Raul Panganiban: Yeah, very cool. Cassie has a lead role in crafting the firm’s marketing materials from strategy presentations to client reports, email communications, website, and social media content. Crescat Capital partner and portfolio manager Tavi Costa, “Investors are starting to see the return of inflation. You know, that’s probably the most difficult one and, you know, I’d say me personally, I do have a higher risk tolerance than most people. I’m sure there’s some soft landings and extensions of the business cycle. I think that searching for that, what’s at the centre of a lot of the imbalances is very important, and we think it’s China. And, so we’re willing to take you in as a value investor, too, I think you have to have a pretty high risk tolerance, because because intrinsic value and market price can, can differ so so much, and those tend to be the things we get the most excited about. Jacob Wolinsky. Raul Panganiban: Yeah, before we go into the present moment. Client Service Associate. Tavi Costa December 18, 2018 Crescat News and Updates Chasing utilities is a classic development that happens at market tops. Tavi is a partner and portfolio manager at Crescat Capital and has been with the firm since 2013. It’s a big part of what we do in terms of picking stocks. She also works as a Client Services Specialist to help existing and prospective investors refine their investment goals and better understand Crescat’s offerings while answering any questions that may arise throughout the process. He built Crescat’s macro model that identifies the current stage of … 303-271-9997 . Nicolas started his career in New York City with O&M Partners, a third-party marketing firm, connecting junior mining executives with asset managers. So today I help in the process in general, not just in managing the portfolio, but also building models in our investment process overall and evolving that and in also helping to find the big trends, macro wise as well. ValueWalk’s Raul Panganiban interviews Crescat Capital ’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. Linda Carleu Smith, CPA. Crescat is a global macro hedge fund but they put out some tremendously valuable research that is available to the general public. Richard was part of the leadership team that launched the Crescat Global Macro Fund LP. 8 Investment Rules That Have Stood The Test Of Time, Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Crescat Capital On The “Bill Gross Widowmaker Trade”. And, you know, there’s over 50 underlying factors in this in this quant model, and then we still use it today. With a background in both finance and marketing, Cassie strives to perfect the Crescat client journey. Kevin is the Founder and CIO of Crescat Capital. As it was recently here things like that, or the biggest currency bubble that we think we’ve seen in history in China, based on their enormous banking imbalances and banking system that they’ve created with the huge non performing loans or if you look at something like the battle between the value of fiat money and versus gold. Prior to joining Crescat, she worked as a Marketing Strategist for DISH Network in Englewood, CO. Max joined Crescat in 2020 after earning his undergrad in Finance from Colorado State University. For more information including how to invest, please contact: Marek Iwahashi. He holds a BA in Political Science and International Relations from Universidad Catolica Argentina and is fluent in five languages. My insurance obviously it’s a little shorter given my age, but I was born and raised in Brazil, moved to the US to play tennis in college. Interview with Crescat's Kevin Smith And Tavi Costa . Our things that can focus that people are not focusing on, that can maybe give us an edge in terms of have foreseen something about the markets and I think that that has been really helpful and I think it will continue to be. miwahashi@crescat.net. Crescat Capital January 6, 2020 Crescat News and Updates Tavi Costa says opportunity may be knocking for one sector that’s been down in the dumps for a while. Q4 2019 hedge fund letters, conferences and more, In 1999, Forbes Magazine published a list of eight investment rules that, according to the magazine, had "stood the test of time." In this part, Tavi and Kevin discuss the Chinese currency bubbles and banking Ponzi scheme, how high can consumer confidence go, and buying the dip. Tavi Costa is a partner and portfolio manager at Crescat Capital and has been with the firm since 2013. Prior to joining Crescat, Nicolas was Director of Business Development within the commodities division at S&P Global, where he covered clients in North and Latin America. Blog - Ask The Expert - Tavi Costa - March 2021 JavaScript seems to be disabled in your browser. He is also responsible for maintaining the firm’s portfolio track records and internal systems, including the automation and production of its equity and macro models. Cassie graduated cum laude from Virginia Polytechnic State University with a B.S in Finance. Early in his career he worked for major gold mining companies including Homestake Mining (now Barrick Gold Corp.), Newcrest Mining, and Newmont Corp. Later, Dr. Hennigh founded Novo Resources Corp (TSXV: NVO), acting as its CEO and currently serving as Chairman. Nick is the General Counsel and Chief Compliance Officer of Crescat Capital. And so when, you know when you have such a big divergence, you know, You have to be willing to you know, to be able to ride out the volatility. Raul Panganiban: Oh, nice. Partner & COO. My name is Tavi Costa, and I am a native of Sao Paulo, Brazil. Anyway, so that’s a little bit on that. Especially like the situation that we’re having right now with the virus outbreak, you know, how what’s the impact in the economy in general? Apr 6, 2020, 9:05 am. Before joining Crescat, he worked with the underwriting of financial products and in international business at Braservice, a large logistics company in Brazil. www.resource-insider.com ***EPISODE 40*** Jamie Keech and Tavi Costa, partner & portfolio manager at macro focused Crescat Capital, talk markets. So I’ve kind of been on the path of, you know, towards finance and investing from an early educational career, took some other twists and turns along the way. Subscribe to ValueWalk Newsletter. January 28, 2021 - Crescat’s Portfolio Managers, Kevin Smith and Tavi Costa, provide insight on their current views of the economic environment and how their strategies are positioned to create value for Crescat clients. ValueWalk’s Raul Panganiban interviews Crescat Capital’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. And it’s nonsense when you have such absurd valuations and particularly when you look at the data and you see that that massive liquidity injections and interest rate decreases coincide much more with recessions and economic crises than they do with being able to predict preempt and continue the business cycle. Oil-service stocks “have never looked so cheap,” Costa said in a tweet. So I think that combined with, with the value investing approach was a big difference. Partner & Portfolio Manager . youtu.be/3uCL8F9PUhY Kevin Smith: Yeah, well, certainly some of the consensus thinking that we have seen recently has just been you know, what’s been driving this this incredible had been an incredible bull market and really the longest running economic expansion and bull market in US history. Otavio (Tavi) Costa Crescat Capital portfolio manager. Tavi is a native of São Paulo, Brazil and is fluent in Portuguese, Spanish, and English. We are, we’re a global macro shop in the sense that that we we like to look for big picture themes relative to to global GDP, you know, whether it’s the most overvalued US equity market in history, according to a composite of eight different indicators that we look at. With a strong background in finance, he works with clients to understand their needs, explain the firm’s strategies, open new accounts, and respond to inquiries. Many of you will already be familiar with him and Crescat through reading my work, as I have often shared his fantastic charts and insights with you. We respect your privacy. He also has significant experience negotiating complex commercial agreements across a wide range of industries. I have a model that I’ve used to help pick stocks that I developed more than 20 years ago, when I was a kid or actually originally and use that to launch along only my first investment strategy, which was a long only strategy still around today, we call Crescat large cap. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Nicolas Ricciardi has more than 15 years of global institutional sales experience. Marek is Crescat’s point person for existing and prospective investors. I was recruited to play tennis at Liberty University in Virginia. And so Crescat Capital means essentially let your money grow. Richard is a member of the Chicago Quantitative Alliance, CFA Institute and holds the Chartered Financial Analyst designation. Native of Featured in The Wall Street Journal, Bloomberg, MarketWatch, others. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. Macro and precious metals analyst Tavi Costa joins us to answer your questions regarding inflation, commodities, gold and silver. jo.type = 'text/javascript'; 303-271-9997 . Born and raised in the San Francisco Bay Area, he received a bachelor’s degree in Economics and German studies from Stanford University. Client Service Associate. I mean, we get trolled just incredibly in most of our tweets, you know, trying to show the contrarian view to that. Silver is now the world's most attractive asset, with a price below $ 30, according to investment firm Crescat Capital. He earned a Bachelor of Science in Business Administration from Old Dominion University in Norfolk, Virginia. He holds the Chartered Financial Analyst designation. Today's a very special episode with Kevin Smith CFA founder, CEO and CIO at Crescat Capital and Tavi Costa, Partner and Portfolio Manager at Crescat Capital. He is the creator of Crescat’s firmwide global macro investment process and systematic equity valuation model. Financial Representative Assistant @ The Guardian Life Insurance Company of America. Otavio (Tavi) Costa's Email. Crescat’s Macro Presentation. ValueWalk also contains archives of famous investors, and features many investor resource pages. Ryan came to Crescat with more than 10 years of industry experience as Specialized Services Trader at Scottrade and Fidelity Investments. He built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. Cassie Fischer. Before founding Crescat, he worked as a wealth advisor at Kidder Peabody. Today is a very special episode with Kevin Smith, CFA, Founder, CEO, and CIO and Tavi Costa, Partner and Portfolio Manager at Crescat Capital. He was previously a VP of Investor Relations with Petaquilla Minerals, a Canadian gold producer, where he liaised with the investment and banking communities in North America and Europe. Kevin has been the lead Portfolio Manager of Crescat’s five investment strategies since their respective inceptions. His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. jo.src = 'https://www.financialjuice.com/widgets/voice-player.js?mode=inline&display=1&container=FJ-voice-news-player&info=valuewalk&r=' + r; My guest is Otavio “Tavi” Costa, co-fund manager at American hedge fund Crescat Capital. Nick earned a B.A. So, you know, understanding that understanding that you know, the when things start to play out, you know, it’s it validate your thesis, obviously, that’s not so. Now, when you were developing those macro models, how do you go about it? Tavi is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. Crescat Capital global macro analyst. International Business - Importing goods @ Braservice Comercio Exterior. In a recent telephone interview with Kitco News, Tavi Costa, partner and portfolio manager at Crescat Capital, said that he is extremely bullish on silver as supply is expected to drop while investment demand remains consistent. He has been managing investment portfolios since 1992, a career spanning multiple business cycles. - Q4 2020 hedge fund letters, conferences and more One might think that 20 years on, at least some of these rules would be out of date or no longer relevant. lsmith@crescat.net (303) 228-7371 © 2021 Crescat Capital LLC -. And so my indoctrination into the business was in in 1994, when we had the bond bear market and kidder Peabody, you know, pretty much almost blew up and Jack Welch, Kidder was owned by GE at the time Jack Welch ended up having to sell the firm to Paine Webber. She became COO in 2015. At the time, they were the largest fixed income underwriter on Wall Street and had the biggest inventory of mortgage backed securities. Tavi played NCAA Division 1 tennis for Liberty University. Finance Summer Internship @ Umuarama Artefatos Latex. At the time, we had one Bloomberg terminal and I remember, this guy would leave at around 4 or 5pm. document.getElementsByTagName('head')[0].appendChild(jo); So I think that’s sort of the answer. It’s not at a symmetric as it was before, but the room for growth in that trade is incredible. var jo = document.createElement('script'); Please speak to a licensed financial professional before making any investment decisions. And really the, you know, that was the common thread one of the common threads for us and it was its liquidity is going is just going to ensure that that the market is going to go up forever. Tavi Costa. © 2008-2021 Crescat Capital LLC. Raul Panganiban: Hello podcast listeners. cfischer@crescat.net (303) 350-4000 . Yeah. We really went from the quants to now more of a macro and it’s becoming it never really was a fully systematic process but that’s that’s basically how the whole thing developed in general. Tavi Costa: I’m just going to echo Kevin here.