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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

  • Is the bond bull market finally coming to an end?
  • Possibility of negative rates
  • Secular shift from disinflation toward inflation
  • US dollar outlook – beginning of a secular decline?
  • Perspectives on gold and equity markets
  • Impact of monetary policy on liquidity

Download the podcast transcript: [Click Here]

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SPECIAL POST GAME GUEST- Jim Bianco

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

  • Prognosis on the U.S. Presidential Election
  • Why the Republicans have not yet folded on the next relief package?
  • Vicious circle from lower confidence to higher unemployment
  • What would a contested election mean for the markets?
  • U.S. dollar outlook
  • Possibility of U.S. Real Yields to collapse

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 Mike Green to MacroVoices. Erik and Mike discuss:

  • Active vs passive investing dynamics
  • Is QE what’s driving the stock market and how does MMT fit in
  • Will MMT bring runaway inflation and what are the implications?
  • Is the bond bull market coming to an end?
  • What investors should look out for during a period of hyperinflation
  • Outlook on gold
  • Potential risks and threats of U.S. dollar losing its reserve currency status
  • Perspectives on digital currency 

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 Luke Gromen to MacroVoices. Erik and Luke discuss:

  • Is this the beginning of the big move down for the US dollar?
  • Why the US will have to what Luke calls “print the mostest” in the dollar endgame
  • What does “printing the most” entail?
  • What is the catalyst that would bring a secular decline of the dollar?
  • US fiscal condition – accelerate borrowing and spending, where are we headed from here?
  • Perspective on the soaring S&P500what does this mean?
  • Outlook on Gold
  • Perspectives on how the US Presidential election outcome will impact the markets

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 Brent Johnson to MacroVoices. Erik and Brent discuss:

  • What is next for the U.S. Dollar?
  • Will the change in monetary system provide a viable alternative to the dollar?
  • S&P 500 breaking out to the upside – what comes next?
  • Soaring stock market – is this driven by central banks buying stocks using cash from QE?
  • Outlook on gold and commodities
  • Can U.S. Treasuries see negative yields?
  • Perspectives on the upcoming U.S. Presidential election

Download the podcast transcript: [Click Here]

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

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).

 

 

 

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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

Download the podcast transcript: [Click Here]

 

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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 welcomes Artem Milinchuck to MacroVoices. Erik and Artem discuss:

  • The macro case for farmland: producing real returns in a low-yielding financial economy
  • Performance and correlation analysis: Comparing farmland to other asset classes
  • Risks and opportunities created by the COVID19 crisis
  • Fractional farm ownership – how FarmTogether is making an asset class formerly open only to the super-rich available to all accredited investors

 

Supporting Materials for Download

FarmTogether Website - Invest in US Farmland 

FarmTogether - Live Offerings 

Introduction to Farmland Investing 

Tech-Powered Farmland Investment Platform - Driving Investment into a Vital $10T Asset Class 

Contact Information:

Phone: 1-909-404-5902

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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).

 

 

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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).

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All-Star Dr. Anas Alhajji and Erik discuss:

  • Rebalancing the market: Between U.S. Shale, 180mm bbl of Floating Storage, and a recession, how long will it take to get back to normal?
  • Long-term outlook for global energy markets: Why higher prices are inevitable
  • The risk of alternatives under-delivering resulting in a supply capacity-induced global energy crisis in ~10 years time

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

  • OPEC+ Production cut and the spring rally
  • Flaws in the assumption that shut-in oil wells
  • Decline rates – how does it work?
  • Forecast on oil production – will it go up and what’s next?
  • How much is the industry and its production hedged?
  • Unaccounted for oil – why is there so much of it?
  • Is the storage crisis really over?
  • Recent recovery - are we back to pre-crisis consumption?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chartbook that accompanies this episode, as Erik and Art 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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All-Star Louis-Vincent Gave and Erik discuss:

  • The Hong Kong Debacle: Why Xi Jinping needs to save Hong Kong rather than sacrifice it
  • U.S. Dollar weakness: What’s driving it and where is it headed?
  • Civil unrest in the USA and elsewhere: What are the causes and what comes next?

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

  • How to interpret the strong market action despite the pandemic and civil unrest
  • What’s next for US Dollar?
  • Recent downside move in Gold – is this the time to buy? 
  • Perspectives on the rapid recovery in oil prices
  • Shift from deflation to inflation/stagflation – how long will this take?
  • False diversification
  • Likelihood of a risk parity unwind and its risks 

 

MacroVoices #190 Diego Parrilla: They'll change the rules to bail out the system 

 

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).

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All-Star Luke Gromen and Erik discuss:

  • The Fed has been extremely aggressive and markets have responded – are we headed towards all time highs?
  • Tapering of the Fed’s balance sheet expansion and what it means for the markets
  • How is Luke positioned for what’s on the horizon?

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Erik Townsend and Patrick Ceresna welcome Vikram Mansharamani to MacroVoices. Erik and Vikram discuss:

  • What kind of recovery should we expect post-COVID19?
  • Increasing civil unrest – what could that mean for investors?
  • Will this “work from home” trend continue even after the crisis is over?
  • What are the least obvious implications of this crisis?
  • Impacts of the crisis on businesses and supply chains moving forward
  • US/China geopolitical relations
  • Perspective on the US dollar as the world reserve currency
  • Implications of a secular shift from deflation/stagflation to inflation

Pre-order THINK FOR YOURSELF By Vikram Mansharamani 

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).

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All-Star Jeff Snider and Erik discuss:

  • If the Fed really was printing money, there'd be no need to sell it to the public in general, financial services industry specifically.
  • Chairman Powell appeared on 60 Minutes in May, and while everyone focused on his statement "create money digitally" no one noticed three important lies the Chairman told.
  • There isn't the slightest hint of inflation in any meaningful market after almost three months of so-called money printing. Nor in corporate boardrooms.
  • The most optimistic case, the base comparison the Fed (and CBO) is using, is that this will all end up being worse than the 2008-09 Great "Recession." 
  • Hopefully back to even by the end of next year isn't quite what people have in mind, and that's why this openly aggressive central bank response (lying).

Supporting Materials for Download

                                                                  The Flood Myth - Jeff Snider MacroVoices 2020 06 01 

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Erik Townsend and Patrick Ceresna welcome Ronald Stöferle to MacroVoices. Erik and Ronald discuss:

  • Is now the time to focus on secular shift in precious metals?
  • Secular shift to inflation or stagflation – what would that mean for precious metals?
  • How does this pandemic compare to the recession of 2008
  • The impact of weak commodities on precious metals
  • Can gold substitute for bonds in portfolios?
  • Impacts of strong USD on gold
  • Perspectives on mining stocks
  • Outlook on silver
  • Bitcoin vs. Gold
  • Are we due for a technical correction?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the report that accompanies this episode, as Erik and Ronald 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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All-Star Dr. Pippa Malmgren and Erik discuss:

  • Shape of the economic recovery: Why “Letter Shapes” like V, W, L, and U are insufficient to describe what will occur
  • How financial markets will react to multiple recovery scenarios in the real economy
  • U.S.-China relations in the post-COVID19 world
  • State of the art in industrial drone technology

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

  • What kind of recovery should we expect post-COVID19?
  • Is this the top of the bear market rally or will we test new all-time highs again?
  • Has the central banks largesse gone as far as it can go?
  • Are we heading from secular deflation to secular inflation?
  • Will the west’s indebtedness lead to “Japanification” 
  • US dollar losing its reserve currency status – what would that entail?
  • Gold outlook post-crisis
  • Can all fiat currencies be devalued at the same time?

 

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Daniel 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 Scott Lynn to MacroVoices. Erik and Scott discuss:

  • Fine Art as an asset class: Why some of the biggest names in finance are diversifying into Fine Art collections
  • Performance and correlation characteristics of Fine Art in Portfolio Construction
  • Why “Blue Chip” Fine Art (most famous and well-known artists) delivers the best investment returns
  • The Securitization Model: Fractional ownership of fine art masterpieces through securitized holding companies

 

Download the podcast transcript: [Click Here

 

 

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All-Star Juliette Declercq and Erik discuss:

  • Deflation vs. Inflation
  • Is it MMT that makes the difference between depression and reflation?
  • Equity market outlook after the COVID-19 crisis

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Erik Townsend and Patrick Ceresna welcome Dr. Ben Hunt to MacroVoices. Erik and Dr. Hunt discuss:

  • Three narratives of Coronavirus crisis
  • Is the recent monetary & fiscal response to COVID-19 leading us from deflation to inflation? 
  • Will the Federal Reserve Act have to change?
  • Frontline Heroes- how did it start and how can others help?

     Donate to Frontline Heroes  

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).

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All-Star Brent Johnson and Erik discuss:

  • U.S. Dollar Outlook – Why Brent still forecasts an upside resolution to the USD consolidation
  • S&P 500 forecast
  • Gold & Gold Miners
  • Commodities outlook

Supporting Materials for Download

All-Stars #104 Brent Johnson Chartbook May 11 2020

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Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices. Erik and Lakshman discuss:

  • What cycle should we focus on amidst the crisis
  • 3D’s of recession: Depth, Diffusion, Duration
  • Exogenous shock factors: how is this recession different than others? 
  • Based on historic cycles, what should we expect next?
  • What can we learn from economic cycles as we try to get out of deflation?
  • Is coronavirus crisis becoming a catalyst to a US/China “cold war”? 

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).

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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).

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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).

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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?

 

Visit the MI2 Partners website

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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?

 

 

 

 

 

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This episode of Hot Topic features...

  • The OPEC+ Cut Deal – Negotiations broke down over the weekend – what’s next for the market?
  • Outlook for U.S. Shale after the Coronavirus Crisis: Is a V-shaped recovery realistic?
  • Long-term outlook for energy markets after the crisis

 

 

Supporting Materials for Download

Oil-Market Madness - Art Berman Chartbook 

Economics for the Future - Beyond the Superorganism 

The Human Predicament 

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Erik Townsend and Patrick Ceresna welcome Josh Crumb to MacroVoices. Erik and Josh discuss:

  • Current opportunities in gold market
  • What is the range of possible prices for gold market
  • Gold-Oil ratio: will the gold prices get brought down with oil?
  • Important economic signals come from where people are hedging
  • Is oil price constraining the gold price despite recent central bank policy actions
  • What are the physical dislocations in the gold market due to COVID-19 impact?
  • Is there a disconnect forming between physical and paper price of gold?
  • Outlook on digital currency 
  • Possibilities of global digital reserve currency 

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 Louis-Vinecnt Gave and Erik discuss:

  • Why Asia and Europe had such profoundly different outcomes from the COVID19 Pandemic
  • Three crisis for the price of one: Why markets are currently experiencing three separate crises at once
  • Coming challenges for Europe

 

 

 

 

 

 

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Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss:

  • This week’s unlimited QE by the FED and its implications
  • Comparison of exogenous shocks vs. recession
  • Are stocks and bonds both starting to sell off?
  • Are treasuries moving up due to the FED buying up bonds?
  • U.S. government’s reaction COVID-19 crisis and how will it impact asset markets

 

 

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 for access to supporting materials.

 

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This episode of Hot Topic features...

  • Boots on the ground updates from Ground Zero: Northern Italy and Florida Healthcare preparedness updates
  • All the MDs agree Erik’s symptoms are NOT COVID19, yet dozens of listeners from all over the world wrote in with identical symptoms. How does Dr. Steve reconcile this conundrum?
  • What will it take to avoid a complete shutdown of the global economy?

Supporting Materials for Download

MUST READ ARTICLE: The Hammer and the Dance 

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All-Star Luke Gromen and Erik discuss:

  • The world is massively short USD and the only way out of this crisis is for the Fed to buy trillions of dollars of debt. Otherwise asset markets will crash.
  • How much is enough? Luke says in theory if the economy shuts down completely, the Fed would have to buy “all” the outstanding debt. That’s $47tn!
  • How is Luke positioned for what’s on the horizon?

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

  • Update on the COVID-19 
  • The impact of the virus on the economy and markets
  • Systemic risks to markets and impact on dealers
  • Has the FED put has expired?
  • Should the markets be shutdown, and what is the alternative?
  • Breaking of the stock vs. bond correlation 
  • Credit risks and the future impact on high yields 

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).

 

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SPECIAL POST GAME GUEST- Kevin Muir

The MacroTourist 

Kevin Muir Macro Tourist: Governments Are Panicking 

Click here to register for access to supporting materials.

 

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This episode of Hot Topic features...

  • BLOCKBUSTER: The Imperial College Report—what it says and why it’s making such an impact on policymakers
  • Lessons from Hubei Province: Why shouldn’t we expect a similar outcome in the USA?
  • Making it Personal: Erik’s own experience with “probably having COVID19”

Supporting Materials for Download

Imperial College Report on COVID-19 Pandemic 

 

 

 

 

 

 

  

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All-Star Jeff Snider and Erik discuss:

  • Despite modern complexities in finance and money, the basic issue is old fashioned currency elasticity. Central banks are not suited for it, and the results are obvious now.
  • September's repo event said that money dealers when faced with irregularities would sit on the sidelines regardless of Fed action. They are definitely sitting on the sidelines.
  • Market liquidations come down to repo market - on the collateral side.
  • Stocks, rates, credit, gold, crude; all these asset classes joined by the same factor.
  • QE's are coming not because they work but because that's what central banks do. Bureaucracies care more for their routines than the results.  

Supporting Materials for Download

Jeff Snider Chartbook: Elasticity - But What is the Currency 

                                                                 Jeff Snider: Since 2008 major turning points in Gold have been punctuated by Eurodollar anomalies

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This episode of Hot Topic features...

  • Before, After, and Inbetween: Lenore’s experience watching a society go from complete denial to new normal in 72 hours
  • Seeing it Coming: As the author of an article PREDICTING healthcare facilities being overwhelmed, how did Lenore’s experience in Italy compare to her predictions?
  • Lenore’s outlook for and advice to Americans, Brits, and others around the world: What’s coming and what you can expect it to be like
  • Economic impacts on stock indices, commodities, and other markets

Supporting Materials for Download

Coronavirus: Is It No Major Worry Or A Pandemic? Yes 

 

 

 

 

 

 

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This episode of Hot Topic features Tracy Shuchart. Erik and Tracy discuss:

  • The COVID19 Crisis: Recap on what Erik sees on the horizon (see also full podcast yesterday)
  • What COVID19 demand destruction means for energy markets
  • OPEC+ and Russia: What happened? Are they bluffing or is this really a price war?
  • What does it all mean for U.S. Shale, and is a shale industry bail-out politically tenable in an election year?

 

 

 

 

 

 

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This episode of Hot Topic features...

  • Outlook: 1 month before USA and all of Europe experience total failure of their healthcare systems (Italy is already there)
  • Review of what led to Wuhan outbreak
  • Why Hong Kong and Singapore were able to get their outbreaks under control
  • Lessons learned from South Korea
  • What went so wrong in Italy and why are USA and all of Europe about to repeat those mistakes?
  • USA – the Land of Denial
  • Market and Economic effects
  • Election dynamics in USA

Supporting Materials for Download

The W.H.O. (Finally!) Declares Coronavirus A "Pandemic" 

Peak Prosperity 

 

 

 

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Erik Townsend and Patrick Ceresna welcome Axel Merk to MacroVoices. Erik and Axel discuss:

  • COVID-19 driving bonds to new all-time highs 
  • What’s contributing to US Dollar breakdown?
  • Why are treasury yields crashing and will it continue?
  • What is the threshold for zero-bound treasury yield?
  • Is it time to short high-yield and what are its risks?
  • Perspectives on possible bail-out for shale oil producers
  • Impacts of the COVID-19 crisis on the upcoming presidential elections
  • Outlook on gold and gold mining shares
  • FED’s emergency cut – what’s next? 

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 for access to supporting materials.

 

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All-Star Juliette and Erik discuss:

  • Juliette’s analysis of market risks created by the COVID-19 pandemic
  • Understanding why serious complication rate is (economically) more important than case fatality rate or mortality rate
  • Juliette’s guidance on translating these views to actionable trading strategies

 

Supporting Materials for Download

A real macroeconomic plague - MARCH 2020 

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Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss:

  • Is COVID-19 the catalyst that changed the direction in the market?
  • FED stimulus – how long will this bounce last?
  • How much downside is expected in order to take excess buying out of the market
  • Upside in the market caused by central bank response – what happens next?
  • Will inflation return in the near future and what are its systemic risks
  • Asset allocation strategy to accommodate the return of inflation
  • Current buying opportunities in value investing 

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 for access to supporting materials.

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All-Star Brent Johnson and Erik discuss:

  • Dollar update: Still in a long-term uptrend despite recent weakness
  • Why Brent would buy stocks hand over fist if we see another 10% sell-off from here
  • Why gold has been weak despite bullish fundamentals, and outlook for precious metals

Supporting Materials for Download

Brent Johnson Chartbook - MacroVoices All-Stars 03 04 2020

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This episode of Hot Topic features...

  • Rebroadcast of Jan 30 interview with Dr. Chris Martenson (covered all major aspects of COVID19 pandemic)
  • New developments in R0, CFR, community testing
  • Analysis of why markets and the general public have still yet to fully come to terms with the extent of the pandemic

 

 

 

 

 

 

 

  

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Erik Townsend and Patrick Ceresna welcome Francesco Filia to MacroVoices. Erik and Francesco discuss:

  • 50-Year swap rate in negative territory
  • Why the US treasury bond is no longer an investment and its systemic implications
  • The upcoming daily liquidity crisis and it means for the market
  • Complexity-based systemic risk alerts and tools to manage risks
  • How to translate these concepts into actionable strategies
  • Why is flash-crash is likely to happen
  • Perspectives on economic impacts of COVID-19

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Francesco 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 for access to supporting materials.

 

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All-Star Jeff Snider and Erik discuss:

  • Why Jeff’s indicators showed a global slowdown before the Coronavirus story emerged in the news
  • Dollar-positive effects of the global Eurodollar system are in play, independent of the virus story
  • Why dollar strength is a bad thing, not a good thing, and what to expect from here

Supporting Materials for Download

Jeff Snider MacroVoices 2020 02 26

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This episode of Hot Topic features panelists Jim Bianco, Mike Shedlock, Dr. Ben Hunt & Dr. Chris Martenson. Erik and the panelists discuss:

  • Why a super-spreader driven silent global contagion may have alreadyoccurred
  • Why draconian lockdown measures may be the only effective remedies against #COVID19’s high R0
  • Contrasting views on the range of possible economic and market outcomes from our expert guest panel

 

Supporting Materials for Download

Jim Bianco Slides 02 24 2020 

Mike Shedlock Slides 02 24 2020 

 

 

 

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Erik Townsend and Patrick Ceresna welcome Ralph Delguidice to MacroVoices. Erik and Ralph discuss:

  • What are some knock-on implications of the US Treasury bond?
  • Difference between Government money market funds vs. Prime money market funds
  • Why treasury and investment grade bond demand flows will remain solid
  • Declining German bunds in circulation
  • The growing USD funding gap
  • What are LCRs and why are they falling?
  • The US treasury demand impact of Dodd Frank
  • Knock-on implications as treasuries no longer being suitable as investments
  • What are the implications of systemic risks?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Ralph 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 for access to supporting materials.

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

  • “The Allegory of the Hawk and Serpent”
  • Is 60/40 portfolio allocation strategy really the proven long term solution?
  • The law of cosmic duality in investing
  • Dragon portfolio – how can a portfolio be protected with a consistent return in any market cycle
  • What is the role of long-vol and commodity trends following have in dragon portfolio
  • Tail risk hedging strategy, gamma hedging activity and short-vol trades

Download the podcast transcript: [Click Here]

We strongly recommend that you download the document that accompanies this episode, as Erik and Chris will refer to it throughout this 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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SPECIAL POST GAME GUEST- Emil Kalinowski

Click here to register for access to supporting materials.

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All-Star Luke Gromen and Erik discuss:

  • Why this story has gotten little attention since first breaking in September 2019
  • Why Luke thinks the U.S. Government wants higher gold prices, an about-face from prior stance
  • Gold market outlook – why Luke is still bullish Gold, Silver and Bitcoin
  • Economic implications of Coronavirus on global supply chain

 

 

 

 

  

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

  • 2020 Demand growth
  • How oversold is the price of oil
  • Over-reaction to Coronavirus effect on world oil demand?
  • Flattening term structure in oil
  • Comparing Brent and WTI 12-month spreads
  • C.I. yield curve

 

 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 this 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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SPECIAL POST GAME GUEST- Kevin Muir: Tesla's epic parabolic rise and blow-off top

Click here to register for access to supporting materials.

 

 

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All-Star Jeff Snider and Erik discuss:

  • Why didn’t the August yield curve inversion lead to a recession (so far)?
  • Eurodollar curve inversion started before UST inversion
  • Forward-looking economic outlook

Supporting Materials for Download

Jeff Snider Chartbook MacroVoices 2020 02 04 

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All-Star Dr. Pippa Malmgren and Erik discuss:

  • Pippa weighs in on the Coronavirus outbreak in China, still sees bull market ahead for risk assets
  • Reactions to Kyle Bass’ allegations that China is mining U.S. genetic mapping data for nefarious purposes
  • Pippa’s U.S. election outlook

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Erik Townsend and Patrick Ceresna welcome Julian Brigden and Dr. Chris Martenson to MacroVoices. Topics for discussion with Julian include:

  • Does liquidity inflation asset prices
  • Correlations between monetary policy and financial conditions
  • Repo not QE? 
  • Parabolic rise in equities not sustainable

Topics for discussion with Dr. Chris Martenson include:

  • Will nCoV turn out to be worse than the 2003 SARS epidemic?
  • What is Asymptomatic Transmission and R-naught; what are their significances?
  • How should we be thinking about the Case Fatality Rate for nCov?
  • How will nCoV impact the markets?

Download the podcast transcript: [Click Here]

Visit the MI2 Partners website

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Julian will refer to it throughout this 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 for access to supporting materials.

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All-Star Juliette Declercq and Erik discuss:

  • Update on Juliette’s outlook – still cautiously bullish
  • Manufacturing stagnation vs. services outlook
  • Central bank impotence and its impact on markets
  • Juliette’s assessment of the 2019-nCoV Coronavirus and its likely impact on markets

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This episode of Hot Topic features...

  • Updated version re-recorded Jan. 28 to incorporate new information learned from our listeners
  • Full analysis of 2019-nCoV (Wuhan Coronavirus Outbreak) and its financial market implications
  • Why comparing nCoV to SARS is not the right comparison to make
  • Why nCoV is much harder (arguably impossible) to contain vs. SARS which was relatively easy
  • Why nCoV will involve far more cases than SARS, but hopefully will have a lower fatality rate
  • Implications for GDP, crude oil, and stock market

 

Supporting Materials for Download

Coronavirus Is Worse Than You've Been Told: Scientist Explains 

                                                Transcript of Hot Topic Episode #4 v2 with Erik Townsend 

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Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss:

  • Why we should expect a credit crisis
  • What countries will be affected by the systemic banking crisis and what are its potential risks
  • What to expect for international capital flows 
  • MMT and “helicopter money”- will it lead to inflation or deflation? 
  • US duration risk – be prepared for the rules to change
  • Implications and ramifications of helicopter money
  • Negative interest rates - what to expect 
  • Outlook on gold
  • How to prepare for runaway inflation
  • Perspectives on US/China trade war 

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 for access to supporting materials.

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All-Star Louis-Vincent Gave and Erik discuss:

  • The “melt-up” has been driven by five primary macro drivers. All of them will come under pressure in 2020
  • Why Warren Buffet’s underperformance in 2019 is an important market signal
  • Where Louis will invest the chips he takes off the table from the stock market at record highs

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

  • Civil unrest and global social degradation
  • Is inflation the key to the global geopolitical situation?
  • Unicorn companies – collapse of WeWork, is Tesla next?
  • Will MMT eventually lead to runaway inflation and what are its implications
  • Recent rise in gold – is it time to change strategies?

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).

Big Picture Trading Chart Book January 16 2020 

VIDEO: Grant Williams, Marin Katusa, Brent Johnson, Patrick Ceresna, Cal Everett - Big Gold Panel - Silver & Gold Summit 2019 

VRIC 2020 Keynote Presentation by Patrick Ceresna - Promo Code : MACRO100

VRIC Vancouver Resource Investment Conference 2020  

Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

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All-Star Jeff Snider and Erik discuss:

  • “Not QE”, Repo Bailouts & more: Where does it end and why is it necessary to start with?
  • Reconciling improved unemployment reports with Jeff’s criticisms of CB policy
  • Distinguishing R* from true Economic Potential
  • The real causes of slack in the economy and underperformance against economic potential

Supporting Materials for Download

The R-star Fallacy: There Are No Strong Dollars 

 

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Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss:

  • Outlook on gold - Is the recent breakout a false alarm?
  • How to manage market view vs. long term strategy
  • Update on Nevsun investment
  • Comparison between individual stock investing vs. GDX, GDXJ performance
  • Private placements and how it works
  • Investing in mCloud
  • Upcoming VRIC – what to expect 

Katusa Research Special Offer: 42% off Marin Katusa's Natural Resource Investing Newsletter 

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 for access to supporting materials.

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All-Star Brent Johnson and Erik discuss:

  • U.S. Dollar review and outlook
  • Why Brent remains long-term bullish on stocks but thinks the market may be overbought at current levels
  • Short vs. long-term outlook for Gold

Supporting Materials for Download

MacroVoices All-Stars #87 Brent Johnson Chartbook - 01 06 2020 

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Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss:

  • Knowledge doubling curve
  • Collection and monetization of personal data 
  • Ephemeralization- what does it mean and what are its consequences?
  • Rise of E-sports : is there an investment opportunity?
  • Catalysts that will bring central bank dominance over financial markets to an end
  • Privacy and voluntary total surveillance
  • AR: Augmented Reality – how does it work and what are its implications and consequences
  • Generation Z vs. baby boomers and underfunded social security
  • Autonomous vehicles – how will it change the future?

Download the podcast transcript: [Click Here]

 

Click here to register for access to supporting materials.

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All-Star Luke Gromen and Erik discuss:

  • Luke’s prediction from November 11th: What if the Repo Spike was the “risk off event everyone was waiting for”?
  • Why Luke believes the event already happened and we’ve entered a new era of “Whatever it Takes” for the U.S. Federal Reserve
  • Luke’s outlook for stocks, bonds, precious metals and crypto

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Erik Townsend and Patrick Ceresna welcome Art Berman to MacroVoices. Erik and Art discuss:

  • IEA’s forecast of oil glut in 2020
  • Perspectives on Mark Gordon’s thesis – age of peak oil to age of abundance
  • Unaccounted for oil
  • CoT chart – pick up in open interest, what does that mean?
  • Oil price outlook
  • Comparative inventory system 
  • Strategies for investing in oil
  • Reasons behind increasing DUC’s 

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 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 for access to supporting materials.

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All-Star Jeff Snider and Erik discuss:

  • Reviewing how we got here (datapoints from 2017 and 2018 thru 2019)
  • Another terrific chart deck
  • Jeff’s outlook for 2020

Supporting Materials for Download

It Is A Eurodollar World 2 : There Are No Strong Dollars - Jeff Snider 2019 12 23 

Anatomy of the US Dollar End Game 

Out Of The Onion Wars, Why Are There Only Losers? 

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Erik Townsend and Patrick Ceresna welcome Jim Bianco to MacroVoices. Erik and Jim discuss:

  • Views on Zoltan Pozsar’s theory of repo dislocation
  • Perspective on the Fed
  • Is QE4 imminent?
  • Negative yielding sovereign debt - what’s next?
  • Perspectives on the next economic downturn
  • What is on the horizon for the bond market 
  • Consequences of negative yielding debt going to no-bid
  • Outlook on fixed income market

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jim 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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All-Star Louis-Vincent Gave and Erik discuss:

  • What’s driving the S&P 500 Christmas Rally and what lies ahead
  • Apple’s outperformance, what it means, and how it relates to the trade war
  • The return of inflation and what it means for markets
  • Gold outlook

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

  • Perspectives on the latest FOMC meeting
  • Is China a part of reflation equation?
  • Perspectives on inflation
  • Will ECB hike or the Fed lower to zero in 2020?
  • Expectations of fiscal responses to macroeconomic challenges
  • Translating the macro views to trading strategies
  • Outlook on US equities 
  • US/China trade deal news driven move in the market – should we take it seriously?
  • Outlook on 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 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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SPECIAL POST GAME GUEST- Jeff Snider




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All-Star Jeff Snider and Erik discuss:

  • Comparing the popular narrative of rapidly improving sentiment with global dollar liquidity indicators
  • Beyond Trade Wars and Trump Tweets: What liquidity indicators are actually telling us about the global economic outlook
  • The “King Dollar” meme: Why a strong USD doesn’t necessarily imply U.S. economic outperformance

Supporting Materials for Download

It Is A Eurodollar World : There Are No Strong Dollars - Jeff Snider 2019 12 09 

Reuters article: BIS on Causes of Repo Shock 

BIS Quarterly Review 

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Erik Townsend and Patrick Ceresna welcome Mark Gordon to MacroVoices. Erik and Mark discuss:

  • Inventory is not what drives the price
  • Hubbert’s peak –regime change from the age of peak oil to the age of abundance
  • Has conventional production reached its peak?
  • Shale oil vs. offshore oil
  • Why “the day of reckoning” will happen soon
  • Electric vehicles – declining sales and outlook going forward
  • Possible impacts the recession will have on oil prices

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Mark 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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All-Star Dr. Pippa Malmgren and Erik discuss:

  • The real reason the Hong Kong protests have centered on Hong Kong Polytechnic University
  • Faith in large institutions and the complacency of investors relative to associated risks
  • Why Pippa remains bullish on technology innovation and global growth despite geopolitical risks

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All-Star Brent Johnson and Erik discuss:

  • Two potential trajectories for the U.S. Dollar Index
  • Why Brent thinks stocks still have higher to go, even from these lofty levels
  • China, trade deal, and currency rate component of the trade deal
  • Canadian Interest Rates
  • Gold outlook

Supporting Materials for Download

All-Stars #81 Brent Johnson Slidedeck 

 

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Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

  • Electric Vehicles – where is the energy coming from?
  • Is “nuclear renaissance” imminent?
  • What is going to be the mode of power in the future and how will it be delivered
  • Replacing petroleum and what impact it has on geopolitics
  • Changing roles of Russia and China in geopolitics

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeffrey 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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All-Star Prof. Steve Keen and Erik discuss:

  • Steve’s 2016 prediction that the Fed would eventually be forced to return to QE and why current events prove it true
  • Costs and benefits of QE in the real world
  • Private debt and the inflated corporate bond market as a result of QE translates to higher risk for the next financial crisis

Supporting Materials for Download

Tilting At Windmills: The Faustian Folly Of Quantitative Easing 

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Erik Townsend and Patrick Ceresna welcome Peter Boockvar to MacroVoices. Erik and Peter discuss:

  • Global macro outlook 
  • Will US get to negative interest rates?
  • The recent back-up in yields - is this a trend reversal or a correction
  • Inevitability of inflation and its effects on central banks
  • Is this the end of the bond bubble?
  • Perspectives on Christine Lagarde, ECB and Brexit
  • Outlook on US/China trade negotiations
  • Fed’s “insurance” cuts– what’s next?
  • Portfolio positioning strategies 
  • Gold-Silver ratio and portfolio allocation in precious metals.

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 for access to supporting materials.

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All-Star Louis-Vincent Gave and Erik discuss:

  • Update on latest status from Hong Kong
  • The bigger picture: Civil unrest around the globe, what’s driving it, what we should expect next
  • The return of Inflation: Louis’ market outlook

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All-Star Jeff Snider and Erik discuss:

  • Markets grinding to new all-time highs on relief that the recession scare is now over and forgotten.
  • History teaches us it’s not over, but widespread complacency that it is typifies this point in the cycle
  • Everyone is assuming that a trade deal will “fix everything”. Jeff says that belief is misplaced as well.

Supporting Materials for Download

Is It Over? Or just Intermission of a Two Act "Dollar" Play - Jeff Snider 

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

  • Perspective on late cycle dynamics
  • Update on the steepener narrative 
  • Cross asset momentum reversal and what is coming next?
  • CTA position estimating model – how does it work?
  • Equity and bond market outlook
  • Significant upside potential in VIX – could it be the next blow-up event?
  • Gold outlook – is it time to buy?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book 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).

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All-Star Luke Gromen and Erik discuss:

  • Update on monetary policy: Monetization by any other time is ok, but call it what it is and you’re a crackpot conspiracy theorist!
  • Market outlook for non-monetization: Gold bull run could pause a little longer, but stocks already heading higher
  • What if the ‘risk off event everyone’s been waiting for’ already happened in the form of the Repo crisis?

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All-Star Juliette Declercq and Erik discuss:

  • Monetary policy outlook
  • Are central banks using up all their ammunition, leaving themselves vulnerable to the next crisis?
  • Translating Juliette’s macro outlook to actionable trading strategies

 

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Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss:

  • Q4 2019 Macro themesWhat is next? 
  • Inflation or stagflation – is time to own gold?
  • What is next for the Chinese economy?
  • Outlook on US dollar
  • Equity markets – FOMO vs. deteriorating earnings expectations
  • Perspective on the market melt up
  • Labor share of income and corporate margins
  • Long short pairs trade in software industry

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Keith 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 for access to supporting materials.

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All-Star Dr. Pippa Malmgren and Erik discuss:

  • Civil unrest around the globe: What’s driving it and what does it mean?
  • How technology will contribute to both the problem and its solution
  • Update on President Trump’s post-White House aspirations for a news media empire
  • Why Pippa remains optimistic on global growth and stock prices

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

  • Perspectives on the latest FOMC meeting
  • Treasury market - is it time to go long?
  • Next FOMC meeting forecast
  • Short term and long term views on Gold - is it time to buy?
  • Outlook on US dollar
  • Christine Lagarde and ECB - what's next for Euro currency
  • Outlook on global and US equity markets
  • Perspectives on the Chinese credit expansion

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 for access to supporting materials.

The video is intended for ADVANCED investors, and explains how to use the "Long-Short Equity" hedge fund strategy to achieve superior investment returns in your own account.


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All-Star Brent Johnson and Erik discuss:

  • Why Brent was able to see new highs coming for stocks, despite his own reservations about the economy
  • Why Brent expects Christine Lagarde to make a big splash when she takes office as the new ECB chief
  • Gold market update, including why Brent still thinks a deeper correction is coming before Gold moves to new all time highs
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