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

Francesco Filia: Positive Feedback Loops Threaten Systemic Risk Escalation

Erik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss the twin bubbles in equities and bonds and what the catalyst could be for the reversal. They further discuss the fake market narrative, feedback loops, European junk bonds and the big short VOL trade. Conversation continues in the postgame with guest Kevin Muir to further discuss bonds, inflation and the coming collapse of the short VOL trade.

2017-11-22 MacroVoices

Keith McCullough: Bullish Real Growth

Erik Townsend welcomes back Keith McCullough to MacroVoices. Erik and Keith discuss the bull narrative on equities and why valuations are not a catalyst. They further go into the trends in growth and inflation, and where we are in the economic cycle. They look at growth acceleration, earnings and the valuations on technology stocks.

2017-11-16 MacroVoices

Jeffrey Snider: Eurodollar University Part 4

Erik Townsend welcomes back Jeffrey Snider to MacroVoices for Part 4 of the Eurodollar University. Erik and Jeffrey discuss the failure of Primus and AIG back in 2008, the Gramm-Leach-Bliley Act, Henry Paulson and Glass–Steagall. They further discuss the Eurodollar system going parabolic in the 2000s, Banks manipulating regulations and the big picture end game of the Eurodollar system.

2017-11-09 MacroVoices

Grant Williams: Petroyuan Oil Contract could be a Game Changer

Erik Townsend welcomes back Grant Williams to MacroVoices. Erik and Grant discuss the outlook for the US dollar, the Petroyuan oil contract and the outlook on gold. They discuss inflation risks, interest rates and bonds, real estate and perspectives on China’s credit bubble. They wrap things up discussing cryptocurrencies and the outlook on Europe.

2017-11-02 MacroVoices

Harley S. Bassman: The Convexity Maven opines on Macro Themes

Erik Townsend welcomes Harley Bassman to MacroVoices. Erik and Harley discuss the creation of the MOVE index, the three Drivers of Risk: Duration, Credit, and Convexity and the demographic of the Baby Boomers continues to drive financial markets. They further discuss perspective on CAPE ratio levels, correlation of buybacks to cumulative flows and the flow of active to passive management is building a negatively convex foundation.

2017-10-26 MacroVoices

Jeffrey Snider: Eurodollar University Part 3

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss the Basel Accords, capital reserve ratios and risk weighting assets. The further discuss the leverage in bank capital, adoption of the JPM RiskMetrics and illustrations of the basic interbank functions.

2017-10-21 MacroVoices

Art Berman: Comparative Inventory draws spell higher oil prices

Erik Townsend welcomes back Art Berman to MacroVoices. Erik and Art discuss the comparative inventories on oil and the oil prices responsiveness to the changes in inventories.
The further discuss the realization that price recovery takes time and that many refinery intakes have not yet recovered. They further discuss backwardation on WTI, considerations on OPEC-NOPEC production cuts and the global market balance on oil.

2017-10-19 MacroVoices

Jeffrey Christian: Gold on course for new all-time highs by 2020

Erik Townsend welcomes Jeffrey Christian back to MacroVoices. Erik and Jeffrey discuss the outlook on the US dollar, gold, silver and global de-dollarization. They further discuss considerations on new crude oil contract with settlement in yuan, backed by gold and the next Fed Chairman. Later in the interview, they discuss ECB policy considerations, decentralization trends in Europe, Russia and China

2017-10-12 MacroVoices

Jeffrey Snider: Eurodollar University Part 2

Erik Townsend and Jeffrey Snider are back for Part 2 of the Eurodollar University. Erik and Jeffrey discuss the case of the missing money and the transformation of banking into a wholesale model. They look and the radical monetary evolution and put it into context in understanding the great inflation of the 1970s.

2017-10-05 Erik Townsend

Mark Yusko: All Things Macro

Part 2 of a two part interview with Mark Yusko discussing commodities, the economy, the markets and more.

2017-09-29 Erik Townsend

Mark Yusko: USD in secular bear market

Erik Townsend welcomes Mark Yusko back to MacroVoices. They start by discussing Mark’s US Dollar bear thesis from 2016, considerations on the petrodollar and the ascend of the Renminbi. The further discuss the “One Belt One Road Initiative” and ask if the secular blow off top on the dollar occurred?

2017-09-28 MacroVoices

Mark Grant: Central Bank Liquidity Drives Everything

Erik Townsend welcomes Mark Grant to MacroVoices. Erik and Mark discuss the outlook for the US Dollar, the Euro, precious metals and US equity markets. The further discuss the impact of Global CB policy vs the FED and ask if the 35-year bond bull market over? Further discussed is perspectives on China’s credit bubble, the underfunded pension crisis and the escalation of North Korea tensions.

2017-09-21 Erik Townsend

Hugh Hendry: Inflation is just over the horizon!

MacroVoices welcomes Hugh Hendry as this week’s guest. Erik and Hugh discuss the outlook on the global economy, wage and price inflation and the US dollar. The further discuss interest rates, the yield curve, precious metals and global equity markets. Finally, they discuss the considerations on the Chinese credit bubble.

2017-09-14 Erik Townsend

Luke Gromen: The biggest mean reversion in 50+ years is underway!

Erik Townsend welcomes Luke Gromen to MacroVoices. Erik and Luke discuss his bearish perspectives on the US Dollars and why budget deficits matter. The discuss the new yuan oil contract and how it is changing global landscape and impacting the global Eurodollar system.
The further discuss the gold/oil ratio, new rounds of QE, inflation and the starting of the economic endgame?

2017-09-07 MacroVoices

Jeffrey Snider: Eurodollar University Part 1

Erik Townsend welcomes back Jeffrey Snider to MacroVoices. Erik and Jeffrey look at the evolution of Eurodollars. They explore what exactly are Eurodollars and where do they come from? They look at money as interbank liabilities and the transformation of banking into a wholesale model.

2017-08-31 MacroVoices

Joe McMonigle: Crude Oil Special

Erik Townsend welcomes Joe McMonigle to MacroVoices. Erik and Joe discuss the oil supply glut, the
import data, oil inventories and the outlook for U.S. oil production. They further discuss the geopolitics of Venezuela and Iran and debate if the Saudi Aramco IPO going to happen?

2017-08-24 MacroVoices

Josh Crumb: All About Gold

Erik Townsend welcomes Josh Crumb to MacroVoices. Erik and Josh discuss his perspectives on gold and the influences of energy and interest rates. They further discuss the outlook for currencies and cryptocurrencies including bitcoin.

2017-08-17 MacroVoices

Neil Howe: The really big crisis has yet to arrive!

Erik Townsend welcomes Neil Howe to MacroVoices. Erik and Neil discuss the Fourth Turning, when it started and how long it will last. They ask if there another big global event on the horizon and what to expect for the next decade? The further explore the impact of baby boomers retiring, the Homelander generation and reflections on the book which was written over 20 years ago.

2017-08-10 MacroVoices

Raoul Pal & Julian Brigden: When will the dollar rout end?

Erik Townsend welcomes Julian Brigden and Raoul Pal back to MacroVoices. Erik, Julian & Raoul discuss their views on the US Dollar, the equity markets and the business cycle. They further explore the outlook on the bond bull market, demographics and the coming pension crisis.

2017-08-03 MacroVoices

Chris Whalen: Equity markets overvalued but not ready to crash

Erik Townsend welcomes Chris Whalen to MacroVoices. Erik and Chris discuss his views on the U.S. dollar and the overvalued equity markets. The further discuss corporate debt, interest rates, bonds and the high levels of private debt. They further discuss Chris’s books “Inflated” and “Ford Men”.

2017-07-27 MacroVoices

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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