Welcome to Coffee Time, a podcast series on Markets and Economies from D BS Group Research. I'm ba chief economist, welcoming you to our 101st episode,

Welcome to Coffee Time, a podcast series on Markets and Economies from D BS Group Research. I'm ba chief economist, welcoming you to our 101st episode,

the series began right before the 2020 global pandemic. And at that time, my idea was to record chats with thinkers. I meet during my travels, I really doubt if I'd have recorded 100 episodes with that model of operation by now. But once the pandemic broke out remote recording with guests all over the world became acceptable and away, we went. Now

the series began right before the 2020 global pandemic. And at that time, my idea was to record chats with thinkers. I meet during my travels, I really doubt if I'd have recorded 100 episodes with that model of operation by now. But once the pandemic broke out remote recording with guests all over the world became acceptable and away, we went. Now

100 episodes is a lot and there have been some really memorable ones. We have covered our bread and butter, global macro and markets in 41 episodes, but we've gone way beyond that as well. Given the times we live in, we've had a dozen episodes on Geopolitics, eight on tech and fintech and a dozen on climate change. An issue. Close to my heart.

100 episodes is a lot and there have been some really memorable ones. We have covered our bread and butter, global macro and markets in 41 episodes, but we've gone way beyond that as well. Given the times we live in, we've had a dozen episodes on Geopolitics, eight on tech and fintech and a dozen on climate change. An issue. Close to my heart.

Beyond that, we've covered banking, energy, metals, crypto, financial inclusion, health, science, innovation, gender and wealth management. Quite the bread. Never a dull moment. Today, I'd like to take stock of the top 10 episodes of the series. All of which have had between various podcast platforms and youtube versions over 10,000 downloads plus views.

Beyond that, we've covered banking, energy, metals, crypto, financial inclusion, health, science, innovation, gender and wealth management. Quite the bread. Never a dull moment. Today, I'd like to take stock of the top 10 episodes of the series. All of which have had between various podcast platforms and youtube versions over 10,000 downloads plus views.

The number one in this ranking in fact has over 175,000 views and nearly 900 comments on youtube. But that will come later. First. My only guest to have appeared three times China expert Bert Hoffman, Director of the East Asian Institute at National University of Singapore Bird has been on episodes 1 46 in 93 in these three occasions, we have gone deep on China.

The number one in this ranking in fact has over 175,000 views and nearly 900 comments on youtube. But that will come later. First. My only guest to have appeared three times China expert Bert Hoffman, Director of the East Asian Institute at National University of Singapore Bird has been on episodes 1 46 in 93 in these three occasions, we have gone deep on China.

We have discussed uh COVID-19 fallout likely economic impact on policy response, the political dimensions and the Chinese economies much needed move towards service and consumption orientation. In each of these episodes, you will find candid and tight insights articulated cogently. I think I can safely say that Bird will be the first guest on the series to appear for 1/4 time.

We have discussed uh COVID-19 fallout likely economic impact on policy response, the political dimensions and the Chinese economies much needed move towards service and consumption orientation. In each of these episodes, you will find candid and tight insights articulated cogently. I think I can safely say that Bird will be the first guest on the series to appear for 1/4 time.

Then there is astute investment strategist Kumar on episodes 14 and 58 connecting from Santa Monica, California with three. We have discussed global economic outlook with the focus on the US. Inflation risks fed credibility, housing market, rising inequality. Three to

Then there is astute investment strategist Kumar on episodes 14 and 58 connecting from Santa Monica, California with three. We have discussed global economic outlook with the focus on the US. Inflation risks fed credibility, housing market, rising inequality. Three to

not give the fed a break. So you can hear some serious criticism of various fed policy actions there. Uh but most importantly, free market timing in the US fixed income is just impeccable evidence of that is ample in both of these episodes. In my show notes from July 21 he is described as short duration neutral to be us dollar long, gold and long commodities, food, energy and metals. Mind you July 21

not give the fed a break. So you can hear some serious criticism of various fed policy actions there. Uh but most importantly, free market timing in the US fixed income is just impeccable evidence of that is ample in both of these episodes. In my show notes from July 21 he is described as short duration neutral to be us dollar long, gold and long commodities, food, energy and metals. Mind you July 21

and very little conviction equities. That's an absolutely killer portfolio allocation for what was to come in the following year. So she has been just outstanding

and very little conviction equities. That's an absolutely killer portfolio allocation for what was to come in the following year. So she has been just outstanding

from markets to pandemic back in the summer of 2020 battle days when the world was mired in uncertainty about the Coronavirus pandemic. We spoke with a man who discovered the back to man link in the SARS virus way back in 2003 and had been deeply involved in getting to the bottom of the COVID-19 pandemic.

from markets to pandemic back in the summer of 2020 battle days when the world was mired in uncertainty about the Coronavirus pandemic. We spoke with a man who discovered the back to man link in the SARS virus way back in 2003 and had been deeply involved in getting to the bottom of the COVID-19 pandemic.

Professor director of the program in emerging infectious diseases at Duke N Us Medical School walked us through numerous questions that we had in those days about the Coronavirus pandemic. What's the difference between SARS COV two and the COVID-19 virus? Where did it originate as if we knew or could it be manmade intent? A lot of conspiracy theories were to follow. Why is it so infectious? Are asymptomatic carriers infectious? How good are

Professor director of the program in emerging infectious diseases at Duke N Us Medical School walked us through numerous questions that we had in those days about the Coronavirus pandemic. What's the difference between SARS COV two and the COVID-19 virus? Where did it originate as if we knew or could it be manmade intent? A lot of conspiracy theories were to follow. Why is it so infectious? Are asymptomatic carriers infectious? How good are

for the test? And what's the pipeline for rapid tests? What about the antibodies and convalescent plasma therapy? Think of the questions we had in those days. What's the latest on antiviral developments? What about the Holy grail of vaccine development? It's a great tour going back in the time machine to those days. I'm so grateful that Professor Lin came to the podcast and offered his expert opinion given that there was so much misperception and fake news around that issue in those days.

for the test? And what's the pipeline for rapid tests? What about the antibodies and convalescent plasma therapy? Think of the questions we had in those days. What's the latest on antiviral developments? What about the Holy grail of vaccine development? It's a great tour going back in the time machine to those days. I'm so grateful that Professor Lin came to the podcast and offered his expert opinion given that there was so much misperception and fake news around that issue in those days.

Now, the next widely downloaded and shared podcast was on Brexit, while not as cataclysmic as the pandemic, but tumultuous. Nonetheless, I decided to take a deep dive on Brexit's past, present and future with perhaps a foremost expert on the issue. Sir, Ivan Rogers, who was the permanent representative of the UK to the EU between 2013 and 2017.

Now, the next widely downloaded and shared podcast was on Brexit, while not as cataclysmic as the pandemic, but tumultuous. Nonetheless, I decided to take a deep dive on Brexit's past, present and future with perhaps a foremost expert on the issue. Sir, Ivan Rogers, who was the permanent representative of the UK to the EU between 2013 and 2017.

He also served various top treasury roles under Kenneth Clark, Gordon Brown and Tony Blair eloquent and prescient. Uh Ivan Rogers took stock of how the UK ended up with Brexit. He summarized the risks around the rift between the UK and EU which lingers on, of course, the usefulness of multilateral pacts covered in trade and commerce and perhaps most profoundly the role of the UK in the global landscape.

He also served various top treasury roles under Kenneth Clark, Gordon Brown and Tony Blair eloquent and prescient. Uh Ivan Rogers took stock of how the UK ended up with Brexit. He summarized the risks around the rift between the UK and EU which lingers on, of course, the usefulness of multilateral pacts covered in trade and commerce and perhaps most profoundly the role of the UK in the global landscape.

Looking forward, he offered caution and a little bit of hope for the UK with clear eyed exposition on the challenges associated with the pandemic, innovation, labor market, debt, trading, goods and services, and evolving relationship with the EU and the US. It was a tour de force and again, like my favorite other podcast that we're discussing in this episode. Absolutely spot on and worth revisiting even today. Um You just just check it out. Um

Looking forward, he offered caution and a little bit of hope for the UK with clear eyed exposition on the challenges associated with the pandemic, innovation, labor market, debt, trading, goods and services, and evolving relationship with the EU and the US. It was a tour de force and again, like my favorite other podcast that we're discussing in this episode. Absolutely spot on and worth revisiting even today. Um You just just check it out. Um

As I said earlier, uh we have done a dozen episodes on climate change, including with uh climate investor mad. He's been there twice. E CE CBS uh head of systemic risk, Paul. Hi, he has been there twice as well. China climate expert, Ma Jun, who has represented China in the G 20 climate change roundtable, Lin Li uh head of Global Center for maritime decarbonisation in Singapore.

As I said earlier, uh we have done a dozen episodes on climate change, including with uh climate investor mad. He's been there twice. E CE CBS uh head of systemic risk, Paul. Hi, he has been there twice as well. China climate expert, Ma Jun, who has represented China in the G 20 climate change roundtable, Lin Li uh head of Global Center for maritime decarbonisation in Singapore.

Unsurprisingly though the biggest hit of all on climate change related episodes was Grace Fu Singapore's Minister for Sustainability and Environment who joined us in episode 79. Last July in the conversation, Mr Fu laid out in sobering detail, the issues associated with recalibrating the entire Singaporean economy for re transition with heightened focus on energy and food security.

Unsurprisingly though the biggest hit of all on climate change related episodes was Grace Fu Singapore's Minister for Sustainability and Environment who joined us in episode 79. Last July in the conversation, Mr Fu laid out in sobering detail, the issues associated with recalibrating the entire Singaporean economy for re transition with heightened focus on energy and food security.

While cognizant of the steep hill to climb toward a midcentury dead zero goal, Minister Fu was constructive about the work being done with public private coordination and cooperation as well as the myriad of financial and technological solutions available

While cognizant of the steep hill to climb toward a midcentury dead zero goal, Minister Fu was constructive about the work being done with public private coordination and cooperation as well as the myriad of financial and technological solutions available

global and under development. We went over Singapore's plans for carbon tax, greening of the energy grid and overall infrastructure, the exciting area of urban agri and the ongoing changes in global regulatory environment for decarbonisation.

global and under development. We went over Singapore's plans for carbon tax, greening of the energy grid and overall infrastructure, the exciting area of urban agri and the ongoing changes in global regulatory environment for decarbonisation.

I came out of that recording with a sense of somewhat, you know, being sober in the sense that there was such a long road ahead and the huge challenges outstanding. But I was also encouraged by the energy and resources being devoted to this foremost challenge of our lifetime and our generation and generations to come

I came out of that recording with a sense of somewhat, you know, being sober in the sense that there was such a long road ahead and the huge challenges outstanding. But I was also encouraged by the energy and resources being devoted to this foremost challenge of our lifetime and our generation and generations to come

now for the most unusual setting of this series on a beautiful afternoon back in August 2021. Uh We set up by the waters in the island of Sentosa there, the mound with the Singapore skyline and the port behind us. He's the chief fintech officer at the Montreal Authority of Singapore. He and I sat down and recorded episode 60.

now for the most unusual setting of this series on a beautiful afternoon back in August 2021. Uh We set up by the waters in the island of Sentosa there, the mound with the Singapore skyline and the port behind us. He's the chief fintech officer at the Montreal Authority of Singapore. He and I sat down and recorded episode 60.

He began the conversation by noting that Singapore's relatively small market size paved the way for numerous innovations in the area of business to business. Fintech.

He began the conversation by noting that Singapore's relatively small market size paved the way for numerous innovations in the area of business to business. Fintech.

Uh Sonando then went over Singapore's journey of developing fintech relevant human capital, raising growth, capital, fostering community capital and entrenching trust capital over the past half a decade. So you can see the theme here various different kinds of capital. The journey has also entailed major regulatory developments, sandbox experiments, collaboration with key multilateral official sector institutions, as well as various private sector entities,

Uh Sonando then went over Singapore's journey of developing fintech relevant human capital, raising growth, capital, fostering community capital and entrenching trust capital over the past half a decade. So you can see the theme here various different kinds of capital. The journey has also entailed major regulatory developments, sandbox experiments, collaboration with key multilateral official sector institutions, as well as various private sector entities,

foundational public goods such as digital identity, trusted data exchange, interoperable payment systems and consent architecture have been developed, paving the way for innovation in Singapore's domestic as well as cross border payments. Fundamentally changing the cost, speed and security of such transactions. So and I then talked about the application of central bank digital currencies and why such currencies have better use case for a developing country than a developed one.

foundational public goods such as digital identity, trusted data exchange, interoperable payment systems and consent architecture have been developed, paving the way for innovation in Singapore's domestic as well as cross border payments. Fundamentally changing the cost, speed and security of such transactions. So and I then talked about the application of central bank digital currencies and why such currencies have better use case for a developing country than a developed one.

He then elaborated on the digital transformation challenges faced by small and medium sized enterprises and how MA S was helping address them

He then elaborated on the digital transformation challenges faced by small and medium sized enterprises and how MA S was helping address them

uh on the issue of climate change. He saw the fintech space as a critical source of data and behavioral nudges that can move the needle especially with respect to green solutions needed by companies and individuals. Singapore has lately become a vibrant space for green product related research and development, as well as fundraising something the regulators and authorities have encouraged actively.

uh on the issue of climate change. He saw the fintech space as a critical source of data and behavioral nudges that can move the needle especially with respect to green solutions needed by companies and individuals. Singapore has lately become a vibrant space for green product related research and development, as well as fundraising something the regulators and authorities have encouraged actively.

I then asked something to what about the future technologies and solutions in the pipeline at what key developments awaited us? You can hear about his crystal ball gazing in that episode as well. Again, just a reminder that was episode 60 back in July 2021

I then asked something to what about the future technologies and solutions in the pipeline at what key developments awaited us? You can hear about his crystal ball gazing in that episode as well. Again, just a reminder that was episode 60 back in July 2021

from fintech to crypto. We've had a couple of episodes of crypto, for example, episode 28 was devoted to Bitcoin and the investment case with Michael Sonenshein of Grayscale investments. Um but far more important and memorable for me was episode 89

from fintech to crypto. We've had a couple of episodes of crypto, for example, episode 28 was devoted to Bitcoin and the investment case with Michael Sonenshein of Grayscale investments. Um but far more important and memorable for me was episode 89

recorded in November last year on the sidelines of the Singapore fintech Festival 2022 we have the honor of hosting Stuart Haber. Doctor Heber call along with Scott Stora coined a Blockchain technique in 1990 which was later adopted by Satoshi Nakamoto. That mysterious guy as the basic mechanism for data integrity in Bitcoin.

recorded in November last year on the sidelines of the Singapore fintech Festival 2022 we have the honor of hosting Stuart Haber. Doctor Heber call along with Scott Stora coined a Blockchain technique in 1990 which was later adopted by Satoshi Nakamoto. That mysterious guy as the basic mechanism for data integrity in Bitcoin.

We began that conversation traveling back over three decades to understand the problem and motivation that drove Haber and ST for developing the Blockchain. It is clear even as young coders and cryptographers, their ambitious ambition was substantial and their goal was to have a transformative and lasting impact on the way civilizations records are stored. We then talked about the seminal moment in 2008 when

We began that conversation traveling back over three decades to understand the problem and motivation that drove Haber and ST for developing the Blockchain. It is clear even as young coders and cryptographers, their ambitious ambition was substantial and their goal was to have a transformative and lasting impact on the way civilizations records are stored. We then talked about the seminal moment in 2008 when

Sato, who I mentioned as a he earlier could be a she uh that white paper came out. Uh And Doctor Hebert's take on that then and now we tackle the questions of a crypto bubble. Bitcoin's adverse environmental impact and possible solutions around it. Proliferation of tech solutions looking for a problem and applications that appeal to him. Doctor Haber talked about his current research and took on my questions on the potential impact of quantum computing in cryptography based record authentication,

Sato, who I mentioned as a he earlier could be a she uh that white paper came out. Uh And Doctor Hebert's take on that then and now we tackle the questions of a crypto bubble. Bitcoin's adverse environmental impact and possible solutions around it. Proliferation of tech solutions looking for a problem and applications that appeal to him. Doctor Haber talked about his current research and took on my questions on the potential impact of quantum computing in cryptography based record authentication,

a brilliant mind with outstanding insights. OK.

a brilliant mind with outstanding insights. OK.

Now we're in the top 3d Bs, Ceo Piush Gupta came by to mark episode 50 of COVID time. We squeezed in a lot. In that episode, Peche talked about the track record of banks during the pandemic, the evolving notion of data privacy and societal responsibilities. The most interesting instances of accelerated disruption due to the pandemic, remote

Now we're in the top 3d Bs, Ceo Piush Gupta came by to mark episode 50 of COVID time. We squeezed in a lot. In that episode, Peche talked about the track record of banks during the pandemic, the evolving notion of data privacy and societal responsibilities. The most interesting instances of accelerated disruption due to the pandemic, remote

working and the future of office short and long term challenges facing banks gaps in the way we assess economies and companies E S G as an opportunity, not obligation and Southeast Asia's prospects in the decades ahead. It was a riveting discussion and again, points remain as valid then as they are today.

working and the future of office short and long term challenges facing banks gaps in the way we assess economies and companies E S G as an opportunity, not obligation and Southeast Asia's prospects in the decades ahead. It was a riveting discussion and again, points remain as valid then as they are today.

Our second most talked about guest is Rara Rajan, professor at University of Chicago. He joined us in the early days of the pandemic on episode eight. And then he kindly came by to mark episode 100 last month. Very few thinkers in my view have been as prescient as Doctor Rajan in capturing the fault lines of modern finance. It was a privilege to have him on the show.

Our second most talked about guest is Rara Rajan, professor at University of Chicago. He joined us in the early days of the pandemic on episode eight. And then he kindly came by to mark episode 100 last month. Very few thinkers in my view have been as prescient as Doctor Rajan in capturing the fault lines of modern finance. It was a privilege to have him on the show.

We began with the here and now duration mismatch risk causing a rise in vulnerability among banks and non bank financial institutions in the US. Is this an inevitable result of the exceptional monetary accommodation of the past decade and a half? Um And then, which then led to some degree of

We began with the here and now duration mismatch risk causing a rise in vulnerability among banks and non bank financial institutions in the US. Is this an inevitable result of the exceptional monetary accommodation of the past decade and a half? Um And then, which then led to some degree of

Hinton Rau says, yes. Uh there were other questions that we discussed. Uh why haven't post G F C regulations stemmed such risks from materializing? What are the indicators to watch going forward and what can policymakers do at this point? What about the entire edifice of inflation targeting and where do the emerging market economies fit into all this?

Hinton Rau says, yes. Uh there were other questions that we discussed. Uh why haven't post G F C regulations stemmed such risks from materializing? What are the indicators to watch going forward and what can policymakers do at this point? What about the entire edifice of inflation targeting and where do the emerging market economies fit into all this?

While this discussion focused largely on financial market stress and central uh banking. Uh Professor Rajan also weighed in on issues very close to his heart, the issue of sovereign debt restructuring that is badly needed for a number of developing countries with critical roles to be played by credit, credit nations and multilateral organizations.

While this discussion focused largely on financial market stress and central uh banking. Uh Professor Rajan also weighed in on issues very close to his heart, the issue of sovereign debt restructuring that is badly needed for a number of developing countries with critical roles to be played by credit, credit nations and multilateral organizations.

Finally, from the number one episode of cope time by a wide margin as episode 52 Hira Mahala, veteran expert on geopolitics and presently distinguished fellow at the Asia Research Institute. Talked about the urgent need for constructive engagement with China to avoid the risk of a lose lose outcome from the world.

Finally, from the number one episode of cope time by a wide margin as episode 52 Hira Mahala, veteran expert on geopolitics and presently distinguished fellow at the Asia Research Institute. Talked about the urgent need for constructive engagement with China to avoid the risk of a lose lose outcome from the world.

A pragmatic trade of oriented strategy to deal with China would help achieve peace and prosperity for all while ideologically driven confrontations would only keep escalating matters in Professor Mei's view, as always aide uh Mr Alwani Fan, global history and geography to draw in lessons for policymakers and non-government observers alike.

A pragmatic trade of oriented strategy to deal with China would help achieve peace and prosperity for all while ideologically driven confrontations would only keep escalating matters in Professor Mei's view, as always aide uh Mr Alwani Fan, global history and geography to draw in lessons for policymakers and non-government observers alike.

Check out the video of this interaction on youtube and the nearly 900 comments uh that are at at at the bottom. There are some of those comments are really something.

Check out the video of this interaction on youtube and the nearly 900 comments uh that are at at at the bottom. There are some of those comments are really something.

So there you have it. Our top 10 looking forward to sharing many such moments with you in the coming days. Coby time is for information only does not represent any trade recommendation. All 101 episodes of Coby Time are available on youtube and on all major podcast platforms including Apple Google and Spotify. As for our research publications, webinars and live streams, you can find them all by Googling the D BS research library. A few thanks to be made. Uh Martin Tay. He,

So there you have it. Our top 10 looking forward to sharing many such moments with you in the coming days. Coby time is for information only does not represent any trade recommendation. All 101 episodes of Coby Time are available on youtube and on all major podcast platforms including Apple Google and Spotify. As for our research publications, webinars and live streams, you can find them all by Googling the D BS research library. A few thanks to be made. Uh Martin Tay. He,

he was there with me from the very beginning and helped set up the whole framework and ran the podcast as a producer for a good couple of years. Ken Delbridge from Spice Studios is my current producer. Absolutely outstanding and reliable Daisy Sherma and Violet Lee from D V S group. Research, provide post editorial and publication support and this podcast would go, would go nowhere without them either. So, thanks to all of them and thanks to you, our listeners have a great day. Keep listening to Kobe time.

he was there with me from the very beginning and helped set up the whole framework and ran the podcast as a producer for a good couple of years. Ken Delbridge from Spice Studios is my current producer. Absolutely outstanding and reliable Daisy Sherma and Violet Lee from D V S group. Research, provide post editorial and publication support and this podcast would go, would go nowhere without them either. So, thanks to all of them and thanks to you, our listeners have a great day. Keep listening to Kobe time.