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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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).

Click here to register or login for access to supporting materials.

 

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All-Star Jeff Snider and Erik discuss:

  • Bank reserves fall under an outdated definition of "base money", therefore it isn't clear what an increase in bank reserves actually signifies.
  • Beginning with inflation expectations, if the Fed was printing money then its missing from the bond market; TIPS suggest crisis level lows for short run and long run inflation conditions (deflation, in other words)
  • Despite that $1.5 trillion, LIBOR remains crucially elevated; TED spread behaving just like 2008
  • You're not supposed to question what central banks actually do, because if you think through the actual process you'll see there's far less than you're made to believe (belief is what matters in modern monetary policy)

Supporting Materials for Download

Not Money Printing - GFC2: The Bowl's Empty 

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This episode of Hot Topic features...

  • Why USO’s 1:8 reverse split is a setup for massive retail inflows to Crude Oil ETPs this week
  • Why oil producers will be taking the other side of futures bought by USO and other ETPs
  • The perfect storm: What happens when a historically unprecedented % of shorts stand for physical delivery
  • There simply is no good solution: Even with a financial bailout, the logistic nightmare could cripple the industry

Supporting Materials for Download

Bianco Research Presentation 04 27 2020 

 

 

 

 

 

  

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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).

Click here to register or login for access to supporting materials.

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All-Star Louis-Vincent Gave and Erik discuss:

  • Louis’ post-crisis macro outlook
  • U.S.-China relations after the crisis and what it means for markets
  • Erik & Louis comment on the crash of May Crude oil futures to -$40 in real time as it happens in the market

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Erik Townsend and Patrick Ceresna welcome Chris Cole to MacroVoices. Erik and Chris discuss:

  • Recap: What is Dragon portfolio?
  • How has dragon portfolio performed amidst the COVID-19 crisis
  • Consequences of government monetary intervention
  • Long-vol strategy: what worked and what didn’t?
  • What implications could secular inflation bring to dragon portfolio?
  • Commodity trend: what does it mean? 

Download the podcast transcript: [Click Here]

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SPECIAL POST GAME GUEST: Niels Kaastrup-Larsen

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All-Star Julian Brigden and Erik discuss:

  • U.S. Dollar: What are the drivers and what’s Julian’s outlook
  • Stock Market outlook: Is it time for new shorts or is there more upside?

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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).

Click here to register or login for access to supporting materials.

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This episode of Hot Topic features...

  • The macro argument for gold: Jeff and Erik agree on a super-bullish outlook
  • Understanding the physical gold market and the people in it: No license required!
  • Jeff debunks some of the popular myths and misconceptions about how the physical gold market functions
  • Jeff’s advice on how to ignore the conspiracy theories and design a diversified portfolio of both physical and paper precious metals exposure

Supporting Materials for Download

MacroVoices Spotlight #2 Bob Coleman: Private Vaulting of Precious Metals = Independence from the Financial System

 

 

 

 

 

 

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All-Star Dr. Pippa Malmgren and Erik discuss:

  • Bail-out nation: Will the long list of bailout packages tip the economy into secular inflation?
  • Unexpected knock-on effects: What aspects of society will change from the crisis and why?
  • Bio-hazards and Bio-Weapons: Why do governments need bio-weapons laboratories and what if an accident led to another outbreak?

 

 

 

 

 

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 Patrick Ceresna shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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