
Episode 250
Revenge of the Dollar & the Meltdown in Global Markets | Brent Johnson

Episode 250
Brent Johnson
Revenge of the Dollar & the Meltdown in Global Markets | Brent Johnson
summary
In Episode 250 of Hidden Forces, Demetri Kofinas speaks with CEO of Santiago Capital and originator of the “Dollar Milkshake” theory, Brent Johnson. Brent and Demetri discuss his thesis on the Dollar as part of a much larger conversation about the sell-off that we’re currently experiencing in risk assets, the dislocations we’re seeing in currencies and currency pairs like Dollar-Yen, and how to position yourself as conditions change in real-time.
Because so much is happening in markets right now it is challenging to know where to focus your attention, which is why Brent’s framework around the role of the US Dollar and its impact on financial flows is crucial for understanding what we’re seeing in markets today.
We have published countless episodes over the last several years in anticipation of the events that are transpiring today. We think we are in the end-game phase of what in our view has been a forty-year paradigm of falling interest rates, rising debt levels, low inflation, growing inequality, and peak globalization, all of which we believe are in the process of reversing. How that process unfolds and what assets and investments you want to be invested in during this time do not have straightforward answers, but conversations like this one with Brent are crucial in helping you think through the steps required to get you there.
You can access the full episode, transcript, and intelligence report to this week’s conversation by going directly to the episode page on our website and clicking on “premium extras.” All subscribers gain access to our premium feed, which can be easily added to your favorite podcast application.
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Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
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Episode Recorded on 05/12/2022
bio
Brent Johnson brings over twenty years of experience in the financial markets to his position as CEO of Santiago Capital where he manages $170mm for High Net Worth families via separately managed accounts and private funds. Brent enjoyed more than nine years as a Managing Director at BakerAvenue Asset Management, a $2 Billion Asset Manager and Wealth Management firm, with offices in San Francisco, Dallas and New York. He was the lead advisor for several of the firms largest clients. Before joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He got his start as part of the training program at Donaldson, Lufkin & Jenrette (DLJ) in New York prior to moving to San Francisco. He joined Credit Suisse in the fall of 2000 when the bank purchased DLJ. Earlier in his career, Brent was a financial auditor for Philip Morris Management Company in New York City where he performed audits at the company’s headquarters as well as subsidiaries in Germany, Hong Kong, and Richmond, Virginia. Brent regularly gives interviews and speaks at conferences regarding precious metals, currency markets & macroeconomic trends. His views have been quoted in numerous print, online and television outlets. He lives in San Juan, Puerto Rico with his wife Mary and son Moses.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quod vestri non item. In schola desinis. Sed vos squalidius, illorum vides quam niteat oratio. Illud dico, ea, quae dicat, praeclare inter se cohaerere. Qui igitur convenit ab alia voluptate dicere naturam proficisci, in alia summum bonum ponere? Duo Reges: constructio interrete. Cur iustitia laudatur? Sed ea mala virtuti magnitudine obruebantur.
Aperiendum est igitur, quid sit voluptas; Illud mihi a te nimium festinanter dictum videtur, sapientis omnis esse semper beatos; Non quaero, quid dicat, sed quid convenienter possit rationi et sententiae suae dicere. At habetur! Et ego id scilicet nesciebam! Sed ut sit, etiamne post mortem coletur? Sin autem eos non probabat, quid attinuit cum iis, quibuscum re concinebat, verbis discrepare? Tuo vero id quidem, inquam, arbitratu.
Hoc non est positum in nostra actione. Nihilne te delectat umquam -video, quicum loquar-, te igitur, Torquate, ipsum per se nihil delectat? De malis autem et bonis ab iis animalibus, quae nondum depravata sint, ait optime iudicari. Ita credo. Sed quid attinet de rebus tam apertis plura requirere? Praeclare hoc quidem. Illud dico, ea, quae dicat, praeclare inter se cohaerere. An me, inquam, nisi te audire vellem, censes haec dicturum fuisse?
Ego vero isti, inquam, permitto. Sed plane dicit quod intellegit. Quid, de quo nulla dissensio est? Scisse enim te quis coarguere possit? Non igitur potestis voluptate omnia dirigentes aut tueri aut retinere virtutem. Theophrastum tamen adhibeamus ad pleraque, dum modo plus in virtute teneamus, quam ille tenuit, firmitatis et roboris.
Full Episode
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Summum ením bonum exposuit vacuitatem doloris; Suo genere perveniant ad extremum; Qui potest igitur habitare in beata vita summi mali metus? Sextilio Rufo, cum is rem ad amicos ita deferret, se esse heredem Q.
Ita credo. Mihi quidem Antiochum, quem audis, satis belle videris attendere. Idemne potest esse dies saepius, qui semel fuit? Ita est quoddam commune officium sapientis et insipientis, ex quo efficitur versari in iis, quae media dicamus. An ea, quae per vinitorem antea consequebatur, per se ipsa curabit? Polemoni et iam ante Aristoteli ea prima visa sunt, quae paulo ante dixi. Illud dico, ea, quae dicat, praeclare inter se cohaerere.
Quae hic rei publicae vulnera inponebat, eadem ille sanabat. Duo Reges: constructio interrete. Sed mehercule pergrata mihi oratio tua. Hic quoque suus est de summoque bono dissentiens dici vere Peripateticus non potest. Hoc tu nunc in illo probas. Nec lapathi suavitatem acupenseri Galloni Laelius anteponebat, sed suavitatem ipsam neglegebat;
Zenonis est, inquam, hoc Stoici. Quod eo liquidius faciet, si perspexerit rerum inter eas verborumne sit controversia. Nec vero alia sunt quaerenda contra Carneadeam illam sententiam. Qui-vere falsone, quaerere mittimus-dicitur oculis se privasse; Unum nescio, quo modo possit, si luxuriosus sit, finitas cupiditates habere. Atque haec coniunctio confusioque virtutum tamen a philosophis ratione quadam distinguitur. Et quidem iure fortasse, sed tamen non gravissimum est testimonium multitudinis. Quis est tam dissimile homini.
intelligence report
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. An haec ab eo non dicuntur? Quoniam, si dis placet, ab Epicuro loqui discimus. At enim, qua in vita est aliquid mali, ea beata esse non potest. Audio equidem philosophi vocem, Epicure, sed quid tibi dicendum sit oblitus es. Duo Reges: constructio interrete. Deque his rebus satis multa in nostris de re publica libris sunt dicta a Laelio.
Primum divisit ineleganter; Sed et illum, quem nominavi, et ceteros sophistas, ut e Platone intellegi potest, lusos videmus a Socrate. Nemo nostrum istius generis asotos iucunde putat vivere. Est enim tanti philosophi tamque nobilis audacter sua decreta defendere. Piso, familiaris noster, et alia multa et hoc loco Stoicos irridebat: Quid enim?
At hoc in eo M. Non semper, inquam; Res enim fortasse verae, certe graves, non ita tractantur, ut debent, sed aliquanto minutius. Nec vero hoc oratione solum, sed multo magis vita et factis et moribus comprobavit. At tu eadem ista dic in iudicio aut, si coronam times, dic in senatu. Sed nonne merninisti licere mihi ista probare, quae sunt a te dicta? Indicant pueri, in quibus ut in speculis natura cernitur. Itaque haec cum illis est dissensio, cum Peripateticis nulla sane. Nec vero alia sunt quaerenda contra Carneadeam illam sententiam. Atqui eorum nihil est eius generis, ut sit in fine atque extrerno bonorum.
Sunt enim prima elementa naturae, quibus auctis vírtutis quasi germen efficitur. Sed erat aequius Triarium aliquid de dissensione nostra iudicare. Ne amores quidem sanctos a sapiente alienos esse arbitrantur. Quid censes in Latino fore? Nam si beatus umquam fuisset, beatam vitam usque ad illum a Cyro extructum rogum pertulisset. Cum autem in quo sapienter dicimus, id a primo rectissime dicitur. Quis non odit sordidos, vanos, leves, futtiles?
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Scio enim esse quosdam, qui quavis lingua philosophari possint; Prioris generis est docilitas, memoria; Beatum, inquit. Certe, nisi voluptatem tanti aestimaretis. Duo Reges: constructio interrete. Quicquid enim a sapientia proficiscitur, id continuo debet expletum esse omnibus suis partibus; Verba tu fingas et ea dicas, quae non sentias? Non enim, si omnia non sequebatur, idcirco non erat ortus illinc.
Mihi vero, inquit, placet agi subtilius et, ut ipse dixisti, pressius. Etenim si delectamur, cum scribimus, quis est tam invidus, qui ab eo nos abducat? Cur ipse Pythagoras et Aegyptum lustravit et Persarum magos adiit? Haec para/doca illi, nos admirabilia dicamus.
Nam illud vehementer repugnat, eundem beatum esse et multis malis oppressum. Quid est enim aliud esse versutum? Ex rebus enim timiditas, non ex vocabulis nascitur. Terram, mihi crede, ea lanx et maria deprimet. Quare conare, quaeso. Quo plebiscito decreta a senatu est consuli quaestio Cn. Theophrasti igitur, inquit, tibi liber ille placet de beata vita? Quare, quoniam de primis naturae commodis satis dietum est nunc de maioribus consequentibusque videamus.
Huius, Lyco, oratione locuples, rebus ipsis ielunior. Cum salvum esse flentes sui respondissent, rogavit essentne fusi hostes. Sed ego in hoc resisto; Cur deinde Metrodori liberos commendas? Etsi qui potest intellegi aut cogitari esse aliquod animal, quod se oderit? Quis istud, quaeso, nesciebat? Dolor ergo, id est summum malum, metuetur semper, etiamsi non aderit; Eorum enim est haec querela, qui sibi cari sunt seseque diligunt. Luxuriam non reprehendit, modo sit vacua infinita cupiditate et timore. Eodem modo is enim tibi nemo dabit, quod, expetendum sit, id esse laudabile. At ille pellit, qui permulcet sensum voluptate. Quid ergo attinet gloriose loqui, nisi constanter loquare?