unfunded pensions retirement crisis w brian reynolds real vision

brian reynolds, former chief market strategist at rosenblatt securities, sits down with real vision’s tyler neville to discuss how unfunded pension liabilities are the real engine for the us credit boom and how this financial engineering has produced one of the greatest bull markets in history. a legal mandate requires these funds to generate 7.5% returns, and when they fail to do so, taxpayers foot the bill. as a larger percentage of these pensions are moved onto corporate balance sheets in the form of debt, the tightrope these pension funds walk gets more and more precarious. filmed on march 25, 2019 in goffstown, new hampshire.

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unfunded pensions & potential disaster (w/ brian reynolds) | skin in the game
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#retirement #equities #pension

transcript:
for the full transcript: https://rvtv.io/2h0wx5m
before we invented the margin credit market, the stock market ran on fundamentals, things like earnings, things like valuations. and then the credit market came along, and starting in the 1990s, disrupted that whole process. 40 years ago in the '70s, the average company was highly rated, aa or aaa rated from a credit standpoint.
now we've added so much leverage in the last 40 years that the average credit quality has gone down to just above junk.
brian reynolds, here to talk about unfunded pension liabilities, the credit boom and corporate buybacks. and we're here at this lovely new hampshire institute of politics, which is the perfect setting for our conversation. first, why don't you just get everyone familiar with your background and maybe go through that a little bit.
sure. so in a month it'll be my 35th anniversary in this business. i started in 1984. and i've been in the business so long, the junk market didn't exist when i started. that's how long i've been in the business.
the first 16 years i spent on the buy side of david l. babson and company. it was a great place to work because it started in 1940. i have mentors that go back to the 1920s, '30s, and '40s, they taught me to follow the money. they taught me this business the old fashioned way.
and i've brought that through every job i've ever had since. and it was a great place to be because that was the emergence of credit as an asset class. not only was the junk market not invented yet but the actual investment grade credit market was still in its infancy. so it's a very different world now than it was then, because credit is now so big it dominates financial markets, but back then it was a backwater.
so i ran our money market funds, which is where shadow banking started. i was in charge of bank and finance bonds, which is some of the original shadow bankers. and then in the late 1980s, as structured finance began to become more significant, i was in charge of that product from the late '80s until 2000.
so i kind of grew up with the martin credit market. i saw it develop from almost nothing into this large asset class, which is now the tail that wags the dog.
some of the things you talk about, the daisy chain of capital, now that's like a primary theme throughout your work, can you explain that for the viewers?
before we invented the martin credit market, the stock market ran on fundamentals, things like earnings, things like valuations. and then the credit market came along, and starting in the 1990s, disrupted that whole process. so now we're in the third modern credit boom. the first one lasted from 1991 through 2000, then we had a financial disaster.

mp3 - unfunded pensions retirement crisis w brian reynolds real v



unfunded pensions retirement crisis w brian reynolds real vision brian reynolds, former chief market strategist at rosenblatt securities, sits down with real vision’s tyler neville to discuss how unfunded pension liabilities are the real engine for the us credit boom and how this financial engineering has produced one of the greatest bull markets in history. a legal mandate requires these funds to generate 7.5% returns, and when they fail to do so, taxpayers foot the bill. as a larger percentage of these pensions are moved onto corporate balance sheets in the form of debt, the tightrope these pension funds walk gets more and more precarious. filmed on march 25, 2019 in goffstown, new hampshire.watch more real vision™ videos: http://po.st/realvisionvideossubscribe to real vision™ on youtube: http://po.st/realvisionsubscribewatch more by starting your 14-day free trial here: https://rvtv.io/2h0wx5mabout skin in the game: what is the big money up to right now? in each episode of “skin in the game,” an esteemed fund manager sits down to discuss their outlook on the markets, their current portfolio positioning, and their best investment idea.about real vision™:real vision™ is the destination for the world’s most successful investors to share their thoughts about what’s happening in today's markets. think: ted talks for finance. on real vision™ you get exclusive access to watch the most successful investors, hedge fund managers and traders who share their frank and in-depth investment insights with no agenda, hype or bias. make smart investment decisions and grow your portfolio with original content brought to you by the biggest names in finance, who get to say what they really think on real vision™.connect with real vision™ online:twitter: https://rvtv.io/2p5prhjinstagram: https://rvtv.io/2j7ddlwfacebook: https://rvtv.io/2nnolmulinkedin: https://rvtv.io/2xbskqx unfunded pensions & potential disaster (w/ brian reynolds) | skin in the gamehttps://www.youtube.com/c/realvisiontelevision#retirement #equities #pension transcript: for the full transcript: https://rvtv.io/2h0wx5mbefore we invented the margin credit market, the stock market ran on fundamentals, things like earnings, things like valuations. and then the credit market came along, and starting in the 1990s, disrupted that whole process. 40 years ago in the '70s, the average company was highly rated, aa or aaa rated from a credit standpoint. now we've added so much leverage in the last 40 years that the average credit quality has gone down to just above junk. brian reynolds, here to talk about unfunded pension liabilities, the credit boom and corporate buybacks. and we're here at this lovely new hampshire institute of politics, which is the perfect setting for our conversation. first, why don't you just get everyone familiar with your background and maybe go through that a little bit. sure. so in a month it'll be my 35th anniversary in this business. i started in 1984. and i've been in the business so long, the junk market didn't exist when i started. that's how long i've been in the business. the first 16 years i spent on the buy side of david l. babson and company. it was a great place to work because it started in 1940. i have mentors that go back to the 1920s, '30s, and '40s, they taught me to follow the money. they taught me this business the old fashioned way. and i've brought that through every job i've ever had since. and it was a great place to be because that was the emergence of credit as an asset class. not only was the junk market not invented yet but the actual investment grade credit market was still in its infancy. so it's a very different world now than it was then, because credit is now so big it dominates financial markets, but back then it was a backwater. so i ran our money market funds, which is where shadow banking started. i was in charge of bank and finance bonds, which is some of the original shadow bankers. and then in the late 1980s, as structured finance began to become more significant, i was in charge of that product from the late '80s until 2000. so i kind of grew up with the martin credit market. i saw it develop from almost nothing into this large asset class, which is now the tail that wags the dog. some of the things you talk about, the daisy chain of capital, now that's like a primary theme throughout your work, can you explain that for the viewers? before we invented the martin credit market, the stock market ran on fundamentals, things like earnings, things like valuations. and then the credit market came along, and starting in the 1990s, disrupted that whole process. so now we're in the third modern credit boom. the first one lasted from 1991 through 2000, then we had a financial disaster.

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