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  • Jesse Felder: Equity Markets are in a Topping Process

    Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss drivers behind the everything bubble, and will quantitative tightening be a trigger? Impacts of market leverage, the Buffet yard stick and what is in store for the FAANG stocks.

  • Jesse Felder: The Party is Ending for Stock Bulls

    Erik Townsend welcomes Jesse Felder to MacroVoices. Erik and Jesse discuss the technicals on the markets, DeMark indicators and the potential turning points in the exhausted trends. They further discuss the VIX short positioning and debate if we are in a secular turn in share buybacks?

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

    Erik Townsend and Julian Brigden of Macro Intelligence 2 Partners discuss the Dollar from a multitude of angles, as well as emerging markets, precious metals, equities and global bond markets.

  • Juliette Declercq: “Dovish Pivot” is not a game-changer yet

    Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the impact of trade war on the global economy. They then discuss the PBOC, the Chinese monetary policy and the broader global growth outlook. They move on to touch on the U.S. Dollar, the U.S. monetary policy outlook and ask if the Powell dovish pivot a game changer?

  • Juliette Declercq: Questioning the Fed’s ability to service its inflation mandate

    Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss the current status of inflation, the FED’s failure to meet its inflation mandate, and what is ahead for policy path and inflation outlook.

  • Macro Voices

    Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC

  • Mark Yusko: Short Dollar, Long Deutsche Bank, China eCommerce, Oil, and More

    Erik Townsend and Aaron Chan welcome Mark Yusko to MacroVoices. Erik and Mark discuss bearish outlook for and reserve status deterioration of U.S. dollar, the "Everything Bubble" and similarities to 2000, misplaced comparisons between Deutsche Bank and Lehman Brothers, exciting trends and generational opportunities in China retail and eCommerce, dangerous paradigm of buying stocks for yield and bonds for capital appreciation, and much more.

  • Michael Lebowitz: Death of the Virtuous Economic Cycle

    Erik Townsend and Aaron Chan welcome Michael Lebowitz to MacroVoices. Erik and Michael discuss the saving discipline that drives the virtuous economic cycle and sustains prosperity, a global economy untethered from demographics and productivity, outlook for negative interest rate policies, alternatives for savers throughout the demise of the virtuous cycle, Trump v. Clinton impacts on global financial markets, and much more.

  • Paul Brodsky: Treasury yields, Deflation, and the need for a Financial System Reset

    Erik Townsend and Aaron Chan welcome Paul Brodsky to MacroVoices. Erik and Paul discuss the necessary global reset due to insurmountable leverage, views and outlook for U.S. Treasuries despite obvious sovereign insolvency, the false deleveraging narrative when viewed in the light of base money, thinking behind owning gold bullion relative to gold mining shares, and much more.

  • Paul Krake: Post-Trump, Ripping up the Investment Playbook

    Erik Townsend and Aaron Chan welcome Paul Krake to MacroVoices. Erik and Paul discuss the bond market blowup in the context of the U.S. Presidential election, ripping up the investment playbook under a Trump presidency, violent rotation out of long-bond proxies into higher growth, higher rate assets, the resulting balance sheet and pension destruction from the rotation, potential for a disorderly rise in interest rates and the U.S. Dollar, gold losing its predictive ability and relevance, China debt dynamics and potential RMB devaluation in the context of limiting social unrest, and much more.

  • Prof. Edward Altman: High Yield Benevolent Cycle Not Yet Over

    Erik Townsend and Patrick Ceresna welcome Prof. Edward Altman to MacroVoices. Erik and Edward discuss the credit cycle and the length of the current benign cycle. They elaborate on historical default rates, recessions and the surge in U.S. corporate leverage. In the postgame following the interview, Louis-Vincent Gave joins the team to discuss the liquidity squeeze and the end of Chin-America.

  • Prof. Steve Keen: Macro Outlook Under Donald Trump, Inflation, TSY Yields, and More

    Erik Townsend and Aaron Chan welcome Professor Steve Keen to MacroVoices. Erik and Professor Keen discuss how Trump might be the most Keynesian President since Trump, prospects for a debt jubilee and subsequent credit boom, European Union disintegration making Lehman look like a picnic, last gasps of neoliberalism, and more.

  • Raoul Pal: Breaking Down the US Dollar, Past, Present, and Future

    Erik interviews Raoul Pal, and they breakdown the US dollar bull market and discuss where we're headed next.

  • Raoul Pal: Breaking Down the US Dollar; Past, Present, and Future

    Raoul PalErik Townsend welcomes Raoul Pal to MacroVoices. Erik and Raoul discuss:

    • The US Dollar backstory and how central bank policy divergence got us here
    • US government bonds and the potential for interest rates to move much lower
    • Weak growth in the US and a business cycle that is appearing to roll over
    • The risks of loaning money to insolvent governments in the form of sovereign bonds
    • Changing our operating framework to better understand a changing global macro picture
    • Gold and real estate becoming hedges to the currency risk involved with negative interest rates
    • Gold's ability to rally in the face of potential further Dollar strength
    • The European banking system and "CoCo Bonds"
    • The ban on cash and the real reasons the powers that be are moving in this direction
    • "The Big Uglies" and what could trigger an economic recession
    • Which forms further monetary or fiscal stimulus could take, and more...

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  • Raoul Pal: Inauguration Eve Macro Update

    Erik Townsend interviews Raoul Pal on MacroVoices. The interview with Raoul starts with asking if Trump can reverse the trend of a strong dollar. They look at the bond markets and ask if the secular bull market is over. Later in the interview, Erik and Raoul discuss the overcrowded VIX contango trade, the big opportunities for 2017 and the short-term outlook for gold, oil and junk bonds.

  • Raoul Pal: USD, TSYs, Biz Cycle, Gold, EU Exit Contagion & More!

    Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss structural issues in LIBOR and Eurodollar markets as bullish for USD, update on Raoul's business cycle framework, 100% probability of recession following 2-term U.S. presidencies, Brexit contagion spreading into the rest of Europe, gold and USD pairs-trade timeline and expectations, precarious state of and systemic risk of the European banking sector, potential moonshot in soft commodities due to weather cycles, and much more.

  • Richard Duncan: What the history of monetary policy tells us about our future

    Duncan headshotErik Townsend welcomes Richard Duncan to MacroVoices. Erik and Richard discuss:

    • The events in world world history which have led to increased government spending and record debt
    • The catalysts that made everything "pop" in 2008
    • How QE works, who benefits from it, and how likely it is to persist
    • The results of having a government directed economic system for over 76 years
    • Unique conditions which allowed extraordinary policy from the Fed, and how the US could capitalize on them
    • The looming threat of war increasing due to a "need" for increased government spending
    • The alternative forms of government spending we could see in lieu of war
    • The possibility, and likely futility of "helicopter money"
    • Why we won't see the end of the USD's role as world reserve currency anytime soon
    • And fistfuls of more good stuff...

     

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  • Richard Duncan: What the history of monetary policy tells us about our future

    Richard and Erik discuss the history of monetary policy, and what it suggests to us about the direction the global economy is headed.

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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