This month’s edition of the Evergreen Virtual Advisor (EVA) Guest issue should be a special treat for our readers or—in this case—viewers. My great friend Grant Williams has granted us permission (thanks for the grant, Grant!) to give all of you a sample of the unique streaming service he co-founded, Real Vision TV (RVTV). RVTV has quickly become one of the most popular sources of high-level investment insights in the digital world. Undoubtedly, its success is a function of its considerable—and ever-expanding—library of interviews with many of the smartest investors on the planet. If you haven’t tried out RVTV yet, I’d suggest you give it test-drive (or view) by watching this clip. (For more information on RVTV, please click on this link.)
In this video version of our Guest EVA, Grant chats with one of Wall Street’s classiest luminaries, Art Cashin. For those of you who watch CNBC, even casually, you will immediately recognize Art and his disarmingly affable manner. Art has spent over 50 years on the floor of the New York Stock Exchange (NYSE). As a result, he provides a perspective based on this extensive history that is almost unequaled. Speaking of history, his first story recalls the fear-wracked days of the 1962 Cuban missile crisis, when the fate of human existence hung in the balance. Since I am old enough to remember being repeatedly shuttled by nuns to the supposed safety of my school’s basement back then, it hooked me right from the start.
If you are time-pressed and can’t watch the entire interview, I’d suggest you check out the first and last five minutes of the video. In the latter segment, you’ll hear a classic story about price discovery between two of America’s most prestigious business figures, Charles Tiffany and J.P. Morgan. As Art notes, one of the many downsides to central banks’ current money-for-nothing policies is that determining accurate prices for nearly all asset classes—be they real property or financial securities—is nigh-on impossible.
There’s loads of interesting information in between, of course, including how the NYSE has changed over the half-century that Art has been standing on “the floor”. In an age when computers are increasingly taking over financial markets, it’s refreshing to know that there remain intelligent and articulate human beings who are still able to survive and even flourish.
Now, take it away, Grant!
Click here to watch the video.
(For those of you who dislike the audiovisual medium, please click on this link to a recent article by Danielle DiMartino Booth. Danielle worked closely with former Dallas Fed president Dick Fisher, one of the best senior officials our central bank has had in years, in my opinion—possibly, because he is among the few with real-world experience. A number of the points Danielle makes resonate with what both Grant and Art discuss in the video.)
Changes are noted in bold below.
DISCLOSURE: This material has been prepared or is distributed solely for informational purposes only and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Any opinions, recommendations, and assumptions included in this presentation are based upon current market conditions, reflect our judgment as of the date of this presentation, and are subject to change. Past performance is no guarantee of future results. All investments involve risk including the loss of principal. All material presented is compiled from sources believed to be reliable, but accuracy cannot be guaranteed and Evergreen makes no representation as to its accuracy or completeness.