About Erik Townsend

hedge fund manager Erik Townsend

Erik Townsend is a retired software entrepreneur turned hedge fund manager. Throughout his career, Erik has capitalized on his ability to understand complex systems and anticipate paradigm shifts far in advance of the mainstream. Read More...

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Rick Rule eErik Townsend welcomes Rick Rule to MacroVoices. Erik and Rick discuss:

  • Why focus on investing natural resources?
  • Using top down macro in resource investing
  • Rare earths and lithium 
  • What resources should investors focus on?
  • Uranium and nuclear energy
  • Liquid Fluoride Thorium Reactors
  • Copper, Potash and Dry Bulk Shipping
  • Water as a commodity
  • China and the future of rare earths

 

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Eric Peters HeadshotErik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss:

  • Is this just a small equity market dislocation or is this bigger?
  • Is this all about rates or the VIX complex?
  • Why were the Inverse VIX products flawed
  • Context on the increasing rates and the movement of the dollar
  • Stagflation and inflation risks
  • Considerations on corporate debt and buybacks
  • Impact of the changes of leadership at the FED
  • Context on FED policy tools during the next recession
  • Is this a Bear Stearns moment for the markets?

 

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JaredDillianErik Townsend welcomes Jared Dillian to MacroVoices. Erik and Jared discuss:

  • Drivers of this stock market drop
  • Is higher volatility here to stay?
  • The beginning of a sustained unwinding of the short vol trade
  • Future regulation of these specialty ETF products
  • Where are the markets heading from here? 
  • Bonds, interest rates and how high can rates go?
  • Where is the U.S. dollar heading next?
  • Dollars relationship to gold
  • Outlook on the Canadian economy

SPECIAL POSTGAME GUESTS:

Chris Cole from Artemis Capital - Follow up on his January 25th interview on Volatility and the Alchemy of Risk.
Devin Anderson - Managing Director - Postmortem on the implosion of the vol ETNs  

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Arthur Berman largeErik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

  • Reflecting on the current oil market
  • Where are the comparative inventories
  • OPEC decisions and actions dominating price
  • Context on OPEC production cuts
  • How much new oil is coming from higher prices
  • Economics on the shale oil fields
  • Perspective on US oil exports
  • Exports primary reason behind U.S. inventory reductions
  • Underinvestment in exploration and development

SPECIAL POSTGAME GUEST: Energy Markets Commercial Broker Patricia Hemsworth to discuss producer hedging, WTI/Brent spreads and the forward curve price dynamics.

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Art will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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chris cole picErik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss:

  • Risks in share buybacks
  • Defining the short volatility trade
  • Explicit vs implicit short vol positions
  • Risk parity, VAR control, Risk Premia and CTAs
  • Considerations on the unwind of the short VIX trade
  • History of correlations on stocks and bonds
  • The scenario where we can have another 1987 market drop again
  • Consideration on the growing trend to passive investing
  • Potential catalysis for market triggers

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Chris will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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mark imageErik Townsend welcomes Mark Cudmore to MacroVoices. Erik and Mark discuss:

  • Outlook for the US dollar for 2018
  • Are rate differentials going to impact the dollar move?
  • Considerations on the Yuan oil contract
  • Is the bond bull market over?
  • Low inflation vs. stagnation
  • Is the oil rally sustainable?
  • Outlook on the commodity markets
  • Considerations on the equity markets
  • Perspectives on China’s economy
  • Will the European Union survive?
  • Outlook for the Euro currency
  • Bullish emerging markets and currencies

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JoshSteinerHeadshotErik Townsend welcomes Josh Steiner to MacroVoices. Erik and Josh discuss:

  • Macro drivers of the Canadian and Australian real estate markets
  • Canada’s "Minsky Moment"
  • Turning up the heat with policies
  • Impact on Canadian Banks
  • Australian one-cylinder economy
  • Perspective on the Australian construction boom
  • Negative gearing in Australia and home equity withdrawal
  • Considerations on U.S. real estate
  • There is still room to run in the U.S. markets

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Josh will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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YuskoSniderGromenfinalMacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show.  In Part 5 of the 5 Part Series, the panel discuss the possible outcomes:

  • What sign posts for the big change?
  • Potential triggers for a lower U.S. dollar
  • Can structural changes be implemented
  • Which investment assets will work the best?
  • Which investment assets will work the worst?
  • Considerations on investment portfolios

We strongly recommend that you download the chart book that accompanies this interview, as they will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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YuskoSniderGromenfinalMacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show.  In Part 4 of the 5 Part Series, Mark Yusko and Luke Gromen present:

  • Gold as a Reserve Asset
  • Gold/Oil Ratio
  • Bypassing the US Dollar
  • Dollar shortage caused by oil price
  • Deficits starting to matter
  • U.S. losing its status as a hegemonic power
  • Logistics in replacing the U.S. System
  • How does the end of Dollar Hegemony occur?

We strongly recommend that you download the chart book that accompanies this interview, as they will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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YuskoSniderGromenfinalErik Townsend welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 3 of the 5 part series, Mark Yusko and Luke Gromen present: 

  • U.S. Dollar Cyclical Pattern
  • Looking at the Dollar Technicals
  • Is there room for one more rally?
  • Gold and the Oil for Yuan Plan
  • Impacts to Emerging Markets
  • Demographics, Deflation and Lower Rates
  • Welcome to Multi-Polar FX World
  • China and Russia’s end-game strategy

We strongly recommend that you download the chart book that accompanies this interview, as they will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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YuskoSniderGromenfinalErik Townsend welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 2 of the 5 part series, Jeffrey Snider presents:

  • The post 2007 U.S. Dollar shortage
  • How does the dollar scarcity play out?
  • Problems facing China at the moment
  • Considerations on China’s gold buying
  • Is a RMB crypto currency possible?
  • Do American politicians even know there is a problem?
  • Dollar short squeeze not a U.S. Dollar bull
  • Global De-dollarization

We strongly recommend that you download the chart book that accompanies this interview, as they will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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YuskoSniderGromenfinalErik Townsend welcomes Jeffrey Snider, Mark Yusko and Luke Gromen to MacroVoices. In part 1 of the 5 part series, Jeffrey Snider presents:

  • Overview of the big picture story
  • Perspectives on where we are today
  • Bulls vs. Bears (nobody wins)
  • Bank of Russia operations in FX repo auctions
  • Brazilian Real and the US dollar funding
  • China’s management of the US dollar
  • The evolving Chinese response

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Juliette will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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PROFESSOR STEVE KEEN headshotErik Townsend welcomes Prof. Steve Keen to MacroVoices. Erik and Steve discuss:

  • Reflecting on the 2008 crisis
  • What is going to go wrong with the current credit cycle
  • False narratives around QE and bank reserves
  • Where is the risk to correction in asset pricing?
  • Walking dead of debt and the zombies to be
  • Considerations on Japan, Canada and China
  • How long does this debt cycle last?
  • Will the next crisis be more wide spread?

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Steve will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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Juliette DeclercqErik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss:

  • US Economy Late in the Cycle
  • China’s Macro Landscape
  • Where is Inflation Heading?
  • Caution on equities 2018
  • Direction for 10year Bonds
  • The US Yield Curve and Potential Recession
  • When has the Fed gone too far?
  • Changing of the guard at the FED
  • USD bearish outlook

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Juliette will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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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Marin Katusa OfficeErik Townsend welcomes Marin Katusa to MacroVoices. Erik and Marin discuss:

  • Saudi Arabia Politics
  • The power shift in the Middle East
  • Petrodollar and the Yuan oil contract
  • Considerations on American oil
  • Understanding the OPEC and Russia relationship
  • Saudi Aramco IPO
  • Future of electric vehicle market
  • The outlook on uranium
  • Understanding global uranium enrichment
  • Future of Russia and Vladimir Putin

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TepperErik Townsend welcomes Jonathan Tepper back to MacroVoices. Erik and Jonathan discuss:

  • Outlook on the US Dollar
  • The momentum trade on global equities
  • Contrarian call on the retailers
  • Update on Australian real estate
  • Outlook on China
  • Considerations on the Canadian economy

    SPECIAL POSTGAME GUEST: Derivatives expert Devin Anderson to discuss the VIX complex and the short VOL trade

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Filia HeadshotErik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss:

  • Measuring the equity bubble
  • Measuring the bond bubble
  • What could be the catalyst be for the reversal?
  • Fake market narrative
  • Chasing narratives and global growth
  • Positive feedback loops
  • ETFs and their impact on the markets
  • Systemic risks from funds not just banks
  • Considerations on European junk bonds
  • S&P values vs. share buybacks
  • Risks to the market from the short VOL trade

SPECIAL POSTGAME GUEST: The Macro Tourist Kevin Muir discussing bonds, inflation and the coming collapse of the short VIX trade. 

 We strongly recommend that you download the chart book that accompanies this interview, and Erik and Francesco will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Keith McCullough headshotErik Townsend welcomes Keith McCullough to MacroVoices. Erik and Keith discuss:

  • Bullish narrative on equities 
  • Valuation is not a catalyst
  • Trends in growth and inflation
  • Where are we in the economic cycle
  • Global economic divergences
  • Growth acceleration puts a lid on market multiples
  • Earnings considerations
  • Considerations on technology valuations
  • Long/short strategies

    We strongly recommend that you download the chart book that accompanies this interview, and Erik and Keith will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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JeffreySniderEurodollar University 02 bErik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

  • Bastardization of money
  • Failure of Primus in 2009
  • Reflecting on the failure of AIG
  • Gramm-Leach-Bliley Act
  • Henry Paulson and Glass–Steagall
  • The Eurodollar system going parabolic in the 2000s
  • Banks manipulating regulations
  • FOMC understanding of Eurodollars
  • Big Picture end game of the Eurodollar system

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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You may also be interested in:

Eurodollar University Part 1

Eurodollar University Part 2

 Eurodollar University Part 3

Grant WilliamsErik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

  • Outlook for the US dollar
  • Update on the Petroyuan oil contract 
  • Edge of the Cliff 
  • Inflation Risks on the Horizon?
  • When is the time for gold?
  • Thoughts on cryptocurrencies
  • Considerations on interest rates and yields
  • Australian real estate
  • Perspective on China’s credit bubble
  • Writing is on the wall in Europe

Get embed code for this episode. | For other embed code options click here | Download the MP3 File | Download the podcast transcript:   pdf Here (615 KB)

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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