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  • Eric Hunsader: Market microstructure, HFTs, and IEX

    Erik Townsend and Aaron Chan welcome Eric Hunsader to MacroVoices. Erik and Eric discuss Eric's incredible story of exposing the NYSE's selling of higher-speed data feeds to high-frequency traders, the fallacy of HFT providing greater liquidity in the market, how retail investor orders are executed and taken advantage of by internalizers, and much more.

  • Eric Peters: USD Reserve Status, Unfunded Liabilities, Inflation & More

    MacroVoices and Erik Townsend welcomes Eric Peters as this week’s guest, co-hosted by Kevin Muir. Erik and Eric discuss the future of the USD as the world reserve currency, the impact of protectionist policies on financial markets and the FED reductions and their impact around the world. The further discuss inflation, entitlements and the changes we can expect in central bank attitudes moving forward. Later in the podcast the discuss demographics, baby boomers, and millennials and their impact over the coming years on financial markets.

  • Erik Townsend: Accredited Investor Academy Series, Part 1

    Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part I. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the first of a four-part series about learning to be a sophisticated private investor.

  • Erik Townsend: Accredited Investor Academy Series, Part 2

    Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 2. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the second of a four-part series about learning to be a sophisticated private investor. Erik and Aaron discuss the process of re-inventing oneself from running a company as an entrepreneur to managing and running money, skillset required for investing versus entrepreneurship, options in alternative financial media, the different categories of private investors and the work required, difference between an asset allocator and a full-time investor, and much more.

  • Erik Townsend: Accredited Investor Academy, Part 3

    Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3.

  • Erik Townsend: Accredited Investor Academy, Part 4

    Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 4.

  • Grant Williams: US Recession, Eroding Faith in Central Bankers, and the Economics of War

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

    • The likelihood of a US recession
    • The unsustainability of global credit growth
    • The continuing erosion of faith in central bankers
    • The response to negative interest rates in Japan
    • The excesses promised by politicians to citizens of Western Democracies
    • "The Consequences of Economic Peace" 
    • Big Cyles, Kondratieff Waves, The Laws of Nature
    • The similarity between current times and the lead up to WWI
    • Thinking about outcomes we'd rather not and assigning probabilities accordingly
    • The Real Vision TV backstory and their goals in bringing some truth back to financial journalism
    • and more...

    Click here for your free trial subscription to Real Vision Television

    pdf Click here to download Grant’s “Duck Test” presentation in PDF form (1.26 MB)

    Click here for a link to Grant’s video presentation; 'The Consequences of Economic Peace'

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  • Grant Williams: US Recession, Eroding Faith in Central Bankers, and the Economics of War

    Erik welcomes Grant Williams and the two of them discuss the probability of a US recession, eroding faith in central bankers all around the world, out of control debts and their geopolitical implications, and the Real Vision Television project.

  • Holiday Special RVTV Encore: Edward Misrahi

    An interview which was originally published on June 2, 2016, between Raoul Pal of Real Vision and Edward Misrahi, Goldman Sachs alumni and founder of Eton Park.

  • Holiday Special RVTV Encore: Paul J. Isaac

    An interview which was originally published on August 2, 2016, between Grant Williams of Real Vision and Paul J. Isaac, CEO and Founder of Arbiter Partners Capital Management.

  • Hugh Hendry: USD Breakout, Post-Brexit Europe, Benign on Japan, Equity Outlook, & More

    Erik Townsend and Aaron Chan welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss USD breakout and binary consideration of US economy's condition in a strong-dollar environment, Brexit contagion and likelihood of strong vs. weaker countries disbanding from the EU, the "time stop-loss" and when it's appropriate to pivot theses, global transfer from creditors to debtors via the machinations of QE, Hugh's response to Kyle Bass' China devaluation thesis, maintaining intellectual honesty in the face of professional ramifications, and much more.

  • Inside the Investment Committee: The 2016 big short in fixed income

    The inaugural episode of MacroVoices INSIDE THE INVESTMENT COMMITTEE featuring Julian Brigden, Juliette Declercq and Alex Gurevich takes you inside the process professional fund managers and their advisers use to source and vet macro trading strategies.

  • Jack Schwager: The Journey from Market Wizards to FundSeeder.com

    Erik and Jack Schwager discuss the Market Wizards project, Fundseeder.com, and how the future of capital introduction is likely to change.

  • Jack Schwager: The Journey from Market Wizards to FundSeeder.com

    JSchwager Photo Barcelona FINALErik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss:

    • The history of the Market Wizards project
    • The importance of finding your "own process" in achieving success in trading
    • Discipline, risk management, organization, perseverance 
    • The range of possible successful approaches an investor or trader can take
    • Early failure not necessarily being predicitive of future success/failure, learning from mistakes
    • Mr. Schwager's own experience interviewing traders who have been widely influenced by his early books
    • The genesis and mission of FundSeeder.com
    • Finding new ways of linking capital with talented traders and changing the business of capital introduction
    • The technologies that could ultimately provide disruptions in the capital allocation space
    • Assisting an amateur trader in making the leap to full-time professional, and more...

     

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  • Jeffrey Christian: Around the world in 50 minutes

    J ChristianErik Townsend welcomes Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

    • The advantages held by the US over other economies
    • The reasons for the recent USD strength and where it is headed next
    • The market reaction to the most recent round of hawkishness from the Fed
    • The Gold market internals which have supported its price in 2016, and the possibility of a pullback
    • The relevance of the Commitments of Traders report in the Gold market
    • What institutional positioning in precious metals tells us about liquidity flows
    • Platinum, Palladium, their extraction methods and uses, their relationship to each other and other PMs
    • Where we are currently in the broader commodities cycle
    • The problems facing China, Japan, and Europe
    • Economic, social, and political issues in Russia
    • Possibilities for Gold and non-USD currencies playing a bigger role in central bank reserves, and more...

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  • Jeffrey Christian: Around the world in 50 minutes

    Erik and Jeff literally circle the globe bringing macroeconomic insight for each stop along the way.

  • Jeffrey Christian: Precious Metals, Macro Drivers, and More

    Erik Townsend and Aaron Chan welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss U.S. Dollar predictions and the range-bound outlook, Brexit contagion and potential impacts on gold and silver, rejecting old mental models with unprecedentedly low real and nominal interest rates, degradation of global political cooperation, Trump vs. Clinton implications for global markets and precious metals, and much more.

  • Jeffrey Snider: All Signs Point to Global Systemic Reset

    Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss rich equity valuations despite an on-going earnings recession, the mainstream misconception and myth that the Fed provides liquidity, Milton Friedman's Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply, wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption, and much more.

  • Julian Brigden: Inflation, U.S. Dollar, Peak Central Bank Omnipotence, Further PM Weakness, and More

    Erik Townsend and Aaron Chan welcome Julian Brigden to MacroVoices. Erik and Julian discuss waxing and waning of U.S. Dollar cycles driving global crises, potentially materially higher headline inflation and wage numbers in 2017, peak central bank omnipotence, potential for sub-$1,000 and sub-$14 gold and silver prices, impact of U.S. Dollar repatriation on Eurodollar funding, and much more.

  • Julian Brigden: Where we stand in the US Dollar Story

     

    julian brigden headshotErik Townsend welcomes Julian Brigden to MacroVoices. Erik and Julian discuss:

    • The difference between the DXY and the trade weighted broad Dollar index
    • The effect of emerging market fluctuations on the broad Dollar
    • Dollar pause or Dollar reversal?
    • The return of cyclical inflation in the US
    • Chinese capital outflows and the effect on real estate markets
    • How the Dollar story will affect precious metals
    • Emerging market equites
    • A lack of real cooperation between central banks
    • Global sovereign debt markets and what they are signaling about inflation
    • How a perfect storm of Dollar strength and a return of inflation will take away the central bank "put"
    • ...and bunches upon bunches more...

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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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