#206 Grant Williams: Confusion, Division, & Loss of Trust — How And Why The Investment World Has Changed
Grant Williams, author of “Things That Make You Go Hmmm…” and host of The Grant Williams podcast, joins Julia La Roche on episode 206 for a wide-ranging conversation on macro. ✨ This episode is sponsored by Public.com. Lock in your 6.6% yield: https://public.com/julia ✨ Paid endorsement for Public Investing, Inc. Not investment advice. All investing involves the risk of loss, including loss of principal. Brokerage services for US Listed and registered securities, options and Bonds in a self-directed brokerage account are offered by Public Investing. ETFs, options and Bonds are available to US members only. *A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 fractional investment-grade and high-yield bonds. The 6.6% yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of 9/18/2024. A bond’s yield is a function of its market price, which can fluctuate, and a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. While corporate bond yields should fall in reaction to a Federal Reserve rate cut, we cannot know whether that will be true of the bonds in the Bond Account, how quickly bond yields will respond, or how much they will decline. Public Investing charges a markup on each bond trade. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. Fractional Bonds also carry risks including liquidity risk, interest rate risk, credit risk, inflation risk, and potential tax liabilities. Read more about the risks associated with fixed income and fractional bonds and learn more about the Bond Account at https://public.com/disclosures/bond-account. Links: https://www.grant-williams.com/ https://twitter.com/ttmygh Timestamps: 01:07 Overview of current market confusion and multiple risks 03:33 Discussion of monetary policy and debt challenges 05:22 Analysis of BRICS developments and global shifts 07:49 Framework for assessing negative outcomes 09:35 Discussion of millennial investors and passive investing 14:26 Analysis of inflation and Federal Reserve credibility 17:19 Impact of inflation on society and purchasing power 22:11 Discussion of affordability and political implications 25:31 Analysis of public sentiment and policy constraints 31:16 Geopolitical considerations and policy options 35:01 Portfolio construction and preservation strategies 42:24 Bond market reactions and loss of Fed credibility 45:06 Breakdown of trust in financial system 48:52 Fourth Turning framework and implications 50:45 Potential factors that could alter thesis 52:43 Long-term perspective on gold investment 54:47 Analysis of silver as monetary metal 57:17 Closing thoughts on navigating current environment