Macro Voices Podcasts

Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

• New all-time highs in the stock market despite the pandemic – what does this mean?
• Jesse’s perspectives on Mike Green’s thesis about passive investment strategy
• Is the retail mania driven by the Fed?
• Perspectives on stock split and still rising TSLA
• Is the bond market the key to stop the Fed’s frivolous money printing
• Is this the beginning of the end for US dollar?
• Outlook on Gold

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Vincent Deluard to MacroVoices. Erik and Vincent discuss:

• Shortcomings of 60/40 portfolio and its implications
• Why secular inflation is on the horizon and what would it look like?
• Generational gap in wealth – what policies will bridge that gap?
• U.S. Dollar – is this the beginning of the end?
• Outlook on European economy and markets
• Why inflation still hasn’t happened
• Perspectives on gold and precious metals 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Vincent will refer to it throughout the discussion. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

• Has Jim really changed his views and turned bullish?
• Coronavirus crisis update
• V-bottom recovery in the stock market does not equal v-bottom recovery in the economy
• FED’s balance sheet expansion – where is it headed, what’s the endgame?
• MMT – what are the risks and how does it unfold?
• Fixed income markets – outlook on bond yields
• Devaluation of the US dollar and the possibility of it losing its reserve currency status
• Outlook on Gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Patrick will refer to it throughout the postgame segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeff Snider to MacroVoices. Erik and Jeff discuss:

• 2008 Recession and QE, how it differs from other recessions
• Diminishing economic growth
• Perspectives on Ben Bernanke’s and other central banker’s performance in the aftermath of 2008 recession
• Debunking the idea of central banks being central
• Banks are shrinking – bank stocks are reflecting risks
• Primary components of the global monetary system and how they work

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Jeff will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

• How to navigate the current environment of escalating civil unrest and the social divide
• Rise of MMT – how close are we and what should we expect?
• How long will the central bank balance sheet expansion continue?
• The global recession – how does it compare to recessions in the past and how long will it last?
• Outlook on Gold
• Changing political climate in Hong Kong and its impact on US/China relations
• Perspectives on the impact of the upcoming US Presidential election

Download the podcast transcript: [Click Here]

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Erik Townsend and Patrick Ceresna welcome Lyn Alden to MacroVoices. Erik and Lyn discuss:

• U.S. Deficit was already growing pre-COVID19 crisis
• Current employment dislocation compared to 2009
• Is the Fed's monetary policy what's driving the V-shaped recovery in stock prices?
• Fed's policy to inject more liquidity into the real economy and its implications
• Will Monetary Policy 3 lead us to consumer price inflation risk?
• Gold vs. Money supply and real interest rates
• Possible impact on the markets from the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart deck that accompanies this episode, as Erik and Lyn will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss:

• "Put Joe Rogan in Charge of the Fed! - The Dawn of Chaos"
• Perspective on the stock advance relative to money supply expansion
• Balance sheet expansion of the Fed and other central banks
• Which direction will this monetary policy take?
• Wealth inequality
• Implementation of MMT and devaluing the dollar - is this a good idea?
• Hugh's journey from hedge fund manager to property investor

Download the podcast transcript: [Click Here]

We strongly recommend that you download the article that accompanies this episode, as Erik and Hugh will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspective on market strength, despite the resurgence of COVID19 cases
• How to current market situation translates to the CTA positioning 
• Equity market outlook
• How does volatility complex play into the current equity market?
• Bond market outlook – secular end of a 40 year event?
• The impact of rising civil unrest and upcoming election will have on the markets

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Charlie will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

SPECIAL POST GAME GUEST- Talking Options with Convexity Maven Harley Bassman

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Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. Erik and Harley discuss:

• Impact of COVID19 on recession – was it the cause or catalyst?
• Perspective on declining population and workforce
• Possibility of risk parity unwind
• Portfolio positioning in current market 
• Policy risk on spread trading
• Are we headed toward secular inflation and what does that entail?
• Inflation vs. bond market 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Harley will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

• OPEC+ Production cut and the spring rally
• Flaws in the assumption that shut-in oil wells
• Decline rates – how does it work?
• Forecast on oil production – will it go up and what’s next?
• How much is the industry and its production hedged?

• Unaccounted for oil – why is there so much of it?
• Is the storage crisis really over?
• Recent recovery - are we back to pre-crisis consumption?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Art will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

• How to interpret the strong market action despite the pandemic and civil unrest
• What’s next for US Dollar?
• Recent downside move in Gold – is this the time to buy? 
• Perspectives on the rapid recovery in oil prices
• Shift from deflation to inflation/stagflation – how long will this take?
• False diversification
• Likelihood of a risk parity unwind and its risks 

MacroVoices #190 Diego Parrilla: They'll change the rules to bail out the system 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Vikram Mansharamani to MacroVoices. Erik and Vikram discuss:

• What kind of recovery should we expect post-COVID19?
• Increasing civil unrest – what could that mean for investors?
• Will this “work from home” trend continue even after the crisis is over?
• What are the least obvious implications of this crisis?
• Impacts of the crisis on businesses and supply chains moving forward
• US/China geopolitical relations
• Perspective on the US dollar as the world reserve currency
• Implications of a secular shift from deflation/stagflation to inflation

Pre-order THINK FOR YOURSELF By Vikram Mansharamani 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Ronald Stöferle to MacroVoices. Erik and Ronald discuss:

• Is now the time to focus on secular shift in precious metals?
• Secular shift to inflation or stagflation – what would that mean for precious metals?
• How does this pandemic compare to the recession of 2008
• The impact of weak commodities on precious metals
• Can gold substitute for bonds in portfolios?
• Impacts of strong USD on gold
• Perspectives on mining stocks
• Outlook on silver
• Bitcoin vs. Gold
• Are we due for a technical correction?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the report that accompanies this episode, as Erik and Ronald will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• What kind of recovery should we expect post-COVID19?
• Is this the top of the bear market rally or will we test new all-time highs again?
• Has the central banks largesse gone as far as it can go?
• Are we heading from secular deflation to secular inflation?
• Will the west’s indebtedness lead to “Japanification” 
• US dollar losing its reserve currency status – what would that entail?
• Gold outlook post-crisis
• Can all fiat currencies be devalued at the same time?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Daniel will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Ben Hunt to MacroVoices. Erik and Dr. Hunt discuss:

• Three narratives of Coronavirus crisis

• Is the recent monetary & fiscal response to COVID-19 leading us from deflation to inflation? 
• Will the Federal Reserve Act have to change?
• Frontline Heroes- how did it start and how can others help?

     Donate to Frontline Heroes  

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

• What cycle should we focus on amidst the crisis

• 3D’s of recession: Depth, Diffusion, Duration
• Exogenous shock factors: how is this recession different than others? 
• Based on historic cycles, what should we expect next?
• What can we learn from economic cycles as we try to get out of deflation?
• Is coronavirus crisis becoming a catalyst to a US/China “cold war”? 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt to MacroVoices. Erik and Dr. Hunt discuss:

• Core thesis on interest rates and inflation
• Constraints on zero bound interest rates in the US

• How do you invest in this zero bound interest rate environment?
• How to interpret FED policy on inflation
• Perspectives on the FED bailing out the high yield market
• Will the Federal Reserve be allowed to print money?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik and David discuss:

• General market outlook
• Will the Fed put a floor on the stock market?
• Is the government’s response to COVID-19 crisis leading to secular inflation?
• Investment strategy to navigate ongoing market volatility
• Bond yields - is there really a zero lower limit?
• Impacts of COVID-19 crisis on emerging market equities
• Impending friction between US/China and its economic implications

Download the podcast transcript: [Click Here]

Rosenberg Research 

30-Day Free Trial to Rosenberg Research 

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. Erik and Eric discuss:

• Was the market dislocation inevitable or was it caused by the Coronavirus?
• Will there be even worse economic downturn due to governments bail-out policies?
• Risk-hedge long-vol portfolio management strategies
• The concept of trend following: how is it used?
• What are the consequences of the recent record-setting monetary stimulus?
• What limitations will central banks face if we move into a secular inflation environment 
• What are the major implications of the current economic state?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Josh Crumb to MacroVoices. Erik and Josh discuss:

• Current opportunities in gold market
• What is the range of possible prices for gold market
• Gold-Oil ratio: will the gold prices get brought down with oil?
• Important economic signals come from where people are hedging
• Is oil price constraining the gold price despite recent central bank policy actions
• What are the physical dislocations in the gold market due to COVID-19 impact?
• Is there a disconnect forming between physical and paper price of gold?
• Outlook on digital currency 
• Possibilities of global digital reserve currency 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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