In this episode of The Grant Williams Podcast, I’m joined by Warren Pies of 3Fourteen Research to unpack the challenges of investing in a world defined by policy shocks, geopolitical uncertainty, and persistent volatility. His data-driven approach allows Warren to cut through the noise of political unpredictability—particularly around Trump-era tariffs—and we focus the conversation on market signals, sentiment shifts, and technical indicators in today’s unstable landscape. From the precarious re...
May 17, 2025•30 min•Season 1Ep. 102
In the third episode of The Hundred Year Pivot, Demetri and I are joined by one of our main inspirations for setting out on this podcast journey, renowned financial historian Russell Napier, for a sweeping exploration of the deep structural imbalances reshaping the global economic and monetary order. Russell lays out a powerful framework for understanding the unwinding of decades-long distortions—rising debt, trade and capital flow asymmetries, and the pivotal role of China in the shifting globa...
May 15, 2025•1 hr 28 min•Season 8Ep. 3
In the second episode of The Hundred Year Pivot, Demetri and I talk with the man whose work inspired us to set off on this journey together – the co-author of seminal book The Fourth Turning and author of The Fourth Turning is Here, Neil Howe. What follows is a timely and thought-provoking conversation on generational theory and the turbulent state of not just the United States, but the entire world today. From rising partisanship and institutional decay to shifting cultural norms around religio...
May 09, 2025•1 hr 42 min•Season 8Ep. 2
In this thought-provoking episode, I’m joined by Tian Yang of Variant Perception to explore the deep structural forces reshaping the global economy and geopolitical order. From the unintended consequences of Donald Trump’s tariff policies to China’s underappreciated resilience and strategic foresight, Tian offers a fresh, data-driven perspective on the shifting balance of power between East and West. The conversation moves beyond headlines to examine how innovation, manufacturing re-shoring, and...
May 07, 2025•30 min•Season 1Ep. 101
To celebrate the 100th episode of The Grant Williams Podcast, I’m delighted to welcome my friend Lynne Bryan Phipps for a discussion unlike any of the 99 that preceded it as she and I take a personal journey into the incredible world of Integrative Equine Therapy (IET). Lynne – an ordained minister, architect and psychologist and the founder of one of Rhode Island’s leading charter schools – also founded Beachwood Centre, an extraordinary place where Lynne and her staff provide help for those su...
May 01, 2025•1 hr 6 min•Season 1Ep. 100
This is a brand new podcast series for which I’ve teamed up with my good friend Demetri Kofinas, to explore and understand the changing world around us. Welcome to The Hundred Year Pivot. This joint effort is based on a shared belief that we are living through a once-in-a-century reordering - geopolitical, economic, moral, even spiritual. Everything – our families, societies, and governments- depends on us getting it right. Demetri and I invite you to join us as we develop novel maps and investm...
Apr 21, 2025•38 min•Season 8Ep. 1
In the latest episode of The Grant Williams Podcast, I sit down with Marko Papic of BCA Research to explore the intricate interplay between geopolitics and the global economy. Marko, a good friend and seasoned geopolitical strategist, walks us through his invaluable framework for understanding the preferences and constraints of policymakers—a critical lens for navigating today’s rapidly shifting dynamics—before we dive into trade wars and regional integration in a conversation which delves into ...
Apr 14, 2025•30 min•Season 1Ep. 97
This terrific discussion with Kathleen Thelen examines the historical origins and rise of large retail chains and e-commerce platforms in the United States, tracing the parallels between the business models of early mail-order retailers like Sears Roebuck and modern companies like Amazon. Kathleen explainss how antitrust laws and the fragmented regulatory environment in the US enabled the growth of these large, low-cost retailers by making it difficult for alternative models like consumer cooper...
Apr 08, 2025•30 min•Season 1Ep. 96
Joining Fleck and me for the latest episode of The End Game is our mutual friend, Fred Hickey, the renowned High Tech Strategist. As always, Fted offers a compelling analysis of the gold and gold mining markets and, with gold tripling in price since its 2015 bottom and, while recent surges have been driven by geopolitical turmoil, money printing, and central bank buying, Fred cautions that the gold market may be overbought in the short-term and could face a correction. When it comes to gold mini...
Mar 20, 2025•30 min•Season 4Ep. 55
Joining me for the latest episode of The Grant Williams Podcast is my old mate Tommy Thornton of Hedge Fund Telemetry and, in a market increasingly driven by speculation and the allure of quick riches, we discuss whether investors are playing a dangerous game as a “gambler’s mentality” grips Wall Street – making excessive risk and leverage the norm. Tommy also challenges the prevailing narrative of ever-rising stock prices and questions the disconnect between market valuations and the underlying...
Mar 10, 2025•13 min•Season 1Ep. 95
In a thought-provoking return for The Narrative Game, Dr. Ben Hunt and I engage in a candid conversation about the soul of America, exploring the unsettling trends eroding the nation’s moral compass. We dissect the alarming shift toward prioritizing power, efficiency, and leverage over traditional values like justice, liberty, and the common good and together we paint a picture of a society inching closer to totalitarianism, grappling with the rejection of the ideal that the U.S. should be a mor...
Mar 06, 2025•48 min•Season 3Ep. 10
In the latest episode of The Grant Williams Podcast, Ronan Manly joins me for a deep dive into the fascinating world of the gold market. We explore its rich history and intricate structure, from the pivotal roles of the London Bullion Market Association (LBMA) and the COMEX futures exchange in shaping global trade, to the concept of ‘unallocated gold’ and the fractional reserve system that underpins much of the market. We also examine the recent surge in central bank demand for physical gold, a ...
Mar 03, 2025•56 min•Season 1Ep. 94
In the latest episode of The Grant Williams Podcast, Steve Diggle of Vulpes Investment Management discusses his return to the volatility trading space after a 14-year hiatus. Steve cites several key factors that have led him to believe the risk-reward dynamic for downside hedging is now more favorable, including elevated market valuations, reduced central bank intervention capabilities, and the unpredictability of the Trump administration. Steve also provides an update on the biotech industry, w...
Feb 21, 2025•13 min•Season 1Ep. 93
In a fascinating discussion, I sit down with Adam Rozencwajg of Goehring and Rozencwajg to delve into the intricate world of commodity markets and their far-reaching implications for the global economy. The conversation uncovers a hidden dynamic in the financial landscape, where the suppression of commodity markets is fueling a widespread carry trade that has investors heavily leveraged in growth and speculative stocks. As Adam explains, this delicate balance could be on the verge of a dramatic ...
Feb 18, 2025•13 min•Season 1Ep. 92
In this episode I’m joined by Andrew McDermott of Mission Value Partners to explore Japan’s remarkable journey from economic dominance to stagnation and its ongoing revival as a hub of opportunity. Andrew delves into how Japan has adapted to challenges such as demographic shifts and monetary policy constraints while maintaining its global relevance. He argues that Japan’s transformation offers valuable lessons for investors and policymakers alike, and, as Western investors increasingly take note...
Feb 15, 2025•13 min•Season 1Ep. 91
In a deeply personal and startlingly frank conversation, my great friend Demetri Kofinas and I dissect the current state of the world around us looking for answers to what is, perhaps, a set of unsolvable problems that simply need to play out to their predetermined conclusion. In a necessarily freeform conversation, Demetri offers a compelling exploration of the concept of “financial nihilism,” a provocative investment philosophy that sees speculative assets as devoid of intrinsic value, before ...
Feb 04, 2025•1 hr 35 min•Season 1Ep. 90
In another captivating episode of The End Game Fleck and I are joined by returning special guest Dan Oliver for a deep dive into the current state of global financial markets as we explore the potential consequences of shifting liquidity dynamics and their impact on the financial landscape. Dan brings a wealth of knowledge to the table as he dissects the various sources of liquidity that are currently undergoing significant changes. From interest rate policies to the Federal Reserve’s balance sh...
Feb 02, 2025•13 min•Season 4Ep. 54
In the latest episode of The Grant Williams Podcast, volatility manager and Ambrus Group co-CIO Kris Sidial, returns for a thought-provoking conversation which delves into the intricacies of financial market volatility. The discussion covers a wide range of themes, beginning with an analysis of recent shifts in volatility markets that have surprised many observers before exploring the impact of institutional investor behavior on equity market dynamics, as Kris sheds light on how large-scale posi...
Jan 23, 2025•13 min•Season 1Ep. 89
In the latest episode of The Grant Williams Podcast, Simon Mikhailovich returns to explore the increasingly intertwined worlds of geopolitics, economics, and financial markets. As we enter a period of heightened global uncertainty, Simon offers valuable insights into the shifting landscape of possibilities and probabilities for major geopolitical events. The discussion delves into the “geopoliticization” of various aspects of our lives, examining how national security concerns are now taking pre...
Jan 19, 2025•13 min•Season 1Ep. 88
In another thought-provoking conversation, my returning guest, renowned investor Felix Zulauf, offers a comprehensive outlook for the next 12-24 months, predicting a “roller coaster year” filled with market volatility and geopolitical tensions. Felix paints a sobering picture of the global economic landscape, highlighting China’s deflationary balance sheet recession, Europe’s political stagnation, and the United States’ deceptively strong economy masking an impending slowdown. He warns of potent...
Jan 16, 2025•13 min•Season 1Ep. 87
In the latest episode of The Grant Williams podcast, I’m joined by Global Forecaster, David Murrin who offers us some valuable insight into his background before we dive into a riveting discussion about lateral versus linear thinking, the cycles of empires, and the geopolitical tensions between the West and China. David argues that the West is in decline while China is an ascendant power seeking global dominance and predicts an escalating series of conflicts, potentially leading to a third world...
Oct 25, 2024•1 hr 36 min•Season 1Ep. 83
Jeff Sarti of Morton Wealth in Calabasas, CA joins me for a discussion around the ever-evolving dynamic between investor and manager the difficulties inherent in navigating changing economic circumstances through a more unconventional, more resilient approach to investing. Jeff explains how he and his colleagues try to think differently about investment strategies and portfolio diversification, particularly in the current economic environment. Jeff’s focus on building resilient portfolios that c...
Sep 26, 2024•13 min•Season 1Ep. 81
Doomberg and I discuss various topics including Donald Trump’s golf swing and the potential importance of his recent round with Bryson DeChambeau, the assassination attempt made on Trump’s life the week prior to its airing on YouTube, conspiracy theories surrounding the Kennedy assassination, the standing down of Joe Biden, and the potential nomination of Kamala Harris and the conspicuous lack of media coverage since these major upheavals in American politics took place. This one will no doubt s...
Aug 09, 2024•13 min•Season 5Ep. 20
In episode eight of Shifts Happen, Luke Gromen returns to discuss the current fiscal situation and its implications for rates trading, explaining how his views on the fiscal situation have made him unpopular among rates traders, as his predictions suggest that their industry may become obsolete. We also discuss the possibility that policymakers either don’t understand the situation, refuse to acknowledge it, or are too deep in to change course, and Luke also highlights the need for a new benchma...
Jul 17, 2024•55 min•Season 6Ep. 8
In this episode of The End Game, Bill and Grant are joined by returning guest, Cem Karsan, founder of Kai Volatility, for a mind-bending conversation about the importance and influence of structural flows passive investing and structured products. Cem explains that the market is currently being supported by these structural flows, which have kept the market from experiencing normal fundamentals. However, Cem explains why he believes that at some point, these structural forces will be overcome by...
Jul 16, 2024•13 min•Season 4Ep. 51
In this episode of The End Game, Bill and Grant are joined by the excellent “Le Shrub,” an anonymous Twitter account both of us have followed religiously for several years. Le Shrub discusses his approach to investing and his use of social media as a feedback loop mechanism. He also shares his views on Japan’s monetary policy, the role of gold and real assets as hedges against fiscal recklessness, and the potential for a market crash after the US election. We discuss the importance of having an ...
Jul 15, 2024•13 min•Season 4Ep. 50
In the latest episode of This Week In Doom, Grant and Doomberg turn their focus to China’s strategic push to become self-sufficient in semiconductor technology, drawing parallels to its successes in electric vehicles and solar energy. Along the way, Doomberg highlights China’s use of intellectual property theft and internal competition to establish national champions like Huawei and we also cover the geopolitical implications of U.S. and European sanctions on China, emphasizing the potential for...
Jul 14, 2024•13 min•Season 5Ep. 19
Joining Bill and me for the latest episode of The End Game is fintwit superstar Paulo Macro as we pick apart the problems facing a series of central banks and try to handicap the various outcomes they face as The End Game approaches. On the slate are the Japanese economy, the yen, the Chinese renminbi, and the outlook for gold, with Paulo suggesting that Japan may have a longer road ahead in terms of fighting external pressures and that the BoJ may be able to turn the tide on the yen in the near...
Jul 13, 2024•13 min•Season 4Ep. 49
Joining me for this episode of The Grant Williams Podcast, is author Mark J. Higgins who has just published his excellent new book ‘Investing in US Financial History.’ We begin by discussing the overall importance of understanding financial history and segue into a conversation about the comprehensive narrative of the US financial system from 1790 to the present which his book provides. Mark highlights the role of key figures such as Alexander Hamilton, discusses the establishment of the Federal...
May 10, 2024•13 min•Season 1Ep. 79
Joining Bill Fleckenstein and me once again is our favourite Aussie-based analyst, Gerard Minack, who returns to The End Game to discuss various topics including Japan’s economy and market, US fiscal and monetary policy, central bank independence, gold, and the US dollar. Gerard shares his views on Japan, explaining that while he believes the Japanese equity market is worth being bullish about, he’s not quite as optimistic about the country’s economy. He also addresses the issue of everybody’s f...
Apr 26, 2024•13 min•Season 4Ep. 48
