Trump Tariffs and the Stock Market Collapse | Benn Eifert

Benn Eifert of QVR Advisors joins Monetary Matters to share his thoughts on tariffs, volatility, and the growth of ETFs with embedded derivatives. Recorded on March 26 (before “Liberation Day” and the market crash).

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Timestamps
00:00 Intro
00:49 Tariffs Will Be A Disaster
08:18 Tariffs Could Drive Markets Lower
24:15 Unwind At Multistrategy Hedge Funds ("Pod Shops")
29:39 Opportunities In Vol Markets
35:24 Leveraged Single Stock ETFs
40:58 Growth Of ETFs With Derivatives In Them
42:00 Is There A Bubble In "Selling Options To Generate Income"?
48:11 This Volatility Regime vs. Previous Regimes
51:04 Odds Of A Great Year In Stocks Is Slim
52:57 Could Trump Claim Victory On Tariffs?
54:35 Bull Markets in European and Chinese Stocks
56:01 Greatest Misconceptions About Volatility

#liberationday #trumptariffs #trumpeconomy #trump #tariffs #stockmarketcorrection #economiccrisis #economics #economy #tradewar #trade #marketcrash #marketcollapse

[markhow]

Jack - you should make sure your image is on the cover thumbnails. The new brand is too generic, but your face owns cred!

[rupertmitchell]

Miran’s epitaph: “It wasn’t a plan. It was a job application that grew a second head”.

[DesmondMiles]

This guy must have gotten liquidated last week no?

[devanb]

Great detailed discussion with examples. lots of learning material.

[philipnevitt]

I worked in finance for many years. I do not anymore, so I can say what I want.

We would call real estate guys "crackheads". We called them crackheads because they only understand two things, the price of money and their next deal.

Trump is no different. He has neither the interest, the intelligence or the attention span to follow along with this podcast.

[hankday]

Jack is Back In Black with the Vol Man!

[ftw]

When was this recorded? Must have been Wednesday? Lol.

Edit: ok, saw the description... Great timing lmao

[Rudol]

This guy can talk for an hour and say nothing. What a waste of time

[ሽሮእወዳለሁ]

Great interview, Benn's market insight is invaluable.

[LOMU-pc]

Elon Musk is now openly criticizing Navarro and the tariff policies. This coming week will be very interesting...

[ocox]

Just listened to the Miran interview on Blockworks and would hardly say he’s an “idiot”. Benn probably voted for Kamala hence his emotion over Trump.

[KatiexFace]

Well, what makes me an outlier I guess! I am 57 year-old English immigrant, with zero interest in tech or stocks, and yet I am 110% committed to Bitcoin. I would describe myself as an extreme conservative/libertarian. I have been involved in UK politics for some time, and the main thing that drove me to study Bitcoin and ultimately recognize its value to Humanity was the threat posed by an over-weening government, first in the UK and lately in the US also. I regard the CBDC as the final brick in the wall of the totalitarian prison the world's governments are building for us. And Bitcoin is the ultimate defense against a tyrannical been engaged in active trading and managed to grow a nest egg of around 2.3Bitcoin to a decent 9Bitcoin....I'm especially grateful to Kristie Leslie, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.

[mkayultra]

I wonder if the short S&P, short VIX trade described here getting pressured after liberation day is what contributed to the floor falling out and realizing a -6% day. I.e. positioned correctly for S&P decline but betting on more orderly selling and having to cover the short VIX leg?

[clbruh]

Well this pod aged like milk rather quickly...

[InchesUnBuffed]

Hi Jack, in early Jan 2025 you had Mel Gibson as your guest and he was on point when he was heavy cash calling for a March-April 2025 correction.

I wonder if he will be invited back to your show for an update on his views?

thank you

[TheLoneComic]

Benn ty for the definition of a dispersion trade. And thanks also for myth busting trading VOL.

[grantgoldberg]

Watching Trump with his advisors is like watching Idiocracy the Live version.

[zacharylockhart]

Trump has realized he favors the Bessent "50% of Americans have debt" cohort liking him over the elite / Cape Cod Wealthy liking him. As Ben said, Trump cares about more people liking him. He's found a way to boost those numbers, and the implications are momentous imo. Think of Caesar, for example. Never been more bearish in my life.

[lisaomay]

9:58 Trump is deporting 30 million Americans?

[mitchymitchmitchell]

One of many on fintwit who has been muted recently.