Скачать с ютуб Lessons From The Asian Financial Crisis | Russell Napier в хорошем качестве

Lessons From The Asian Financial Crisis | Russell Napier

Russell Napier of Orlock Advisors joins Jack Farley to share lessons from his experience as an financial analyst in Hong Kong during the Asian Financial Crisis. Napier notes that during the bull market in Asian equities of the first half of the 1990s, analysts attributed the boom to the high rates of economic growth in much of Asia. However, Napier tells Farley that the true cause of the dramatic bull market was the multitude of pegged exchange rates that did not allow Asian currencies to strengthen as foreign capital flowed in, boosting liquidity conditions. However, once the tide of foreign capital reversed course, the “Asian miracle” became a nightmare. Napier is the author of “The Asian Financial Crisis 1995-98: Birth of the Age of Debt.” https://www.libraryofmistakes.com/ Library of Mistakes Twitter: @EdinburghLoM Jack Farley’s Twitter: @JackFarley96 Blockworks Twitter: @Blockworks_ Timestamps 00:00 Introduction 05:20 The Alleged Cause Of The "Asian Miracle" 10:24 The True Structural Forces Behind The Bull Market 15:43 Short-Term Speculative Capital Flows 17:43 Being a Bear During a Boom 20:15 Currency Pegs 23:13 The End Of The Party? 29:36 The Destabilizing Rise Of The Dollar 39:54 Rising Cost of Capital 47:12 The Contagion Spreads 49:25 Hong Kong 52:50 The Birth Of The Age Of Debt 1:00:32 Inflation 1:04:56 Historical Parallels 1:11:08 Will The Fed Be Able To Tame Inflation? 1:14:27 QE & The Commercial Banking System 1:20:35 Earnings Cycle and Liquidity Cycle 1:24:00 Growth-to-Value Rotation 1:27:42 Emerging Markets & Europe