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/realvisionvideos
subscribe to real vision™ on youtube: http://po.st/realvisionsubscribe
watch more by starting your 14-day free trial here: https://rvtv.io/2h0wx5m

about 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/2p5prhj
instagram: https://rvtv.io/2j7ddlw
facebook: https://rvtv.io/2nnolmu
linkedin: https://rvtv.io/2xbskqx

unfunded pensions & potential disaster (w/ brian reynolds) | skin in the game
https://www.youtube.com/c/realvisiontelevision

#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.

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.

15 tv shows aluxers should watchmillionaire on a teacher s salary with andrew hallam afford anything podcast ep 59darst recession proofing portfoliosforex money management simple forex trading money management strategiesdon t retire early why notkevin o leary s cold hard truth on gold investingwarren buffett how to think about stockswarren buffett charlie munger explains why berkshire require atleast 10 return 2003warren buffett charlie munger on what makes them successful investorsunfunded pensions retirement crisis w brian reynolds real vision15 best real estate bookshoward marks delivering alpha 2018a psa on clep examsblack economics with claud anderson on the rock newman showcharlie munger avoid these mistakes and you will double your net worthwhy we don t believe in black economic empowermentwarren buffett intrinsic value definition8 things wealthy people do differently the financial dietbroken eggs the looming retirement crisis in americabasic forex money managementspent looking for change full documentary american expressmaxed out keeping up with the jonesespark avenue money power and the american dream why poverty documentarydumping debt freedom from debt sermon by dave ramseyhow to stay out of debt warren buffett financial future of american youth 1999the secret to staying out of debt whiteboard wednesday episode 69budget categoriesbecoming debt free my debt free journeywhy debt gets us fired up whiteboard wednesday episode 53planning vs forecasting whiteboard wednesday episode 26why am i not getting ahead whiteboard wednesday episode 3i m 29 years old with nearly 1 000 000 in debtbroke people shouldn t go on vacations dave ramsey rantdelayed gratification whiteboard wednesday episode 44earn 300 by typing names online available worldwide make money onlinehow to make money with debt 2022how to invest without money5 little secrets to getting richpaano yumaman kung pinanganak kang mahirappaano kumuha ng ofw edlp loan mula 100 000 hanggang 2 milyon ikonsulta moadvantage cardthe 48 laws of power in 210 mins director s cut7 money tricks millionaires know that you don t how to be good with your money10 ways to make passive income in 2021 make money while you sleepthe one trick every smart entrepreneur uses to build successful company5 reasons working hard will never make you rich how to make money like the rich5 meron ka para magkapera3 most important funds everyone must havethe spiritual laws of money learn this7 things the rich never invest in how to invest money like the richguaranteed at tax free investment totoo ba ito pagibig mp2 questions answered1 thing keeping you poor how to spend less money and save morenakakaintriga ang p1 500 niya naging p300 000nakakaintriga ang p1 500 niya naging p300 000renting vs buying a home the 5 rule7 things i will never spend money on again how to practically save more moneythe hidden secret of the mega rich you can use it in any situation15 body parts that reveal your true intelligencebusiness secrets revealed 6 best business principles in running your business part 25 misconceptions people believe about insurance

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/realvisionvideos
subscribe to real vision™ on youtube: http://po.st/realvisionsubscribe
watch more by starting your 14-day free trial here: https://rvtv.io/2h0wx5m

about 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/2p5prhj
instagram: https://rvtv.io/2j7ddlw
facebook: https://rvtv.io/2nnolmu
linkedin: https://rvtv.io/2xbskqx

unfunded pensions & potential disaster (w/ brian reynolds) | skin in the game
https://www.youtube.com/c/realvisiontelevision

#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.