Chris Cole 2020Erik:     Joining me now is Chris Cole, founder and CIO of Artemis Capital and, perhaps more importantly, arguably the most requested repeat guest that we’ve ever had on MacroVoices.

For all of the people who we didn’t have time to reply to your emails (because there are so many of them), yes, we got the request and we got Chris back on just as soon as we could. So thanks for your patience.

Listeners, I strongly encourage you to download Chris’s article because there are a number of graphs and charts that it contains which will be useful for you to refer to as we are discussing these concepts in this interview.

Also, in addition to the article, there is a version of it in podcast form if you want to listen to the article instead of read it. In that case, I also recommend that you download the paper article first so that you can look at the charts and graphs, but you can hear Chris read it to you if you prefer to listen to the narrated version.

Arthur Berman largeErik:     Joining me now is petroleum geologist Art Berman.

Regular listeners already know it wouldn’t be an Art Berman interview without an Art Berman slide deck. You’ll find the download link for the Art Berman slide deck in your Research Roundup email. If you don’t have a Research Roundup email, that means you’re not yet registered at So just go to our home page at, and look for the red button that says Looking for the Download? next to Art’s picture.

Art, it’s great to get you back.

Before we dive into your excellent slide deck, I want to start with the big picture.

First of all, I want to congratulate you. When we last had you on the show just before Christmas, you were getting very, very sharply criticized for an article you had just published called “The Oil Rally Won’t Last.”

And at that point we’re at $61. A whole bunch of people were saying, hey, we’re headed to $90. This is it, this is the big one.

Chris Martenson 2020 updatedJulianBrigden 250xErik:     Joining me now is our first feature interview guest this week, Julian Brigden, founder of Macro Intelligence 2 Partners.

And of course Julian is famous for his terrific macro slide decks. He has prepared another of those for today’s interview. We strongly encourage you to download that handout from the Research Roundup email, where you can find the link.

If you don’t have a Research Roundup email, which means you’re not yet registered at MacroVoices, just go to our home page at, look for the red button that says Looking for the Downloads? next to Julian’s picture.

Julian, it’s great to have you back. Before we dive into your slide deck, it’s an FOMC week. Let’s talk about the FOMC statement and market reaction to it.

What’s your take?

RussellNapierMacroVoicesErik:     Joining me now is Russell Napier, who of course is the founder of ERIC – not my name, Erik with a K – but Eric with a C, an acronym for the Electronic Research Interchange. And of course it is a very prominent website for the sale of institutional research to institutional investors.

Russell, it’s great to have you back on the program.

You know, ever since the 2008 financial crisis, I’ve predicted that eventually this response of encouraging even more borrowing would eventually set us up for another credit crisis in the United States. Well, so far, I’m either very, very early or very, very wrong. And of course in this business, very early equals very wrong.

Is there objective reason – I know that you are much more deeply in touch with the data than I am – to expect another credit crisis either in the United States or elsewhere in the world?

Grant WilliamsErik:     Joining me now is Grant Williams, the editor and publisher of Things That Make You Go Hmmm, perhaps one of the best-regarded newsletters in the industry.

Grant, something that has gotten my attention and I know has yours, and it has the attention of I think the smartest people in the investment industry, is not really just about investments. It’s about using our skills as investors to recognize there’s things going on in the world that are a really big deal. And they have investment implications for sure.

But the social implications, I think, are more important. Give us a quick outline, for those people who don’t read your newsletter, what’s on your mind with respect to civil unrest and the social fabric degradation that’s going on around the world?

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MACRO VOICES is presented for informational and entertainment purposes only. The information presented in MACRO VOICES should NOT be construed as investment advice. Always consult a licensed investment professional before making important investment decisions. The opinions expressed on MACRO VOICES are those of the participants. MACRO VOICES, its producers, and hosts Erik Townsend and Patrick Ceresna shall NOT be liable for losses resulting from investment decisions based on information or viewpoints presented on MACRO VOICES.

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