YouSaid · the spoken record

Keith Dicker

lines on the record: 87
first: 2024-05-14
most recent: 2024-05-14
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“The demand for bonds in that domestic country is going to weaken because money will be flowing into the treasury market down south of the border because they want US dollars, I suppose the Canadian or Euro and elsewhere. In that environment, you can see long-term yields go higher than also credit spreads blow out as well. So the long-winded short answer to the question about, hey, is the 10-year good value rate here? We think that the probability that 10-year going a lot higher is still significant and it's something people should be very mindful of. So I don't think it's a one-way bet that yields go back down to three or two percent again. I think that's setting up for failure.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Session up here in Canada, it's going to be a recession that's never been experienced before. And it's going to be interesting. We'll dive into that as well as a second. But in that environment, all of a sudden, because countries are running now these enormous deficits,”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“What's happening now in Canada that they're, you know, the housing market is a big story up here where they're trying to make it more affordable for a lot of people. They're trying to slow down population growth, which is now, if you're able to take Canadian data and break it down on a per capita basis, our economy, you know, from a GDP perspective, is actually starting to slow. We're now rolling over, starting to see negative prints. On an aggregate level, it's still positive, but it's taking increasingly more and more people to produce the same dollar of economic output. German data is rolling over as well, same as other parts in Europe. We're following a Japanese story right now happening with their bond market in the currency world. We know China is struggling. But the point I'm getting at, if you're only looking at the American story, sometimes it's going to be easy to miss what's happening outside. So we can have a situation where countries outside of the US, they do go into recession. And if we get a race,”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“That's a combination of people moving here. They have work permits going to work full time. They're able to emigrate here for other reasons, as well as with foreign students coming in. Over the last three years, we moved from 300,000 people coming in to 1.1, 1.2, 1.3 million. So, population growth is increased. You're looking at about three to five times. When you have that many people coming in, remember the supply demand, you know, curve we chatted about earlier, all of a sudden the demand for everything went up, or the supply couldn't change. So the housing market in Canada, you know, through the roof, demand for healthcare and doctors through the roof, education, the same stuff.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“If you look at data elsewhere around the world, it's really poor. So up here in Canada on a per capita GDP basis, we're already in a recession. So a lot of people, you know, if you're not following Canada, they're the real. I showed a quick 30 second story on Canada. Yeah, because as investors, you have to be aware of the world and not just your one singular market. Because if you're just looking at one market and you use your own morals, ethics, and values to view the world, you're going to miss out on other things that are happening. But in Canada, the story up here, typically our population growth can be between, say, 300 and 400,000 people a year.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Potential for long yields to go higher, it is still a material probability that investors need to be aware of. So when you ask, hey, why is that? If you have the belief that we're in this normal cycle, then in the normal cycle, you know, the way it will move from economic perspective is, you know, you have growth, you know, growth slows, and then you hood a recession, yields should go lower then, of course. With that view, yeah, the 10 years, the long end of the curve, it should go lower. But remember, we're at the end of this 40-year cycle where we have excessive debt buildups around the world. And every economy now, it's teetering whether, again, like American economy is looking good with data that's coming out. It's very easy to say, a handful of data looks really bad, of course, because there's so much data to look at. But overall, hey, it's okay.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“We know with the 10 year were we today, four and a half almost and 30 is like four sixty. Yeah, maybe the probability isn't this high as it was back a couple of years ago, but again, it's still our view, and that's why markets are out there.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“That makes sense. I think, though, with our view of markets, think about the slide rule. This 0% probability here and 100% over here. And then look at the probability of something really good or really bad happening in any market. And the probability is like correlations. They're never constant. You know, you're going to move them up and down. And obviously with hindsight now, when you had a 1% on the 10 year, a couple of years back, you know, it's, hey, the probability of this ending badly for someone, it's quite high. And we had that view then and we were correct with it. The prevailing view back then was that no, rates are going to zero. You know, that's where everyone was headed.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Are always going to have 50% fall potentially, you know, up and or down. We're now one of this market where potentially the fixed income world and duration with credit spreads on top of it, the upside is limited, but your downside can be pretty dramatic. And I don't think that's a bet that a lot of people will be interested in. So if you look at it that way then, it just creates this opportunity to say, hey, how are we going to allocate risk to these markets? How can we make money on it? And what's the best way to stay healthy going forward? So we're pretty excited about the way the world is patched together right now. But don't be afraid of it. You know, just simply understand it. And you have an opportunity for a lot more success.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“The upside in the bond market is single digits, and it's probably mid single digits you're looking at. Yet the downside is potentially a lot more. It could be minus 10, minus 20, minus 30. You look at what happened with, you know, with duration in 21 and 22. So people believing that a balance kind of a mandate is still going to protect them as we begin this next long-term cycle, that they might be experiencing or they have the potential to experience uncomfortable moments coming up. And of course, Jack, you know, that the irony is that as you become older, you accumulate more wealth. As you accumulate more wealth, you become more sensitive to losses because you want to retire and go to bingo on Saturday nights and stuff like that. And then what the industry does, they put increasingly more of your money in the bond market. So the ultimate irony here is that if you're willing to accept that equity,”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“And secure. So that's why you have it lumped together with equities to create a balance fund, which worked really well for 80s, 90s, and Os, and then the tense. Because whenever equities went down, you always had a positive return coming from the bond market. The irony rate now is that”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Can be implemented in client portfolios, and people are always trying to find something to do with it, but the overriding theme that I think individuals and families need to be aware of is that, you know, focus on preserving your capital, understand how much risk you're taking and what is acceptable. For some people, you know, if the markets go down 50%, for example, which happened three times in 20 years with the tech bubble, the housing bubble and the COVID bubble, some people say, hey, no big deal. It is what it is. For other people, it is a big deal. You're going to be very mindful of it. And then, you know, of course, the ultimate irony today is that, you know, I showed earlier how that, you know, the bond market did this, you know, we had this, you know, amazing 40-year period of rates always going lower. The industry has been lulled to sleep in believing that the bond market is always safe.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Down 10 or 20 percent. If you've ever been inside a pension fund, the first thing they'll say is, how is it relative to the benchmark? They don't care. If they're down 20 and the benchmark is down 21%, they'll say, hey, we added 1% value this year. Whereas if you're a family, just say you saved a million dollars for your retirement and you're just about to hit the retirement button and then you're all in equities or something and the market goes down 30 and you don't say, oh, wow, I did 1% better than the market. You feel I just lost 300 grand. So it's a big difference. So for us as managers, we're always, you have to be more sensitive to who you are as an investor as opposed to just the marketplace. Because, you know, on social media these days, there's lots of really cool, interesting investment theses that are available to follow. Not a lot of them.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“People have to really understand. You have a big difference between the industry and markets. You know, the industry and, you know, I can be right or wrong with it, but most times, especially for retail investors, the industry, they collect your money, they throw it in a product and that's it. And then if any success is achieved as attributed to a skill set, and if there's any failure, that's attributed to that's just bad luck, that's bad timing. Don't worry, pal. You know, hang in there for longer run and you will be fine. You know, that's not a healthy way for individuals to manage their wealth. And then on top of this, what's happened is that the industry, it tends to treat everyone as if you are a pension fund. And pension funds, first of all, they live forever. And you and I don't, of course. We have a finite number coming up. Pension funds are insensitive to losses. So if a pension fund is...”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think in this case, you get both. However, you have to be, like I said earlier. Don't love or hate anything. Unless it's the forward guidance podcast, which you love, yeah, there's going to be a time to dislike the daughter, but we're not there yet. That's the way you have to view it. So, and again, in your portfolio, like again, like I'd sort of look at, you know, the...”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Needless to say, you like the dollar as a hedge that someone who likes the dollar as a hedge doesn't necessarily have to be a dollar bull, but it sounds like you're also a dollar bull on top of that. Is that fair to say?”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“It should be the dollar. And I like to say that at the very end, we'll have this euphoria focused on the US dollar where everyone will want the dollar. So just as we had euphoria, you know, we have it in the crypto world. Seems like on a regular cycle now and anything else. Think of that kind of euphoria for the US dollar. And when everyone's talking about dollars, it's the only thing that's left, that's when you know, hey, now it's time to sell the dollar. Because, you know, we're not in this linear world. And, you know, people say, what is it going to look like on the other side? There's lots of interesting theories, you know, and narratives. Maybe it's a commodity-based currency or, you know, the emerging market world. And I like to say, you know, it doesn't really matter at this point because you have to first enjoy the journey to get there.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“But everyone involved, we all know that we need a different system. It's not very healthy to have the one we have right now because it builds up all of these excesses around the world. And like any kind of a market or longer-term cycle, eventually it will run its course. It will move on to something else. But right now, we happen to be in this period where, again, this is our view. We might be wrong with it, but I know we'll be right. It's going to get reflected in the currency world. So in terms of an order and how fast this could potentially happen, you know, you will suspect emerging markets will feel the brunt of any kind of a liquidity crisis initially. Then it could very quickly move along to say, you know, then it'll jump up into the majors, of course. And whether the commodity focus currencies will be the last one, you know, to experience a crisis or not, or maybe it's euro. I don't know.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“I agree with that. I mean, I think every market you can boil it down to supply versus demand. I mean, we're not a big value-focused shop. You know, the price of anything is worth what someone's willing to pay. And if more people are looking to buy, the price is going to go up. Or what happens, though, in the moment of crisis, the supply and inventory of US dollars that's available, you know, it basically dries up, you know, especially in the euro dollar market offshore. So that's why money will leave emerging markets go back into the developed world, into the core of the world, you know, which is the US dollar. And then the opposite is also true. During good times, money will leave the core, which is the US and go outside. But we're in this very tightly wound world that is completely dependent upon U.S. dollars. Everyone is aware of this if you're following it closely. A new system will likely come up.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Heard explained why the dollar rallies like crazy when the world shuts down or there's a global financial crisis is just non-US countries. They do own more dollars than they owe dollars, but the dollars that they owe are much more sensitive and need to be refinanced. And when capital markets shut down, what they owe, they can't pay back and they can't access capital markets. So it goes up in value. And that's why the dollar rallies. Would you say that's the primary reason or do you have an alternative explanation behind why the dollar rallies in risk off?”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Bond market or credit spreads if there is a market, you know, what you're talking of. In Canada, it's a very small market. Or then alternatively, it's going to go to the currency world. That's where risk will get expressed. So we keep coming back to the currency conversation that if someone is afraid of the bond market, if you say, hey, wow, Americans are boring way too much. Or up here, Canadians are borrowing way too much. We get a recession. It's going to be very stressful for everyone. The best way to express that view is really in the currency world as opposed to trying to do something else. I guess another way to look at it is it's not always about the stock market.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“It's astonishing. They completely monetized debt issuance here in Canada. But of course, they had to because there's no one on the bid. So then you're whole, you know, if they didn't do it, of course, the government's not able to borrow. The provinces run into trouble. Pension funds, of course, the banks whose regulatory capital is federal debt and treasury debt, of course, where you are. It creates a lot of problems. So we know now that if we do run into another financial crisis or stressful event, the probability of the bond market experiencing a very weak bid is quite high. So for that reason, the central bank will rush in to save it and protect it. If it can't be expressed in a sovereign debt market of that domestic economy, then it's going to go then either to the corporate.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“But then to also start piling up or creating or establishing a much more aggressive position in a portfolio that you really like. If you look back, you know, how is the world going to evolve from a global financial market perspective? And we've already seen the blueprint from the central banks. So after COVID hit, you know, everything went wacky. Immediately central banks rushed in to bail out the sovereign debt market. The Americans did it, Canadians absolutely did it. At one point up here, 92% of all debt issuance was being purchased by the Bank of Canada.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Majority of your financial assets to consider that at all times. And so for us having an allocation to a currency strategy, which I know will protect us in case we do have a big drawdown, that's a key way, you know, to preserve your financial health and to keep on living for another day. As synchronized as the world looks right now, and I think it's always easy to come up with a negative story as opposed to the positive story, because the positive story is usually linked to one industry, you know, like AI or something like that, and then, you know, becomes a very one-horse race, really. Whereas the negative stories, you know, you can find anything these days. It's pretty easy. But instead of looking at every market of possible event as negative or positive, you should always look at it as an opportunity. Because if we do get a large risk-off move in other markets, it is creating an opportunity to immediately make money on your FX portfolio.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, absolutely. There are absolutely other ways to do this, to control where you're allocating risk for your portfolios. You have to take on some risk, for example. We like to say you never love or hate any market. Instead, you'll always like it or dislike it. What you like today, you may dislike it next year and then, you know, vice versa. Again, for most of our client portfolios, which are families we're managing money for, we look at a currency allocation, which is primarily long USD short a basket of other securities, sorry, other currencies, as a way to really dampen downside risk. Because then we come back, you know, we are in a numbers world, of course. And I won't ask you the answer to this one, unless you know this question. But if you lose 50% in anything, you need a 100% return and get back to where you started. So, you know, for individuals and families, it's very important for the”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“You're saying you like the dollar as a way to express a risk off you or as a way to hedge risk assets? Obviously, you're going to be very long risk assets or long risk assets for clients. And there are many ways you can hedge that. You could be long bonds. You could get a pure short equity position or you could be long volatility, put options on S&P, VIX futures, stuff like that. The issue with especially those ladder strategies is that they cost a lot of money and they almost always lose money in the long term, but they are a very good hedge. They're just very expensive. So you're saying that the dollar is an expensive is a much cheaper hedge.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“The British experience a few years ago with your guilt market. And it could cause a sudden stampede of people running everywhere for safety and liquidity. Again, it's a currency market event that we look at all the time. For stage one or really or step one, when we're allocating client capital in the portfolios.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“And when you have visibility with everyone aligned, then it becomes easier to assign a probability that we could see it escalation or risk in any market. And we know that if it does happen in a specific market, then you have to understand and appreciate what is global capital go to protect itself and to stay safe with liquidity. And there's only one market big enough for that. That's the US dollar, which is the treasury market. So in a long roundabout introduction here with our conversation, when we talk about currencies, it's really important to know that today there's been so much stress that's just been balled up and coiled from what are we looking at about 60, 70 years almost since World War II. No, we're looking at 80. It creates the opportunity that something is going to escalate out of control very quickly. It's kind of something what.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“To fund their deficits. But now the amount of money that they're taking from the tax revenue is allocated towards their interest burden is getting larger and larger, which means by default, there's less tax revenue available for services that everybody needs in your country. So education, healthcare, transportation, and stuff like that. When we look at the world out today, it really has become synchronized. And what I mean with this is that here in Canada, we're in the exact same situation as what the Europeans are in.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“A lot of stress up here. Maybe that means, you know, here's another joke. How do you know when a central banker is lying? Their lips are moving, right? But if you're overlaying the amount of death that's been accumulated with rates going lower and lower and lower, all of a sudden now we've reached this point where now rates are going higher, whether it's overnight rates and or the long end of the curve. And now governments and households are increasingly find it more difficult to find that not necessarily to access credit.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Temporarily suspend it or delayed proved true price discovery in a lot of other markets. You know, I am getting to a point here with this, but as rates continue to go lower and lower 80s, 90s, and'0s, and then they suppress them for another decade. Not only did it inflate a lot of different financial and asset markets around the world, but it enabled governments and households to continue to borrow it excessively. Your loan come due, you know, you would renew it at a lower rate or you just borrow more if you're a government because you're running bigger deficits. And now all of a sudden, you know, after COVID hit in rates reset lower up here in Canada, by the way, the Bank of Canada told everyone not to expect rates to go higher for at least four or five years. And that's when they're at less than 1%. Of course, a year later, they were jacking them higher, which created.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so first of all, you know, all the central banks went to zero rates, they used or near zero negative rates in Europe and elsewhere. And then that was the anchor the short end of the curve. And then they used QE, you know, some people call it money printing. It's not really money printing. Probably to say it's in the same spirit, so to speak. But that was to anchor the long end of the curve as well. And that was kept that way then. Jack, for over a decade. It was about 12 years. Well, what they did, they suppressed the double yield curve from truly moving to where it should be. And what they did, you know, they suppressed price discovery. So everyone remembers, you know, if you went to school and you did, you know, economics 101, you know, supply versus demand where they cross, you know, that's what your price should be. We weren't allowed to establish true price discovery in the bond market across the yield curve. And then that by default.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Started going lower through the 80s, the 90s, and then finally we hit zero for overnight rates when the housing crisis struck back then. Know that 30 year period, which created the real, the boom for the balance fund and the bond market, all of a sudden, you know, that the win in those sales, it just stopped suddenly. And policymakers everywhere, they understood and appreciate it and they said, wow, if rates go higher from here, we're screwed. So what do they do back in 010? Remember, of course, yeah.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Organizations, they've all either followed off the wayside or they become completely ineffective, as you would say the IMF is today in the World Bank and so forth. And then the very last item that everyone is following, and we're still clinging to it today is Keynesian economic theory. So the reason this is important. And investors, I think most people realize is that all financial markets are rather directly or indirectly affected by changes in long-term rates. So overnight rates are very important, of course, but the change in long-term rates, that's what really drives a lot of markets. So the 60s and 70s to 82, long-term rates were going higher. And it was a real grind, especially for equity markets. That had 50 to 75% annual volatility over that time. The bond market did a bit better, but not a lot better. It was a real grind. But after rates peaked in 82.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“You have to go. It's very civilized to go there. But anyway, that's where they went. So the reason they actually had the conference in Bretton Woods was because, first of all, it wasn't in Europe. Europe was completely, you know, destroyed by then. But there was only a train in and out of Bretton Woods. There was no way to get in there without taking the only road in. So it's a very safe area to have this conference and so forth. But I'm not going to go down through a history of Britain. I think most people are aware of it. But to look at it from a different perspective, the main items that were agreed to then was the, and in a no-specific order, of course, but they created the World Bank, they created the IMF, they pegged everything to the dollar, which was pegged to gold, and they also agreed to follow Kinesian economic theory, monetary and fiscal policy. And now here we are today, you know, one by one, all of these policies that they agreed to or”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“What's going to impact it and why. Because then all of a sudden it creates another source of potential performance coming into your portfolio. And it's also another great way to manage risk. So, you know, we tend to look at things in a bit of a longer term perspective. And it's our view today that we are at the end of this really long cycle that started when Bretton Woods was first put together after World War II. And have you been to the resort, by the way, Jack, up in New Hampshire?”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT
“Set of just the last year, I think we really need to go back a bit further and see how everything started to converge together here. And so I think that's the challenge these days. Everyone in the investment world and in everything we're doing, we're exposed to so much data and information on a minute by minute, hour by hour platforms around the world. But for us, we're global macro managers. We're primarily long only. We do some other interesting things as well. And we are based here in Canada. And what a lot of US-based investors may not appreciate sometimes, and it's not meant as anything, but what it is. But because the world does revolve around the US dollar as a non-US dollar-based investor, it's really important to understand how your currency is going to move.”
2024-05-14 · Forward Guidance · Why The Dollar Will Be The “Last Man Standing” Of Fiat Currencies | Keith Dicker · IDENTIFIED FROM THE TRANSCRIPT