The Kyle Bass interview I posted above. It's part of the "new" book. Drobny is going to be releasing one interview per month for free on the web. This is the first one.
Maverick, thanks very much for all the great content on this thread. I have been through the entire thread a number of times and always pick up additional nuggets along the way. (I had some questions about your FX commentary, but did not know how to reply specifically to the post) I am struggling to understand how USD/JPY is the same thing as long Nikkei from a currency perspective. If I am a USD denominated investor and I want to purchase the Nikkei wouldn't weakness in the JPY hurt my overall return when I close out my position and translate back into USD over my investment period. Is it that fundamentally the Japanese stocks do better when the JPY weakens, because it is an export driven economy and one would expect that benefit to offset the translation risk? Also, back a while ago on the thread, you indicated that being long SPY is equivalent to SPY/USD (similar to your AAPL/USD statement above) - can you help me to conceptualize that? Again, assuming I am a USD based investor, is the way to think about it, because I am giving up USD to own the SPY that I am technically short USD? I would have thought that being long a USD based index that is technically being long the USD. Like above, is this more a fundamental argument that because S&P500 companies generate a significant amount of their earnings overseas a weakening USD is beneficial to their earnings and therefore should help the index all else being equal? Thanks again for all the posts, I really appreciate it.
Yes, finally managed to download it by accessing his website from Safari and registering. When I went to the download link from your post via the Gmail app, it didn't download so it wasn't saved. Good of him to give it away for free.
Thanks buddy, doing fine, hope all is good with you too. Have that book on my wish list. Just placed an order 5 mins ago for the 2 Forex books Mav recommended as primers some time back. I'm reasonably familiar with USD but especially with cross rates (ie no USD), it won't hurt to read more and generally brush up.
Good man... I never realized how direct the relationships were with rates and currency a year ago... This book is just as much about currency as it is about rates..
What tends to happen to currencies during the run up to Christmas (thin trading)? Do they push around the weaker currencies?
I like what he has to say about pension funds; they are kind of handcuffed by their mission statement.