Macro Voices

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC
Title Date Author

Russell Napier: Buy the Dollar Dip

Erik Townsend welcomes Professor Russell Napier to MacroVoices. Erik and Russell discuss if the U.S. Dollar bull market over, where we are in the secular treasury bond bull market and the coming pension crisis. They further discuss inflation expectations, the outlook for precious metals and the European exit contagion risk.

2017-05-19 MacroVoices

Lacy Hunt: The secular bond bull market is not over!

Erik Townsend welcomes Dr. Lacy Hunt to MacroVoices. Erik and Lacy discuss the important question as to if the secular lows are in for U.S. interest rates. The further discuss the work of Minsky and Kindelberger and ask the important question as if the world is turning Japanese? The further explore the impact of demographics, negative interest rates and the Fed hiking into deteriorating economy.

2017-05-11 MacroVoices

Steve Keen: On All Things Macro

Erik Townsend welcomes Steve Keen back to MacroVoices. Erik and Steve discuss the French election, the next move in the Euro and U.S. Dollar. The further discuss the bond bull market and considerations in private debt levels. They further discuss global geopolitics, China and ask if we could avoid another financial crisis.

2017-05-04 MacroVoices

Martin Armstrong: Stocks could DOUBLE from here!

Erik Townsend welcomes Martin Armstrong to MacroVoices. Erik and Martin discuss his views on the U.S. Dollar and the future of the European Union. Martin discusses his bullish case for U.S. stocks and considerations for international money flows. They discuss future interest rate trends, government debt, the geopolitics of North Korea and Syria and considerations on China and the debt crisis.

2017-04-28 MacroVoices

Danielle DiMartino Booth: Fed Up with the Federal Reserve

Erik Townsend welcomes Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss a look at the Fed from the inside. They further discuss the shadow banking system, reflect on the global financial crisis and the culture at the regional reserve banks.

2017-04-19 MacroVoices

Lance Roberts: Record margin debt threatens fed-fueled bull market

Erik Townsend welcomes Lance Roberts to MacroVoices. Erik and Lance discuss the liquidity driven markets and the Fed balance sheet driving asset prices. They further discuss the margin debt vs. the net credit balance and as a % of real GDP. The further discuss the total system leverage, the economic deficit and peaks in real profit margins.

2017-04-13 MacroVoices

Juliette Declercq: A Red string of fate ties U.S. to China

Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US Dollar, 10-year UST and the FOMC. They reflect on Juliette’s perspectives on the red string of fate ties U.S. to China, future FOMC policy and the current business cycle. They further discuss where is the ISM heading next, the impact on Trump’s tax and infrastructure spending and the potential surprises for the upcoming French election.

2017-04-06 MacroVoices

Julian Brigden: The “Trump Gap”, the Dollar and Bonds

Erik Townsend welcomes Julian Brigden back to MacroVoices. Erik and Julian discuss the U.S. Dollars impact on the US shale bubble, the peak acceleration in ISM manufacturing and the risk that headline inflation is peaking. They further discuss if the Fed tightening is going to start to impact data. Julian also points out that the bond shorting opportunity is over and the subsequent risks to the reflationary trades. Also discussed are the wage trends in the U.S.,
perspectives on European growth and inflation and the relative pricing between U.S. and European bunds.

2017-03-30 MacroVoices

Jeffrey Christian: Secular BUY call on Gold

Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, Jeff’s secular bullish call on gold and silver and the current demand for physical gold. Jeff further discusses the fundamentals for the platinum, palladium and lithium markets. Further, they wrap things up with Jeff’s macro outlook on the economy, the European Union and outlook for China and Russia.

2017-03-23 MacroVoices

Jonathan Tepper: The Sea of Excess Liquidity which fueled the rally will soon dry up!

Erik Townsend welcomes Jonathan Tepper to MacroVoices. Erik and Jonathan discuss the excess liquidity generated by central bank policy and the impact to equities, emerging markets and commodity prices. Jonathan gives further insights on inflation risks and the real end game and runaway inflation. They further discuss the 35-year secular bull market in sovereign bonds and the yield curve. With further comments on Australia, Brazil, China and Japan.

2017-03-16 MacroVoices

Art Berman: Outlook for Oil for 2017

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art discuss the current catalyst for the decline in oil – the lack of confidence in OPEC. The discuss the record levels of oil inventories, the comparative inventories to past years, the world production surplus, the global liquids consumption growth, the OECD incremental liquids Inventory and the EIA U.S. crude oil forecast.

2017-03-09 MacroVoices

Grant Williams: The Rise of Populism, Trump Rally, Gold & More

MacroVoices welcome back Grant Williams to the show. Erik and Grant discuss the growing rise in populism, Trump’s effect on the markets, peak optimism. Grant shares his view on if there is crisis in China, the gold/copper ratio, stagflation, the likely trend of the U.S. dollar and the and asking if the 35-year bond bull market over?

2017-03-02 MacroVoices

Louis-Vincent Gave: Translating 2016 Events to 2017 Strategies

Erik Townsend welcomes Louis-Vincent Gave to MacroVoices. Erik and Louis discuss the China reflation trade and asking when Chinese growth will roll over? They further discuss Brexit and the future of the European Union, Philippines and Rodrigo Duterte and the rise of the Chinese empire. It is closed off with the investment themes and risks for 2017.

2017-02-21 MacroVoices

Jeffrey Snider: Understanding the Global U.S. Dollar Shortage

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeff discuss the Eurodollar money markets, why the world needs so many dollars, the U.S. Dollar and the Dollar funding gap. Jeffrey further debunks the reflation trade, discusses current interest rate trap and the failing global currency system.

2017-02-16 MacroVoices

Jim Rogers: Macro Outlook in the Trump Era

Erik Townsend welcomes back Jim Rogers to MacroVoices. Erik and Jim discuss what is in store for the U.S. Equity Markets, the U.S. Dollar, bonds and gold. Further in the discussion they tackle the history of government failures and his views on the global populist movements. They finish off the conversation discussing Jim’s views on the movement to a cashless society and answering if we are moving away from a free society?

2017-02-09 MacroVoices

Jack Schwager: Trading Futures

Erik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss how has futures trading evolved over the last few decades. They discuss technical vs fundamental analysis and the most important rule in technical trading. The conclude with lessons from the Market Wizards books.

2017-02-02 MacroVoices

David Rosenberg: Opportunities and Outlook for 2017

Macro Voices interview with David Rosenberg from Gluskin Sheff. David discusses when is it time to become bearish on the markets, US Dollar Outlook, Canadian Dollar and Canadian Monetary Policy, Future of European Union and asking if the 35-year bond bull market over?

2017-01-26 MacroVoices

Raoul Pal: Inauguration Eve Macro Update

Erik Townsend interviews Raoul Pal on MacroVoices. The interview with Raoul starts with asking if Trump can reverse the trend of a strong dollar. They look at the bond markets and ask if the secular bull market is over. Later in the interview, Erik and Raoul discuss the overcrowded VIX contango trade, the big opportunities for 2017 and the short-term outlook for gold, oil and junk bonds.

2017-01-19 MacroVoices

Rick Rule: Deep dive into pre-revenue resource investing process & due diligence

Erik Townsend interviews Rick Rule from Sprott Global. The interview with Rick starts with the outlook for the precious metals markets in 2017. Erik then proceeds to discuss the due diligence in making private placements in the gold and silver mining companies. Hear Rick’s insights on evaluating intellectual and physical properties and the common characteristics of successful and failed properties. Rick further puts into perspective how much time and capital is needed to invest into early stage startups.

2017-01-12 MacroVoices

David Hay: The Trump Triumph Trade (TTT) is overdone!

Evergreek-Gavekal Chief Investment Officer David Hay joins Erik Townsend as this week’s feature interview guest. Topics include the equity market outlook under President Donald Trump, treasury yields, inflation, energy master limited partnerships, and much more.

2017-01-05 MacroVoices

MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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