Hidden Forces

In Episode 142 of Hidden Forces, Demetri Kofinas speaks with Tony Greer, editor of the Morning Navigator and founder of TG Macro. This episode begins with a clip from David Portnoy (a.k.a Barstool Dave or Davey Daytrader), in what is probably the most epic hype video ever created for stock trading.  Portnoy has come to personify not only the recent rip-roaring retracement in equities, but also, the philosophy that the stock market no longer bears any relationship to the real economy. “It took me a while to figure out that the stock market isn’t connected to the economy,” according to David Portnoy. “I tell people there are two rules to investing: Stocks only go up, and if you have any problems, see rule No. 1.” Extraordinary monetary interventions remain the single most important causal factor for explaining this phenomenon (what we have referred to on this show as “market nihilism”). Whether investment flows are coming from passive funds or “passive people,” what’s important is that the allocators invest ind