Welcome to Macro Voices

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

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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).

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