Jason Shapiro, veteran trader and founder of The Crowded Market Report, joins Jack Farley on Forward Guidance to share his contrarian trading style and to explain why he remains long stocks even after this year’s huge equity rally. Shapiro shares wisdom from his long career of trading, as well as why he is long the dollar and short gold. Filmed on May 25, 2023.
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Timestamps:
(00:00) Jason's Early Years In Hong Kong
(01:47) "Too Much Leverage Is A Bad Thing"
(04:52) Importance of Journaling Your Trades
(07:37) The Essence Of Successful Contrarianism
(09:54) Why Jason Has Been Bullish On Stocks All Year
(14:42) Commitment of Traders (COT) Report
(17:54) Why Jason Is Short Gold
(22:28) Permissionless
(23:03) Futures Positioning vs. Positioning Of The Whole Market
(28:22) Why Are Speculators Wrong At Extremes?
(34:20) Why CTAs Performed So Poorly This Year (Commodity Trading Advisor)
(40:22) Blockworks Research
(41:22) You Need Confirmation From The Market
(46:38) Long Stocks, Short Gold Remains High Conviction Trade
(48:57) Stop Losses
(50:36) Bank Stocks
(51:55) Why Jason Is Short The Euro
(53:12) Risk of Recession and Debt Ceiling
(01:09:26) Why Vast Majority Of Investors Don't Beat The Index
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.