Welcome to Macro Voices

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

• Deflation vs. Inflation
• Can US Treasury 10yr Yields  press 2%?
• Sentiment and vol factors and thematic reversal risk
• Nomura Vol control model anticipates potential “buy flows”
• Thematic & Factor risk premia performance trends
• SPX/SPY Consolidated $Gamma/$Delta

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We strongly recommend that you download the chart book that accompanies this episode, as Erik and Charlie 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 Art Berman to MacroVoices. Erik and Art discuss:

• General outlook on oil
• Factors causing continuous decline in production
• Why should we not expect increases in price?
• OPEC spare capacity vs Brent price
• Reasons to expect demand to return to pre-pandemic levels by end of 2021
• Price outlook for the rest of 2021
• Increase in price vs. rig count
• Impact of electrification on oil

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Art 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 Jeff Snider to MacroVoices. Erik and Jeff discuss:

• Why deflation?
• Was it really a historic sell-off in bond market?
• Why the government wants inflation
• US Treasury yield curve vs. Eurodollar yield curve
• Will the Fed stick to the zero lower bound for the foreseeable future?
• Definition of reflation vs. recovery
• Underwhelming current reflationary sell-off
• Inflation expectations in the TIPS market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeff 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 Jesse Felder to MacroVoices. Erik and Jesse discuss:

• Inflation outlook and its main drivers
• S&P500 index and margin debt to GDP analysis
• Potential peak in earnings growth ahead
• Corporate profit margins vs. Labor share
• Stocks vs. Interest rates, Interest Rates vs. Financial Instability
• Gold and crypto currency
• How value investing works in overpriced asset conditions

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jesse 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 Steven Van Metre to MacroVoices. Erik and Steven discuss:

• Why deflation, why not inflation?
• QE – how it really works
• Why is the current MMT inspired stimulus not inflationary?
• Reasons why there is a need for existing bank reserves for QE
• What will the next stimulus bring?  
• What is a liquidity trap and why we’re headed towards it
• Implications of liquidity trap and how to resolve it
• Outlook on bond yields

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Steven 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 Robert Friedland to MacroVoices. Erik and Robert discuss:

• How investors should think about decarbonization
• Green Revolution – is there an investment in build out of a new electric grid?
• What to invest in to benefit from the electrification of the global economy
• EV and advancement in batteries – is nickel unavoidable?
• How investors should look at advancement in battery technology
• Perspectives on commercialization of Thorium reactors
• The technology needed in order to deliver safe and unlimited electric energy 

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 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 Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Is secular inflation upon us?
• What to make of the rise in long-term bond yields?
• Are higher yields threatening an equity bear market?
• Ongoing sector rotation between cyclicals/value and growth sectors
• What should the FED do next?
• Outlook on dollar and gold

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Juliette 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 Diego Parrilla to MacroVoices. Erik and Diego discuss:

• Inflation vs. Deflation narrative
• Rates market – at what point will the Fed intervene?
• Negative treasury yield and what that means for equity market
• VIX on the rise – is the market topping?
• Outlook on Gold
• DXY – are we seeing a reversal on the horizon?

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Amir Adnani{f90filter RegisteredUser SHOW}

Erik Townsend and Patrick Ceresna welcome Ole Hansen to MacroVoices. Erik and Ole discuss:

• Return of a commodity bull market
• Increasing real yields vs. gold
• Green revolution – which commodity will benefit?
• Increasing demand in Copper
• Record long exposure in hedge funds – is this where the market tops?
• Why Roll Yields matter
• Green transformation and its relationship to correlations in commodities
• Crude oil – are we nearing a top?
• Outlook on agriculture, Uranium

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ole 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).

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