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
Title Date Author

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.

2017-01-19 MacroVoices

Rick Rule: Deep dive into pre-revenue resource investing process & due diligence

Erik Townsend interviews Rick Rule from Sprott Global. The interview with Rick starts with the outlook for the precious metals markets in 2017. Erik then proceeds to discuss the due diligence in making private placements in the gold and silver mining companies. Hear Rick’s insights on evaluating intellectual and physical properties and the common characteristics of successful and failed properties. Rick further puts into perspective how much time and capital is needed to invest into early stage startups.

2017-01-12 MacroVoices

David Hay: The Trump Triumph Trade (TTT) is overdone!

Evergreek-Gavekal Chief Investment Officer David Hay joins Erik Townsend as this week’s feature interview guest. Topics include the equity market outlook under President Donald Trump, treasury yields, inflation, energy master limited partnerships, and much more.

2017-01-05 MacroVoices

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.

2016-12-30 RVTV

Erik Townsend: Accredited Investor Academy, Part 4

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

2016-12-29 MacroVoices

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.

2016-12-24 RVTV

David Rose: Accredited Investor Academy, Part 3-A

Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3A. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

2016-12-23 MacroVoices

Erik Townsend: Accredited Investor Academy, Part 3

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

2016-12-22 MacroVoices

RVTV Encore: Jawad Mian, Part 1

An interview which was originally published on April 29, 2016 between Grant Williams of Real Vision and Jawad Mian, Founder and Managing Editor of Stray Reflections, a global macro research and trading advisory with a focus on major investment themes and actionable trade ideas.

2016-12-18 RVTV

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.

2016-12-15 MacroVoices

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.

2016-12-08 MacroVoices

Art Berman: OPEC Production Cut, Crude Oil Outlook

Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss OPEC's latest production cut agreement and what it means, false conception of cutting production to bring balance to an already-balanced market, how excess oil in storage will suppress prices for some time to come, weak demand growth similar to late-2014 won't support higher prices, OPEC not being as desperate as portrayed by the media, and much more.

2016-11-30 MacroVoices

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.

2016-11-24 MacroVoices

RVTV Encore: Edward Carter

An interview which was originally published on April 8, 2016 between Raoul Pal, founder of Real Vision and Edward Bonham Carter, Vice Chairman of Jupiter Fund Management Plc.

2016-11-21 MacroVoices

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.

2016-11-17 MacroVoices

Dr. Harald Malmgren, Dr. Pippa Malmgren: Post-Election Special

Erik Townsend and Aaron Chan welcome Dr. Harald Malmgren and Dr. Pippa Malmgren to MacroVoices. Erik, Harald, and Pippa discuss Trump's governance effectiveness in light of the enemies he has made on the campaign trail, sources and potential escalation of social unrest and riots in the aftermath of Trump's victory, the potential for Trump to galvanize the determination, grit, and work ethic of the American electorate, whether markets are prematurely jumping to the conclusion that Trump is necessarily inflationary, outlook for foreign relations with China, Russia, and Mexico, breakdown of the social contract and the collapse in the government's ability to function and meet entitlements, and much more.

2016-11-10 MacroVoices

RVTV Encore: Dr. Brett Steenbarger

An interview which was originally published on October 18, 2015 between Raoul Pal of Real Vision and Dr. Brett Steenbarger, Clinical Associate Professor of Psychiatry & Behavioral Science at SUNY Upstate Medical University.

2016-11-07 RVTV

Willem Middelkoop: The Big Reset, China's Role in SDR, Gold, Alternatives to Democracy, and More

Erik Townsend and Aaron Chan welcome Willem Middelkoop to MacroVoices. Erik and Willem discuss Willem's recent book The Big Reset and the coming monetary reset, China's strategic objectives and pushing for the use of SDRs as the global reserve currency, outlook for the coming secular commodity reflation cycle, Willem's call to buy precious metals and miners in January 2016, and much more.

2016-11-03 MacroVoices

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.

2016-10-27 MacroVoices

RVTV Encore: Kyle Bass

An interview which was originally published on July 1, 2016 between Grant Williams of Real Vision and Kyle Bass, Managing Partner, Chief Investment Officer, Portfolio Manager, and Founder of Hayman Capital Management.

2016-10-23 RVTV

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 Nathan Egger shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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