered. Lauren is also an international speaker on the topics of burnout, mindfulness, and women in leadership, and has consulted for a wide range of clients including IBM, TD Securities, EY, NFL, Warner Music, Estee Lauder, Standard Chartered Bank, and the United Nations. Lauren has been published in many established outlets, such as Forbes, Thrive Global, Medium, and Authority Magazine. Find out more about Lauren's coaching program, Freedom. You can book a consultation by clicking this https://www.acheloawellness.com/ Where to find Our Guest online: Website: https://www.acheloawellness.com/ LinkedIn: https://www.linkedin.com/in/lauren-baptiste/  

What are active ETFs and what is behind their growing popularity in Canada? On this episode, Prerna Mathews, VP of ETF Product Strategy, and Andres Rincon, Head of ETF Sales and Strategy at TD Securities, discuss the intricacies of active ETF structures, and the similarities and differences in trade experiences between active and index ETFs for advisors and investors. Prerna and Andres also examine the impact of trading global equity and fixed income ETFs in a T+1 trading environment. Further Reading: - The value of active fixed income ETFs This episode was recorded on June 20, 2024.

This week Kevin and Patrick welcome to the show, Jenny Hadiaris head of market structure from TD Cowen & Peter Haynes, head of index and market structure research from TD Securities. They discuss the evolving markets, how the markets have changed and where they may be headed in the future. Check Out Bid Out With Peter Haynes: https://bit.ly/4bhywyx *Got questions for Kevin and Patrick? Submit your questions to: nostupidquestions@markethuddle.com Visit our merch store!!! https://www.themarkethuddlemerch.com/ To receive our emails with the charts and links each week, please register at: https://markethuddle.com/

-Lori Calvasina, Head of US Equity Strategy, RBC Capital Markets-Mark McCormick, Global Head of FX Strategy, TD Securities-Sonal Desai, Fixed Income CIO, Franklin TempletonLori Calvasina of RBC Capital Markets reacts to big swings in mega-cap tech stock prices, saying "growth investors get angsty." Mark McCormick of TD Securities discusses the historic moves in the Japanese Yen, saying the BOJ will be forced to tighten policy more than what's currently priced-in. Sonal Desai of Franklin Templeton previews Wednesday's Fed decision and shares her outlook on the bond market, saying the long end of the yield curve will move higher over time. See omnystudio.com/listener for privacy information.

TD Securities Warns Of Next #SilverSqueeze We talk a lot about how the Silver Institute has shown the #silver market in a deficit over the past few years, while the silver inventories around the globe have been trending lower. Yet now we're seeing the banks talking about it to their institutional clients, with TD securities even going as far as to warn of the next Silver Squeeze. Which is a sign that the dynamics in the market aren't getting noticed just by the silver bugs on YouTube, but are now being broadcast to the larger institutions that have the buying power to make a sizeable impact. So in today's call I talk with Steve Cope of Silver Viper about TD's report, a new bullish silver report from Citi, and also a study by Oxford Economics that forecast the growth rate of industrial silver use to double over the next 10 years. To find out more, click to watch the video now! - To find out more about Silver Viper's private placement go to: https://silverviperminerals.com/news/2024/silver-viper-minerals-announces-4-million-life-private-placement/ - To join our free email list and never miss a video click here: https://arcadiaeconomics.com/email-signup/ - To get on the waiting list for your very own ´Silver Chopper Ben´ sterling silver figurine click here: https://arcadiaeconomics.com/get-a-chopper-ben/ - To get your paperback or audio copy of The Big Silver Short go to: https://arcadiaeconomics.com/thebigsilvershort/ Find Arcadia Economics content on these sites: YouTube - https://www.youtube.com/user/ArcadiaEconomics Rumble - https://rumble.com/c/ArcadiaEconomics Bitchute - https://www.bitchute.com/channel/kgpeiwO1dhxX/ LBRY/Odysee - https://odysee.com/@ArcadiaEconomics:5 Listen to Arcadia Economics on your favorite Podcast platforms: Spotify - https://open.spotify.com/show/75OH2PpgUpriBA5mYf5kyY Apple - https://podcasts.apple.com/us/podcast/arcadia-economics/id1505398976 Google-https://podcasts.google.com/feed/aHR0cHM6Ly9teXNvdW5kd2lzZS5jb20vcnNzLzE2MTg5NTk1MjMzNDVz Anchor - https://anchor.fm/arcadiaeconomics Amazon - https://podcasters.amazon.com/podcasts Follow Arcadia Economics on these social platforms Twitter - https://twitter.com/ArcadiaEconomic Instagram - https://www.instagram.com/arcadiaeconomics/ #silver #silverprice And remember to get outside and have some fun every once in a while!:) (URL0VD) This video was sponsored by Silver Viper Minerals, and Arcadia Economics does receive compensation. For our full disclaimer go to: https://arcadiaeconomics.com/disclaimer-silver-viper-minerals/Subscribe to Arcadia Economics on Soundwise

The Herle Burly was created by Air Quotes Media with support from our presenting sponsor TELUS, as well as CN Rail.Greetings, you curiouser and curiouser Herle Burly-ites! We've got a Finance Minister in the house. The Honourable Peter Bethlenfalvy, Minister of Finance for Ontario, is our guest today.He earned his Masters of Business Administration from McGill University, and Masters of Political Science from U of T. Prior to politics, he had a long and successful career in business and finance, holding senior roles at CST Consultants, Manulife Financial and TD Securities.Minister Bethlenfalvy was first elected to the legislature in 2018. In Premier Ford's first cabinet, he was appointed President of the Treasury Board, and succeeded Rod Phillips in the finance portfolio on the last day of 2020.And, you may have heard, he's been in the news lately, releasing the province's 2024 budget just 8 days ago, “Building a better Ontario”. That's what we're talking about today. Broadly, how does Minister Bethlenfalvy and the Ford government plan to deliver on that promise? We'll talk investments in housing and infrastructure. Economic growth. Clean energy and public services. And more.Thank you for joining us on #TheHerleBurly podcast. Please take a moment to give us a rating and review on iTunes, Spotify, Stitcher, Google Podcasts or your favourite podcast app.Watch episodes of The Herle Burly via Air Quotes Media on YouTube.

For this episode of the Global Exchange podcast, Colin Robertson moderates a panel of prominent experts on Canada-U.S. relations on the expected political and trade impacts of the 2024 US Presidential Election. Participants' bios - Bruce Stokes is a visiting senior fellow at the German Marshall Fund, and senior editor of the 2022 Transatlantic Trends Surve - Perrin Beatty is President and CEO of the Canadian Chamber of Commerce. He previously served as our Foreign and Defence minister, as president of the CBC and as CEO of the Canadians Manufacturers and Exporters . - Laura Dawson is Executive Director of the US-Canada Future Borders Coalition. Amongst other positions she served as Director of the Wilson Center's Canada Institute. - Frank McKenna is Deputy Chair of TD Securities. He previously served as Canadian ambassador to the USA and as premier of New Brunswick. Host bio: Colin Robertson is a former diplomat and Senior Advisor to the Canadian Global Affairs Institute, www.cgai.ca/colin_robertson Read & Watch: - "The Adversary", by Michael Crummey: https://www.amazon.ca/Adversary-Novel-Michael-Crummey/dp/0385685440 - "When the World Closed Its Doors: The Covid-19 Tragedy and the Future of Borders", by Edward Alden and Laurie Trautman: https://global.oup.com/academic/product/when-the-world-closed-its-doors-9780197697818?cc=ca&lang=en& - "Age of Revolutions: Progress and Backlash from 1600 to the Present", by Fareed Zakaria: https://www.amazon.com/Age-Revolutions-Progress-Backlash-Present/dp/0393239233 - "The New Look", Apple TV: https://www.apple.com/tv-pr/originals/the-new-look/ Recording Date: March 28, 2024.

In recent years, the growth of public markets and IPOs has slowed down globally while private markets continue to grow. AGF is building up its alternative and private markets division in light of this trend. Join Ken Tsang, Chief Financial Officer, AGF Management Limited, and Ash Lawrence, Head of AGF Capital Partners, AGF Investments, as they delve into the new growth story of AGF, shedding light on the firm's strategic approach and providing a glimpse into the future of private markets. This episode was recorded on March 6, 2024. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In this episode we dive deep into the world of trading with Mohammad Ali, a seasoned trader with a rich background in financial markets. As the former Head of Global FX Trading at TD Securities, Mohammad brings a wealth of experience to the table. In this captivating episode, he shares invaluable insights and knowledge that will challenge and inspire traders of all levels.Drawing from his extensive experience, Mohammad discusses the profound impact of macroeconomic events on trading decisions, coupled with his nuanced understanding of liquidity, sentiment, and market dynamics at the micro level.We explore a myriad of topics, from Mohammad's reflections on his trading journey to his candid perspectives on navigating the financial markets. He offers frank insights into his career trajectory, reflecting on how experience has shaped his approach and what he would do differently given the chance.Moreover, Mohammad's expertise extends beyond trading floors. He now curates a remarkable newsletter, collaborating with leading traders from investment banks to hedge funds. From his base in Canada, he extends this valuable resource to both institutional and retail traders alike, bridging the gap between professional insights and private trading communities.Tune in to this episode and uncover the secrets of successful trading with Mohammad Ali.You can subscribe for Mohammad's Purity Macro Newsletter at : https://puritymacro.substack.com/You can follow Mohammad on Twitter at this link: https://twitter.com/macroali1Linkedin at this link: https://www.linkedin.com/in/mohammad-h-ali-cfa-340751aAlphaMind: Powering Performance in Global Markets AlphaMind brings powerful change, growth and development to people and businesses within global markets. Driven by a deep understanding of how markets work, and how people and businesses function within them, we partner with clients to create personal performance improvements that elevate returns across their trading activities.Go to the AlphaMind website to know more.

January's hotter-than-expected CPI report could spell trouble for the Fed's next move. The Glenview Trust Company's Bill Stone and TD Securities' Gennadiy Goldberg discuss. Plus, high housing costs continue to be a stubborn problem for Americans. Mphasis Digital Risk's Jeff Taylor explains. And, the Dow is coming off its worst single session since March. Truist's Keith Lerner lays out what's ahead.

Recorded on 01/25/24 In this episode, Larry Wieseneck, Head of Global Investment Banking at TD Securities and David Erickson, Senior Fellow at The Wharton School, discuss the current state, potential catalysts, and outlooks for the IPO, M&A, and Private Equity/Venture markets. For Disclosures, click here bit.ly/3cPHkNW

Greetings & welcome back to the podcast. This episode we are joined by Mr. Jason Landau - Managing Director, Portfolio Manager and Head of Investment Team at Waratah Capital Advisors. - an alternative asset management firm, that has grown $35m to over $4 Billion under management since inception in 2010. Jason joined Waratah Capital Advisors in 2010, and is the Lead Portfolio Manager on the Waratah Alternative ESG fund and Co-Portfolio Manager on Waratah One and Waratah One X.  Prior to Waratah, Jason worked at TD Securities as an Associate in Investment Banking and Equity Capital Markets. During his time at TD, Jason was involved in domestic mergers and acquisitions, as well as the structuring and pricing of equity securities, convertible debentures, and preferred shares. Jason received an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.Among other things, we discussed the how Taming Volatility, Compounding at 10% & the Investment Case for Natural Gas.Enjoy.This podcast episode is sponsored by Connate Water Solutions.Do you need cost effective water sourcing options to supply your next drilling or completions program?Connate Water Solutions is a specialized hydrogeology company focused on water well drilling, testing and water management services in Western Canada and Texas.Contact info@connatewater.com or www.connatewater.com for more details.This podcast is sponsored by Headracingcanada.comIn partnership with 4x-Olympian Manny-Osborne Paradis, Headracingcanada.com is now offering FREE shipping on European factory performance ski gear.By passing brick and mortar savings to customers, Headracingcanada.com offers the lowest pricing available in Canada. Check out  Headracingcanada.com for more info & get your new ski gear for the season. Support the show

In this episode, Lesley Marks, Chief Investment Officer of Equities, Mackenzie Investments and Steve Locke, Chief Investment Officer of Fixed Income and Multi-Asset Strategies, Mackenzie Investments, speak with our host Andres Rincon, Managing Director and Head of ETF Sales and Strategy, TD Securities, on how recent changes at Mackenzie enables the firm to build for the future, their two-stage outlook for 2024 and how offering boutique services backed by the resources of a large organization enables them to offer the best of both worlds for investors. This episode was recorded on November 30, 2023. For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

The nomination window for Disney board members opens today as the company faces continued pressure from shareholders. Laffer Tengler Investments' Nancy Tengler discusses. Plus, gold prices are ticking back up today after briefly hitting an all-time high yesterday. TD Securities' Bart Melek explains. And, concerns about privacy and data security are rising following a string of recent cyberattacks. Tenable CEO Amit Yoran lays out what his company is seeing.

Mark McCormick, TD Bank Global Head of FX & EM Strategy, analyzes the Bank of Japan's decision to loosen its grip on government bond yields. John Stoltzfus, Oppenheimer Asset Management Chief Investment Strategist, says the Fed's sensitivity has enabled the resilience of the US consumer. Aaron David Miller, Carnegie Endowment for International Peace Senior Fellow, discusses the latest in the Israel-Hamas war. Stephen Stanley, Santander Chief US Economist, says the Fed has overstated the importance of the recent surge in US treasury yields. Emily Roland, John Hancock Investment Management Co-Chief Investment Strategist, says the US economy hasn't yet felt the sting of the Fed's recent rate hikes.Get the Bloomberg Surveillance newsletter, delivered every weekday. Sign up now: https://www.bloomberg.com/account/newsletters/surveillance      FULL TRANSCRIPT:     This is the Bloomberg Surveillance Podcast. I'm Tom Keane, along with Jonathan Farrow and Lisa Abramowitz. Join us each day for insight from the best and economics, geopolitics, finance and investment. Subscribe to Bloomberg Surveillance on demand on Apple, Spotify and anywhere you get your podcasts, and always on Bloomberg dot Com, the Bloomberg Terminal and the Bloomberg Business App. We are living it right now. A brief from Mark McCormick, Global Head of Foreign Exchange in EM Strategy TD Securities. Mark, and why don't you to explain to our audience why a super strong dollars from twenty twelve and a super week yen is disturbing? Well, I think of what it does is it just shows the massive divergence you have between central banks. I think one of the things that you can unpack is there are certain currencies that care about growth, there's certain currencies that care about commodities, there's certain currencies that care about different relative central bank functions. The thing that the end cares a lot about is the ten year point to look at euro. Euro cares about the two year point of the curve. More than say the ten year and if you take the combination of what we had, and this is one of the most important things going on effects is the relative terms of trade shift. Japan is also a massive importer of energy and other commodities. So you take the commodity story, you take the great differential story, and now you take the aggressive bear steepening of the US curves this summer, and you've got basically a trifective things that will weaken the end quite considerably unless the BOJ does something well to the trifecta. Let's go to Mondel of Columbia. I mentioned this with Vice Chairman Clara to the other day. He will join US folks for our special FED coverage. Look for that? Is that tomorrow? Yes, it's tomorrow. The FED meeting is too more might people have just briefed me and Mark I'm looking at that. I want to echo what I talked to Professor Clara about, which is something has to give here. When something gives, what is the instability our audiences should be worried about? Well, I think of the context of the end, what needs to give is the actual the currency itself. As you mentioned, there is a very interesting policy mix where fiscal policy is actually quite favorable in forms of in terms of growth, also inflation. You see the BOJ is expecting higher inflation to kind of be a bit more sticky, I think, than markets are looking for. And they've also basically said we don't have a cap anymore. It can go above one percent. So I think what they're trying to do is synchronize themselves a little bit, which which has been US yield rising, which would contain the weakness in the end, But this is not a policy mix that is coherent and it is no longer sustainable. So I think a big thing is what we're going to see is things are going to change. It will change abruptly, but I think the movement that we had overnight where they said there's no longer a one percent cap, is actually quite a significant change. But it will take time for this to work through the market. So again i'd say that the thing that needs to break is yields needs to be higher, yet needs to be stronger. It's just going to take more time because we also need to see a peak in the US yield story, which again is not even about the FED anymore. When we talk about the ten year yield. It's more about supply and demand for ten year bonds. This is a big mishmash. Do you have a sense of what the response mechanism from the Bank of Japan is, what the lines in the sand are, what they're sort of looking at. I mean, we were talking about some of the opacity that they put forward overnight. It's very tricky because I think obviously most central banks it's very common language. At this point, they care more about the currency movements. So the end has not been as volatile. So as you can see, we have not the report came out this morning like they did not intervene last month. So I think I don't think there's a red line per se. I think they're all kind of doing what everyone in the market's doing. They're very confused about the drivers, They're very confused about the actual themes in the market. FX has become very challenged, I think for many people. So I think the line in the sand is you're kind of thinking it's loose fiscal policy, loose monetary policy, weakest currency on record. It deviated from our longer term models by you know, magnitudes, you know, our longer term fair value model and dollar again is in one twenties. So what you're kind of looking for is like the pressure points that will cause these things to break. And again, I think a big part of it is US data needs to roll over, US yields need to come down a little bit, and the BOJ I think the one thing that we're very out of consensus on is we are looking for them to move out of NERP next year because of the wage pressure we're seeing in Japan right around the Shuto wage negoiation negotiations, we should see higher wages and as a result of you know, essentially higher wages and higher nominal rates coming up, we should see real rates in Japan move substantially in their favor versus the US next year. When you take a step back, there's a question of slowly or all at once, And you were saying it will be all at once at some point. How disruptive is this going to be at a time when so many people were talking about Japanese flows underpinning are basically suppressing yields globally and really keeping things a little bit more in sync. Yeah, I think that's a that's a big component because I think since the summer, since the BOJ let the the you know, kind of opened up the yield curve control the suppression they had on it. We have seen term premium rise across the world. We have seen the US ten year rise. So I do think that there is a blowback here that's happening slowly behind the scenes. And again, I think a lot of people will make the point that the ten year yield is now advanced above FED expectations for twenty twenty four. It's above data surprises, it's above US data trends. It's no longer reflecting the correlations we saw in July. So I do think that the BOJ and the fact that they're kind of moving out of it. Obviously quantitative tightening has a component of this as well, but the BOJ does have the ability to kick start, you know, rises in the US ten years. Well, bring up this board again on television and radio. I have to review you this. I didn't do this. Simon did this in the control and he's been reading. Michael Rosenbergen for inn Exchange. Bring up that board again here. Yeah, one fifty one week week week end two year yield finally above zero ten year yield almost one percent. Those are unimaginable numbers to pros mark. Is this going to end stochastically? I talked to Martin Feldstein about this years ago, Like Looney, let's go to Toronto Dominion Bank. Looney goes up one thirty eight, you get up to one forty two and it gets fixed. Is that where we're heading, where the system just fixes itself. No. I think the system's quite dynamic. I think that that's the interesting point. Like we brun out variations of lots of different types of tools and models and different things. We're trying to understand what's going on in the market. As I mentioned, the things that are driving a weaker yen are fundamentally based. They make they make a lot of sense. And again the commodity story behind the scene is quite quite important, especially from the handover to last year, because what it does is it eliminates the trade surplus and the trade surplus plus the current account plus the balance of payments that is FX. You know, essentially everything we talk about every day is trying to think about how do we predict the balance of payments? So for the end, I don't think any of this is stable. I think is very unstable. Equilibrium even the shorter term models that we look at that we use for trading ideas Dollar Interview one five based on redifferentials and equities and risk and these kind of things. So it's even deviated now because you know markets are looking for a trend to trade in dollar again, is the only one that makes any sense right now? Three people just drove off the Garden State Parkway. There's your Global Wall Street Brief and foreign exchange. If you only understood half of that like I did. He's Mark McCormick of TD Securities. John Solstice has been listening to this and wants to weigh out on the Bunker Remo and beyond. And I'll let you get to that, but first I want to start to say how much are you basically saying we've just a run out of time to get to that forty nine hundred mark? Yeah? Really, really is? We We had to right size our expectations. We always suggest that to do investors as they as they consider what happens when markets are are in royal and so to speak. And what we've got to consider here is the calendar is telling us that we're getting close to a year end. The average rallies are positive. You know, we get positive rallies after a dip like we've seen traditionally or historically, but it's smaller amounts and there are still lots of uncertainty that bears and nervous investors and those who are skeptics can use to take more profits out of the fabulous rally that we're still living off from the lows of October twelfth of last year. I feel like one just after another is basically coming on and saying give investors a prozac, because frankly, there is a lot of optimism. They're just not seeing it. How much can you really hinge unfundamentals if the sentiment is just so gloomy and prepared for the worst. The problem is, I think that when you're in a FED funds high cycle, it takes a while before the marketplace gets a sense that the FED is indeed not trying to destroy things, and that the FED might actually succeed at its goals. The Fed isn't it isn't infallible, but the FED has a remarkably simple a mandate essentially, you know, stable economic growth with maximum employment. Of course, what is it. A few weeks ago, I think was the daily quote on the Bloomberg was Martin Scorsese, and it was something that like simple is the best, but it's the hardest to achieve. Well, that's what happens in a FED funds hike cycle. But what happens is eventually the marketplace. And you can see it related to higher prices being accepted by consumers and business in that you were just mentioning before there's a sense, Okay, we can deal with this now and we keep moving forward. The FED has been so set in applying it's mandate that it hasn't knocked a part the resilience in the consumer, in business and the overall economy. That's just an extraordinary John Michael McKee with a brilliant idea on the Magnificent Seven. He's going back to the movie. He's looking at YOU'L. Brenner, Steve McQueen, Charles Bronson, Robert Vaughan, James Coburn, Horse Bucklets and Brad Dexter. I mean they were the Magnificent seven. What do you do with the modern Magnificent seven? Is Apple going to deliver here? And if you're going gloomy forty four hundred, do you sell your big tech Well, I'm not gloomy of four hundred at all. I'm just saying it's more realistic from here to the end of the year. Just wait until we put in our Brice target for next year. That'll be later on. Oh good, and no one's watching here, Come on compliance at opcos not watching. Give me a number. Can you pop a five thousand for next year? To do it? I got, I got compliance breeding down my back. But when we look at things are getting better and we think we're going to see competition return in a lot of spaces, and competition is when all of a sudden you've got everybody is passing on the old higher prices getting away with it. And then some guy in business or gal discovers the idea of well maybe if I give up a little bit what I get in per unit costs, maybe I can make it up big time and volume. And that'll happen across the sectors. But in the meantime, tech is empowering everything, and we don't mean it like in some kind of a moonshot, but it exists. Today. Corporations are doing better navigating very tough environments. Well, it's the financial advices. Whether it was the pandemic, post pandemic, the supply chain stabilization, the getting away from one country centricity in terms of the global supply chain. All of this technology is enabling a lot of things both for the can consumer as well as for business. And it's it's a dramatic change that combined with sensitivity by the FED communication transparency that we think is you know, the branking legacy that is still being practiced by Jerome Howell in his own way. Yeah, you know, positive effect. I keep thinking the economy is not the stock market, and this is not necessarily a stock market that's representative of the broader economy that really is maybe the Russell two thousand or the banking index, the regional Banking Index. Does your optimism bleed over to small caps, to the KBW index? Well, I'd say not necessarily to the k b W. Yet we've got to wait for the economy to show a greater sustainability going forward and not as many concerns in terms of commercial real estate and subbrime auto loans and things like that. But what we would say is when we when we look at this picture where all things are getting better, it's been led by the large caps but if we get to that point where we get to see the sustainability of the economic expansion, of becoming predominant in the picture, you're going to want to own smalls and mid caps, and you probably want to consider, for instance, we're near market cap agnostic in some ways because our goal is beyond we're intermediate to longer term investors, and the valuations are ridiculously low in many quality indices of the small caps and mid caps. Joss Dolphis thank you so much, greatly appreciating this should be a two hour conversation. I can't say enough about the work of doctor Miller. He is Aaron David Miller. He's a senior fellow the Carnegie Endowment for in an national piece. The signal is from the University of Michigan Definitive and International Relations. And he wrote a book in two thousand and eight. It was shockingly, shockingly prescient fifteen years on about the mess we're in in the Eastern Mediterranean. Aaron David Miller, thank you so much for joining us this morning. When you wrote your masterpiece in two thousand and eight, did you expect the tragedy we're living now? I expected John at an unresolved Israeli Palestinian conflict driven by a proximity problem. Israelis and Palestinians are living on top of one another, and frankly, I think it was Mark Twitter said that proximity breachs contempt and children. I figured that this conflict would endure, It would go through periods of accommodation, perhaps as it did, but also periods of conflict that we've seen. But I think I, for one, I'll put myself at the top of the list, never anticipate paid the kind of trigger to this particular phase of the Israeli Palestinian conflict. That is to say, what happened on October seven, with Hamasa's brutal and savage attack and it's wilful and intentional, indiscriminate murder of men, women and children. I did not anticipate that, and clearly, in what probably one of the two greatest intelligence failures in the history of the State of Israel, neither did the Israelis. Aaron David Miller. Robert Gates writes a piercing essay and the New Foreign Affairs magazine. I read every word of it. The former Defense Secretary and head of CIA on a dysfunctional America, a dysfunctional superpower. You are someone that straddled the line. I would say, within the politics of Washington, what's Aaron David Miller's best practice? Now for the Biden administration come to this particular crisis. Remember, we now have an archa crisis. We have a major crisis in the Middle East with the potential of escalade. Even further, if you end up with in Israeli his bull of war, You're going to see, not to mention the prospects of Iranian involvement and direct conversation between Israel and I Ran, which would lead to spiking oil prices and plunging financial markets, and even more uncertainty with respect to the global economy. You've got Russia's invasion of Ukraine, You've got tensions in the Indo Pacific. Look, I long believe you know. I'm a follower reinhold Nebe approximate solutions to insoluble problems. This is a world that cannot be resolved. That is to say, I'm not sure there is one conflict factor you could identify that had a definitive, a comprehensive solution. This is all about smart, smart management and a judicious and very balanced view of the projection of American power in air is that in fact we can, we can and effect. But no, this is not a world to be redeemed or resolved. It's want to be managed if we're lucky and smart. Aaron David Miller Robert Kaplan's new book, The Loom of Time is my book of the year. It's just a sprawling treatise from Morocco all the way over to Persia, indeed on to Afghanistan as well. And what permeates Caplin's real politic is the basic idea that we have a human rights led foreign policy. Is our human rights led foreign policy at risk given what we see in the Eastern Mediterranean region. You know, Caplin's you a really smart guy. Based on my experience John working for Republicans and Democrats over a thirty year period from Jimmy Carter to Bush forty three, I don't think we have a human rights based policy. In fact, human rights democracy promotion, responsibility to protect, the intervention, to to prevent or even respond to mass killings, from the Holocaust at Cambodia to Rwanda to Dartford to Sauth, Sudan to Syria. Where has the United States been with respect to the protection of human rights. I'm not saying that that is a role we need to play and can't play all the time, but I think human rights is a factor. But based on my experience from Carter to Bush forty three, it's rarely at the top of our agenda. There's been shades of isolationism there, even off of the shock of Jimmy Carter and the Iranian hostage crisis. And I believe seventy nine, what does our new isolationism look like. I'm not sure. Well, clearly we're not there now. I mean, I think the America first notion, although I think that largely would translate into putting America last. We've got to find the right balance, John, between doing too much in the world and not doing enough. One of my former VOUSE bosses, medal In Albert, referred to the United States as the indispensable power. You know, and I remember what de gaul said about the cemeteries of France. They're filled with indispensable people. We can't be the indispensable power if indispensability means that we need to be everywhere, to everyone all the time. We have a dysfunctional political system. That's the strength, by the way repairing that is critically important for our capacity to lead, not by the what it was, Joe Biden says, not by the example of our power, but by the power of our example. There is something to that. From where you sit in international relations. Is our pentagon properly funded? And specifically does the Navy have enough ships and submarines? Probably know, and no, I suspect, even though there some will argue that our defense budget is way out of whack, It'll be fascinating to try to see how we're going to resource going forward because each of these problems I referred to what you're seeing in the Middle East right now, Russia's warview against Ukraine which seems to be forever, and the prospects of arising China in the Indo Pacific. All of these things have to be properly resourced. And that's a concern that I have, given the nature of our domestic politics. One final questionnaireon to circle back to your two thousand and eight treaties, there is a much too promised land. What should we advocate to Israel and the Palestinians in this November You know, a lot of people I respect John believe that the so called two state solution has gone the way of the Dodo. I understand the argument, but frankly, it's the least bad solution to this conflict. Israelis and Palestinians need to separate from one another through negotiations. There's no precedent that I can think of of two two national movements, one of state, a nonstate actor seeking to become a movement living happily ever after under one roof. It's Cyprus, Lebanon, Syria, Iraq. I mean, the beat goes on, so it's not it's just a hop, skip and a jump to understanding that if in fact you're going to have anything resembling a conflict ending solution, I'm choosing my words very carefully here. You really do need to have separation through negotiation, maybe into a confederation at some point, but you need to satisfy the political, territorial, emotional, psychological, and religious underpinnings of this conflict. The only thing that does that, in my judgment, is to separate through negotiation state of Israel living peacefully next door to a Palestinian polity. That to me is the only way to even begin to think about fixation. Aaron David Miller, thank you so much for the brief. Hugely valuable with the Carnegie Endowment for International Peace. Stephen Stanley joins us at right now with Santander or US Capital Markets. You are acclaimed for analysis and GDP. How does the bond market affect your analysis? You know, I think the Fed is overstating the importance of this little backup in bonnials that we've seen over the last month. As we talked about the last time I was here, I see it maybe as a little bit more of an excuse than a reason. I think they wanted to hold off, and that provided them with a convenient reason. Financial conditions have tightened a little bit. But look, you know, as you all discuss, the economy is still rolling at this point. So I think it's wishful thinking that the last twenty or thirty basis points on the on the bonyold is going to roll the economy. But the I'll go with this easy, easy question here. It's a cliche, but unfortunately it's apped right now. Are they fighting in the last war? I think it's too soon to say that, because you know, the idea I assume what you're suggesting is well, inflation has already licked well. Dominicq constum in MISSOUI is calling it super restrictive. I got people say in the five percent reality lay on the bond market is a seven percent reality in the economy as well? Are they? Are they working now? They go to the meeting tomorrow in a restrictive milieu. I think policy is restrictive, but is it restrictive enough? I mean, until the economy actually slows down, until inflation really comes off. It's it's hard to say that, and so I think that's why that at a minimum, they're certainly going to want to keep their options open. You know, they they've signaled another pause, but Pallas certainly kept the door open to further hikes. So I'm not throw this question at you what I was asking before, which is how long can the US continue surprising to the upside with economic data and showing momentum at the same time that you see Europe running into recession coming out recession around the world a lot of pain, maybe not to be overly glib, but basically forever. Because the US is a domestically driven economy, and I think economists and particularly the FED, have systematically over the years overestimated the importance of the global economy for the US economy. We're, you know what, between ten and fifteen percent of our economy is trade, whereas for most of the other major economies it's thirty forty percent. Okay, I'll challenge that in one way, And this is something that a lot of people have been talking about, and I would love for you to push back if this is the case, people say that the international transmission transmission mechanism is the US yield is how many international buyers are going to be coming in and picking up treasuries at a time where the Bank of Japan's not going to be buying, where you're going to have or not going to be really pushing investors out of that nation's asset market. Where you have certainly around the world yields going higher and China not buying how much does apply change that narrative and create more of an international transmission mechanism than ever before. Yeah, that's an interesting angle. Actually. I think the root of the problem there, of course, is the fact that we're that we're running such large deficits. If we had a smaller deficit then this would be so much of a problem. But the fact that the Treasury is to borrow on extra to two and a half trillion dollars a year, they need demand anywhere they can get it, so that that actually does bring a good point, which is that the it feels like the international community has pulled back a little bit for various reasons, and I think you know that's that's part of it, a piece of why yields have backed up recently. Well, Mike McKey summarizes for us we've heard this twice today and surveillant Shill Moweko accent Stephen Stanley of Santandra agree the United States is a relatively closed economy. Are we an economy a fiscal stimulus thinking of refunding and all the other debates versus Europe in austerity stimulus? I mean, are we living a fiscal stimus that makes us different? Well, yeah, I mean we as Chris says, we're, as Steve says, we're a sort of closed economy. We don't have to worry necessarily about what's happening in Europe as much as Europe has to worry about what's happening in the United States. And China their biggest trading partner, and so we can stimulate the economy and we can run deficits for a lot longer. Nobody knows exactly how high or how long, but it doesn't have the same kind of effect. Interesting to note where we are with yields these days is where we were in the nineteen nineties when we were growing at four and a half percent a year. So can we live with this? I mean for now we can't, right, Steven Stanley with us, So I'm not going to go higher for longer. But just pick one of them. Are we going to go higher or are we going to go longer? Well, I think the more important thing is the longer part. You know, they may go one more time, but we're pretty to the end, so I don't think the higher part is the more important of the two right now. I think is the more important issue is how long are they going to stay? Can the American economy equilibriate through a higher nominal and real rate or almost equal calibrate? I would said yes, I think We're in the process of that. I think that in my mind, the neutral rate is you know, anywhere from fifty to one hundred basis points higher than it was before COVID. So give me a ten year real rate, which is going to be a run rate. I think it's probably you know, one to one half percent something like that. Okay, when we look right now at the data that we've getting this week, you said that the Fed seems to be looking for an excuse, and it's not really that they're so concerned about what you call this little backup and yields. So what data could make it difficult for them to use the backup and yields as some sort of excuse. Well, boy, we're really testing that right because since the September meeting, we've had a blowout payroll number, a high inflation number, stronger than expected consumer spending, and now we get a firm wage number. So you know, you're pretty much a clean sweep, and yet they're clearly going to pause. So I think it's going to have to be not so much a particular data point, but a duration of a stretch of good data. If we continue to see good data for another month or two, then I mean it just becomes increasingly compelling. So tomorrow, based on what they say and based on the economic data, what are the chances from your view, that they've got to go significantly further than currently markets are pricing. Yeah, so significantly further is a really important part of that question, because, as I said, I mean my base case, I have one more hike. But that's I mean, you know, whether they do one or not, it's not that important. But there is a scenario where inflation reaccelerates and they end up having to go multiple times. That's the I think that's the scenario that you might have in mind. I mean, to me, that's the biggest risk fact. I see that as a bigger risk than the risk that the economy slides into recession and they end up easing much sooner than people expect it. But it's at this point it's for me, it's a risk scenario, not a base case. Are Is it true you're going for Halloween? You're going to dot plot that. That's a room, right? I can't confirm you had bullered up at the tippy top of your head. There you go. Okay, I have a lot of room on my head for you dods. So do some of us is well? Also? John Ferrell, going as you'll Brunner, I don't know if you knew that one of the mania for seven John. It was good to hear Stephen Stanley with his chief US economist of Santander, Emily rolling this morning from Boston here on a Halloween. What's your biggest fear out there besides trigger treating, what's your biggest fear, Emily in this market? My biggest fear is that we're actually in a scary movie right now, but it's not over yet. You know. You think about the villain kind of being wounded but still alive, and the villain is higher borrowing costs and the wake of the FED raising interest rates in the shortest amount of time and the greatest extent in several decades here, and we really haven't felt the sting from that as far as consumers pulling back, you know, as far as earning's getting hurt by that profit margin's getting crushed. So everything's fine right now. We're sort of running to the safe part of the house as we're getting chased by this villain, but we need to remember that the movie simply isn't over yet. Oh my god, Emily, I'm just thinking about you at the sleepover with a bunch of eleven year old saying it's a scary house and the bond villain is coming to get you at some point. I'm wondering, Emily, how much we're looking at a scenario we're yield to kind of reach to a peak, and that really the uncertainty lies. And I keep harping on this, but it lies with the deficit financing and what we get tomorrow from the Treasury Department. What we got yesterday actually underwhelmed with the amount that the US would have to borrow in the third quarter, and arguably that's what's leading yields lower this morning. Yeah, certainly fears around supply have been a key to the narrative around rising bond yields, but it's not like we woke up one morning over the last few weeks and all of a sudden found out that the treasure was going to have to issue more debt. That's been a known issue. So for US, that's not really the primary reason that bond yields have picked up. It's been just this unrelenting strength in the economic data in the US, and certainly fiscal spending has played a role in that. Excess savings have played a role in that. In twenty twenty and twenty twenty one. But really it's been the strength of the data. There's something really really unusual happening in the bond market right now. One, we're facing down potentially the third consecutive year of negative returns for high quality bonds. That's never happened before in history. We're also looking at an environment where if the FED was done in July, and we can talk about that, it's really unusual to see the ten year treasure yield continuing to rise. Typically what happens is that the ten year peaks right around the same time, are just before the FED pauses, very unusual. And then finally the elusive bear steepener another very notable dynamic here that is not consistent with what we've seen in recent history. So our view is that we could be getting close here to the peak and yields. This doesn't sound like a scary story actually. Arguably, and as Gina Martin Adams yesterday was saying, this really speaks to a pain trade of more momentum of gains of a rally and risk assets. Because if yields are rising because of growth, isn't it a good and beautiful thing? Yeah? I mean, I think our standards for growth have seemed to be shifted a little bit. Yes, there's a lot of strength in the labor market, but we all know that that's lagging data and those cracks are starting to form. I think this week's going to be really critical in terms of the jobs report on Friday, initial claims, which have stayed stubbornly low. We've got to remember that that data is subject to heavy revisions, and we're seeing a lot of cracks in the consumer stories starting to emerge. There's a lot of heads out there, the resumption of student loan payments, credit card interest rates at twenty five percent right now, auto loans at seven percent, mortgage rate over eight percent. That's a challenge. How do you get out thirty six months? You're going to tell me part of a carefully managed portfolio is so look out three years, five years, years, maybe when the red SOX go above five hundred again, Emily, the basic idea here is people are scared stiff. How much cash at five x percent should they own? Versus having the courage to reach out thirty six months? Yeah, I think the critical the scary part I guess about being in cash right now is that your subject to significant reinvestment risk. Our view is that the normal relationship with the economic cycle and bond yields remarries as we head into this economic contraction into next year, and in that environment, you want to move out the curve and just really be able to capture the five six percent income that you're seeing in high quality bonds right now. I know we've been talking about this for a while. There's been these significant odd dislocations in the bond market, but if you're in cash right now, you might not get that yield next year. We have an opportunity again to lock that income stream in for years, and I think we're going to look back on this is quite an incredible opportunity to unlock the value in bonds. Thank you, Emily Rowland, John Hancock Investment Management, Boston. Subscribe to the Bloomberg Surveillance podcast on Apple, Spotify and anywhere else you get your podcasts. Listen live every weekday starting at seven am Eastern. I'm Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business app. You can watch us live on Bloomberg Television and always I'm the Bloomberg Terminal. Thanks for listening. I'm Tom Keane, and this is BloombergSee 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Investors around the world are following what's being described as the biggest conflict in Israel in more than 50 years. Ambassador Lincoln Bloomfield gives the latest. Plus, the unrest in Israel is sending the price of oil surging after crude's worst week in months. Energy Aspects' Amrita Sen discusses. And, surging rates continue to put pressure on stocks. TD Securities' Gennadiy Goldberg explains.

Recorded on 09/12/23 In this episode, Larry Wieseneck, Co-Head of Global Investment Banking at TD Securities and David Erickson, Senior Fellow at The Wharton School, discuss the current state and near-term outlooks for the IPO, M&A, and Private Equity/Venture markets. For Disclosures, click here bit.ly/3cPHkNW

Jay Hatfield, CEO at Infrastructure Capital Management, joins to talk about disinflation, bank turmoil, and FOMC outlook. Priya Misra, Managing Director and Global Head of Rates Strategy at TD Securities, joins the program to discuss the Fed and outlook for interest rate hikes and a potential US recession. Duane Wright, Senior Government Analyst with Bloomberg Intelligence, joins to discuss the debt ceiling negotiations. Geetha Ranganthan, Senior Media Analyst with Bloomberg Intelligence, joins to discuss the potential happy ending for the Hollywood writers' strike. Simona Mocuta, Chief Economist at State Street, joins the program to discuss the outlook for the economy and markets. Herman Chan, Senior Regional Banks Analyst with Bloomberg Intelligence, joins to discuss Tuesday's regional bank slide. Huw van Steenis, partner at Oliver Wyman, joins us from the Milken Conference in LA to discuss the latest on financial stability in the banking sector, in the US and globally. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

Herman Chan, Senior Analyst: US Regional Banks with Bloomberg Intelligence, joins the program to discuss Silicon Valley Bank, a potential bank run, and what it all means for regional banks and the broader economy. Carol Schleif, CIO at BMO Family Office, joins the show in studio to talk about jobs, outlook for the economy, and broad disruption in credit markets from rising rates. Tom Gimbel, founder and CEO of LaSalle Network, joins the program to discuss the labor market and jobs day. Priya Misra, Managing Director and Global Head of Rates Strategy at TD Securities, joins the program to discuss the Fed and outlook for interest rate hikes and a potential US recession. Jeffrey Cleveland, director and Chief Economist with Payden & Rygel, joins the program to discuss jobs day and also weighs in on the SVB closure with Bloomberg Intelligence analyst Herman Chan. Chance Finucane, CIO at Oxbow Advisors, joins the outlook for markets amid rising interest rates, jobs numbers, and the fallout on regional banks from SVB. Hosted by Paul Sweeney and Kriti Gupta.See omnystudio.com/listener for privacy information.

Liz McCormick, Chief Correspondent of Global Macro Markets with Bloomberg News, joins the program to discuss the Federal Reserves and what the bond market is currently telling investors. Priya Misra, Managing Director and Global Head of Rates Strategy at TD Securities, joins the show to discuss the Fed and rate hikes. Andrew Marok, VP of Equity Research at Raymond James, joins us to talk about Activision earnings, Microsoft's acquisition, and gaming outlook. Jay Hatfield, CEO at Infrastructure Capital Management, joins the show to talk about sectors and stocks he sees performing well with inflation still running hot and his outlook for energy and equities. Wes Kosova, host of The Big Take podcast for Bloomberg, joins us to talk about this week's lineup. Hosted by Matt Miller and Kriti Gupta.See omnystudio.com/listener for privacy information.

Alison Williams, Senior Global Banks and Asset Managers Analyst with Bloomberg Intelligence, and Bloomberg News Wall Street reporter Sonali Basak join to discuss Goldman Sachs' job cuts and preview big bank earnings. Bloomberg Intelligence Senior Tech Analysts Anurag Rana and Mandeep Singh discuss the companies they selected in Bloomberg Businessweek's “50 Companies to Watch” piece. David Bahnsen, CIO at The Bahnsen Group, joins the show to discuss sectors he likes as stocks look to rebound in 2023. Peter Bethlenfalvy, the Minister of Finance from Ontario, joins the show in studio for a discussion on public financing in Canada, trade with America and other countries, and gives his economic outlook for Canada, the US, and the globe in 2023. Danielle DiMartino Booth, CEO & Chief Strategist at Quill Intelligence, joins the program in studio to discuss the Fed's rate hike path and other Fed notes. Priya Misra, Managing Director and Head of Global Rates Strategy at TD Securities, also joins to talk about the Fed. Hosted by Paul Sweeney and Matt Miller.See omnystudio.com/listener for privacy information.

This is Garrison Hardie with your CrossPolitic Daily Newsbrief for Thursday, January 5th, 2023. Happy Friday Jr. everyone! I hope you and your’s have had a great week thus far! Before I get into today’s news… Club Membership Plug: Let’s stop and take a moment to talk about Fight Laugh Feast Club membership. By joining the Fight Laugh Feast Army, not only will you be aiding in our fight to take down secular & legacy media; but you’ll also get access to content placed in our Club Portal, such as past shows, all of our conference talks, and EXCLUSIVE content for club members that you won’t be able to find anywhere else. Lastly, you’ll also get discounts for our conferences… so if you’ve got $10 bucks a month to kick over our way, you can sign up now at fightlaughfeast.com. https://www.foxnews.com/politics/biden-says-its-his-intention-visit-u-s-mexico-border-amid-historic-crisis Biden says it's his 'intention' to visit US-Mexico border amid historic crisis President Biden says it's his "intention" to visit the U.S-Mexico border amid a record high number of border crossings, according to a report. Biden made the comments Wednesday at Cincinnati/Northern Kentucky International Airport, saying that it's his "intention" to visit the border during his trip to the North American Leaders' Summit on Jan. 9-10, which will include meetings with Canadian Prime Minister Justin Trudeau and Mexican President Andrés Manuel López Obrador. The visit would mark Biden's first trip to the border during his presidency. People familiar with discussions surrounding the potential visit told the Wall Street Journal that Biden will not be making a policy announcement if he visits the border. The potential trip comes amid a record-breaking crisis at the southern border, with 617, 250 total migrant encounters occurring so far in FY 2023 as of Dec. 29, 2022, according to Customs and Border Protection sources, adding that there's an average of 6,858 encounters per day. In FY 2022, migrant encounters reached 2.3 million. On Dec. 6, Biden said that "there are more important things going on" when asked why he'd visit a border state but not the U.S. -Mexico border itself. The Biden administration has pushed for Title 42 — the pandemic-era policy which allows immigration officers to quickly remove migrants from the country on the basis of public health — to be lifted. After U.S. District Judge Emmet Sullivan ruled in favor of immigration advocates and gave Title 42 an end date of Dec. 21, the Supreme Court temporarily halted the policy's termination. Without providing evidence, White House press secretary Karine Jean-Pierre said in November that Biden has been to the border. https://www.theepochtimes.com/white-house-defends-covid-travel-restrictions-as-beijing-threatens-countermeasures_4961495.html?utm_source=partner&utm_campaign=BonginoReport Now from the southern border, to this! Donald Trump Says "China"- Play 0:00-0:10 You guessed it, we’re talking about China! https://www.theepochtimes.com/white-house-defends-covid-travel-restrictions-as-beijing-threatens-countermeasures_4961495.html?utm_source=partner&utm_campaign=BonginoReport White House Defends COVID Travel Restrictions as Beijing Threatens ‘Countermeasures’ The White House is defending its decision to issue travel restrictions related to COVID-19 following several threats from China’s communist regime. The Biden administration said there was no cause for retaliation from Beijing after its communist leadership criticized Washington’s decision to require a negative COVID-19 test from those who travel from China to the United States. “There’s no cause for retaliation here just because countries around the world are taking prudent health measures to protect their citizens,” White House press secretary Karine Jean-Pierre said during a Jan. 3 press conference. The Chinese Communist Party (CCP), which rules China as a single-party state, announced that it will reopen its borders on Jan. 8. The move comes just one month after the regime abruptly terminated its zero-COVID policy in response to mass unrest, causing cases of COVID-19 to surge throughout China. The move prompted a global outcry, and nations around the world are hurrying to put in place testing requirements for all arrivals from China. The Centers for Disease Control and Prevention (CDC) issued a statement on Dec. 28, 2022, saying that passengers would need to present a negative COVID-19 test result or proof of recovery before boarding a U.S.-bound flight from China. The CDC said the move was meant to “slow the spread of COVID-19 in the United States during the surge in COVID-19 cases in the PRC [People’s Republic of China] given the lack of adequate and transparent epidemiological and viral genomic sequence data being reported from the PRC.” The United States joins the UK, Australia, Canada, France, India, Italy, Japan, South Korea, Spain, Malaysia, Qatar, and other nations seeking to place stronger restrictions on arrivals from China. A spokesperson for the CCP said that the testing requirements were “unacceptable” and vowed that the regime would “take countermeasures” against nations that issue travel restrictions on flights originating in China. The White House defended the decision to require testing from all China-originating travelers based on the international consensus that COVID-19 is currently ravaging China’s populace. That’s funny though… anyone remember when Trump shut down travel to China? Speaker Pelosi Visits SF's Chinatown To Show Support Amid Coronavirus Fears Play 1:16-1:40 The CCP has attempted to cover up the scale of COVID-19 infections in China and the number of deaths it’s causing among the Chinese population, which has no natural immunity following almost three years of constant lockdowns. Leaked images of papers from a CCP conference in December 2022 revealed that Party authorities believe that as many as 248 million Chinese became infected within the first 20 days of December. Publicly, the regime claims that only 10 people died from the disease throughout the month. That’s generally what happens when you don’t allow for herd immunity. https://bigleaguepolitics.com/report-at-least-769-recently-vaxxed-athletes-collapsed-last-year-during-competition/ Report: At Least 769 Recently Vaxxed Athletes Collapsed Last Year During Competition One of the underlying stories of 2022 is the enormous number of professional athletes – primarily men with an average age of 23 – collapsing during competition. Though many of these instances have been documented in singular reports. Mainstream media outlets appear reluctant to link this unprecedented surge in collapses to the Covid-19 jab. Or to even bother asking follow up questions as to why or how this is happening. This is especially suspicious considering the majority of these collapsing instances involved recently vaccinated and or boosted athletes. One America News Network (OAN) did some digging and discovered more than 769 athletes have collapsed on the field during a game from March 2021 to March 2022. As outlined by The Defender, this spike “in cardiac arrest and other heart issues among elite athletes coincides with the rollout of COVID-19 jabs.” Pearson Sharp of OAN asks: How many 23-year-old athletes were collapsing and suffering heart attacks before this year? Do you know any 23-year-old people who had heart attacks before now? And these are just the ones we know about. How many have gone unreported? Nearly 800 athletes — young, fit people in the prime of life — falling down on the field. In fact, 500% more soccer players in the EU are dropping dead from heart attacks than just one year ago. Sharp discussed how this unprecedented surge is not a coincidence. Especially because “the Pfizer vaccine is known to cause heart inflammation.” He also alluded to the fact this number may be grossly underreported. The reason for these unreliable figures stems from the Vaccine Adverse Event Reporting System (VAERS) showing only between 1 and 10% of adverse reactions according to past investigations. Kyle Warner, for example, is an athlete who filed a VAERS report about his own health injuries following the COVID-19 jab. As Dr. Joseph Mercola put it; the filing took Warner 45 minutes – “a length of time that many doctors can’t or won’t devote when it comes to reporting adverse vaccine reactions seen among their patients.” Regardless, elite athletes collapsing in game increased so much in 2022 that even a mainstream media sports channel in Australia has speculated that the health issues could be linked to COVID-19 shots. https://twitter.com/i/status/1513542808531046409 - Play Video As this number steadily grows, mainstream outlets appear to be ignoring these collapses and their potential linkage to the Covd-19 vaccine. At the same time, the White House and other institutions continue pushing for more to take the experimental jab and get boosted. https://thepostmillennial.com/two-thirds-of-us-big-bank-economists-predict-a-recession-for-2023?utm_campaign=64487 Recession predicted in 2023 for US economy by economists at major banks Two-thirds of top economists at the United States' largest financial institutions are predicting a recession in 2023, according to a survey conducted by the Wall Street Journal. Primary concerns cited in the survey of 23 primary dealers, including those from Barclays PLC, Bank of America Corp, TD Securities, and UBS Group AG, were a dwindling of pandemic savings, a decline in the housing market, and a tightening of lending rules as potential warning signs of an incoming recession. The prediction follows a year of soaring inflation, accompanied by rapid interest rate hikes by the Federal Reserve that have risen from nearly zero in March, to 4.5 percent by the year's end. The Federal Reserve reportedly plans to continue its increase to 5 percent, then 5.5 percent in 2023. Economists predict that this will force unemployment rates above five percent, resulting in millions of Americans losing their jobs. The central bank doesn't forecast a decline in interest rates until 2024 at the earliest, as it attempts a balancing act of attempting to lower inflation levels without triggering a recession. Inflation began to increase at the beginning of 2022, rising at its fastest pace in 40 years. It currently sits at three times the government's preferred rate of two percent. Americans' savings during the pandemic from decreased spending and government stimulus measures have started to dwindle, as consumers increasingly dig in to weather rising prices of most products, from groceries to gas. Households have also increasingly had to take out lines of credit to afford their lives, as total household borrowing increased by $351 billion between the second and third quarter, to a total of $16.51 trillion, the fastest increase in 14 years. The high interest rates have hit the housing market particularly hard, as mortgage rates continue to soar and home sales plummeted. Banks have also significantly tightened their lending standards, more often than not an indicator of an incoming recession. Out of the 23 primary dealers surveyed, only five believed that there would not be a recession: Credit Suisse Group AG, Goldman Sachs Group Inc., HSBC Holdings PLC, JPMorgan Chase & Co, and Morgan Stanley. Jeremy Schwartz, Senior US Economist at Credit Suisse, one of the five banks that didn't predict a recession, wrote of the outlook for 2023, "Several historically reliable lead indicators are sending recession signals, but in our view these measures are unable to correctly gauge recession risk in the current environment." https://www.foxnews.com/world/zelenskyy-warns-russia-planning-prolonged-attack-iranian-shahed-drones Zelenskyy warns Russia planning ‘prolonged’ attack with Iranian Shahed drones Ukrainian President Volodymyr Zelenskyy warned that Kyiv has gained intelligence suggesting that Russia is planning a prolonged attack by using Iranian-supplied Shahed drones. In an overnight address Monday, Zelenskyy warned that in the two days since the world welcomed in 2023, Ukraine has stopped more than 80 drone strikes. "We have information that Russia is planning a prolonged attack with Shaheds," he said. Zelenskyy said that Russia is looking to exhaust "our people, our air defense, our energy sector" by constantly pummeling the country with air strikes – a strategy Moscow has been employing for months but which it has escalated as winter sets in. "Now is the time when everyone involved in the protection of the sky should be especially attentive," he said addressing Ukrainian pilots and those in charge of air defense. Moscow and Tehran, Iran, have repeatedly denied any drone partnership or the use of Iranian supplied drones in Ukraine despite evidence supplied by Kyiv and backed by Western defense officials. Zelenskyy urged his forces on the front lines, particularly those fighting in areas like Bakhmut – which has seen intense ground warfare for months – to continue to hold the line amid harsh winter conditions, which has likely slowed fighting in other areas like Kherson. Ukrainian forces have continued to push the lines eastward in areas like Donetsk, and fighting has begun to intensify in the Donbas region where Russian backed forces have fought since 2014. Commander-in-Chief of Ukraine’s Armed Forces championed this week that Ukrainian forces have liberated 40% of the territory Russia occupied following its invasion. He also said that in the regions where Russian forces remain Moscow has lost roughly 28% of the land. Armored Republic The Mission of Armored Republic is to Honor Christ by equipping Free Men with Tools of Liberty necessary to preserve God-given rights. In the Armored Republic there is no King but Christ. We are Free Craftsmen. Body Armor is a Tool of Liberty. We create Tools of Liberty. Free men must remain ever vigilant against tyranny wherever it appears. God has given us the tools of liberty needed to defend the rights He bestowed to us. Armored Republic is honored to offer you those Tools. Visit them, at ar500armor.com Now for my favorite topic, sports! Take a listen to ESPN football analyst Dan Orlovsky on the hospitalized Damar Hamlin: ESPN's Dan Orlovsky Praying for Damar Hamlin on NFL Live Play video That took place on ESPN ladies and gentleman. This is why I love sports… sports has gone woke in recent years, but it’s situations like this, that bring people together… God is always at work, but it’s amazing to see His handiwork in this situation.

GM Alex Fishbein has been one of the top players in the US for decades and remains a frequent competitor on the American chess circuit. He is a four-time US Championship participant and is the Tennessee state champion. Alex is also a chess writer. His most recent book, The French Exchange Comes to Life, is a uniquely presented and instructive guide to a somewhat misunderstood opening. Alex also has a successful career away from the board. He works as a Director in Fixed Income at TD Securities. In our conversation, we discuss Alex's storied OTB career. Born in the USSR, Alex has learned from many Soviet-era legends and tells memorable stories about Mikhail Tal and Viktor Korchnoi. Alex also shares tips for staying sharp into one's 50s and discusses how chess learning has changed. Alex's dad and son are chess masters as well, so he has had a close-up-view of the evolution of chess learning. This was a really fun conversation.   Notes and timestamps on topics discussed can be found below. 0:00- We begin with a trip report on the Norway Open, which Alex and his son attended and in which they competed. They also witnessed the Norway Invitational featuring Magnus Carlsen, Maxime Vachier Lagrave and many other elite players.  08:30- What advice would Alex give to people frustrated by playing lots of underrated players?  Mentioned: GM Patrick Wolff  15:00- Patreon mailbag question: In the increasingly competitive tournament chess climate, what  kinds of goals does Alex set for himself these days?  Mentioned: GM Dmitri Gurevich  19:00- Which older player did Fishbein consider a role model? Alex goes into great detail about a unique and instructive way that he likes to study great players.  28:00- Perpetual Chess is brought to you in part by Chessable.com. If you are a pro member be sure to check out NM Bryan Tillis' Olympiad Course: https://www.chessable.com/blog/chess-olympiad-2022/ 29:00- What were Alex's interactions with Korchnoi like? 34:00- Alex tells some great stories from his chess origins in St. Petersburg. He studied under legendary trainer, Vladimir Zak.  Mentioned: Russian Silhouettes by GM Genna Sosonko  44:00- What did Alex learn from legendary trainer, IM Mark Dvoretsky?  47:00- Tal stories!  54:00-  Perpetual Chess is brought to you in part by Aimchess.com. Aimchess' algorithm reviews your games and gives you actionable advice on how to improve your game. Check it out for free, and if you choose to subscribe you can use the code Perpetual30 to save 30%. Or use this link for the same discount: https://aimchess.com/try?ref=benjohnson12 56:00- Patreon mailbag question: “What was it like to play Kasparov in a simul as a teen, as chronicled in the documentary American Gambit?”  More on the documentary here: https://www.youtube.com/watch?v=qChazvEx_IA https://en.chessbase.com/post/american-gambit-kasparov-vs-us-juniors Fishbein-Kasparov 1988 1:00:00- Alex discusses his career in finance and his decision not to pursue a career in chess.  1:08:00- Alex's career advice for stronger young chess players.  1:10:00- Alex wrote a great book about the French Exchange, what do people misunderstand about this opening?  1:15:00- How have opening approaches changed over the years? How does Alex's college- age son prepare?  1:18:00- Alex discusses his column for American Chess Magazine and on the updated versions of the Dvoretsky Endgame Manual with GM Karsten Muller.  1:25:00- Alex shares his thoughts on the Magnus Carlsen news.  1:29:00- Thanks to Alex for a fascinating interview! Here is his contact info: http://www.gmalexfishbein.com/ Or email afish at panix.com Learn more about your ad choices. Visit podcastchoices.com/adchoices