Macro Voices Podcasts

Erik Townsend and Aaron Chan welcome Charles Biderman to MacroVoices. Erik and Charles discuss:

• Big picture and current market contexts beginning from Post-WW2
• Dynamics between developed and emerging market currencies
• Flight capital impact on U.S. markets
• Predictions for U.S. Treasury yields
• Possible catalysts to bring-on the endgame and portfolio allocations
• Backstory related to sub-advisor relationship with and termination from AdvisorShares
• TrimTabs' proprietary Float Shrink strategy and outperformance

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A conversation on April 25, 2016 between Grant Williams and Stephen Diggle, founder of Vulpes Investment Management.

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Erik Townsend and Aaron Chan welcome David S. Rose to MacroVoices. Erik and David discuss:

• Background and introduction to angel investing and entrepreneurship through his great uncle David Rose
• What angel investing actually is, how it might fit in a portfolio, and who it is suited for
• The time-horizon, temperament, and risk-tolerance required for angel investing
• The appropriate mind-set when approaching angel investing
• Expected investment returns from angel investing and the role of diversification
• Why it's “far better to invest in the jockey than on the horse”
• Balancing and matching between entrepreneurial execution and bright ideas
• Mechanics and funding sequence of an angel deal
• Post-investment lifecycle 
• The importance of networking with veteran angel investors prior to initial investments
• How the Angel Capital Association vets angel investing groups
• Learning through reading, finding a mentor, and investing
• Gust.com angel investing platform, Singularity University and exponential technology

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Erik Townsend and Aaron Chan welcome Eric Hunsader to MacroVoices. Erik and Eric discuss:

• Regulation National Market System (NMS), securities information processors (SIPs), high-frequency trading (HFT), and latency arbitrage
• Eric's incredible story of exposing the NYSE's selling of higher-speed data feeds to high-frequency traders
• "Quote-stuffing" and how it provides an unfair advantage through compromising quote systems
• Manual traders "spoofing" as a means of tricking algorithmic systems
• The fallacy of HFT providing greater liquidity in the market
• The legal immunity of U.S. exchanges as Self-Regulatory Organizations (SRO)
• How retail investor orders are executed and taken advantage of by internalizers
• Micro-timestamp resolution as a means for transparency
• How IEX prevents latency arbitrage through "speed-bumping" by 1/1000th of a blink of an eye
• The potential of combining power and integrity in a market devoid of transparency
• Nanex's differentiated market data offering

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A conversation on May 29, 2016 between Grant Williams and Stephanie Pomboy, founder of MacroMavens.

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Erik Townsend and Aaron Chan welcome Richard Dickson to MacroVoices. Erik and Richard discuss:

• Lowry Research’s approach of looking at markets through buying power and selling pressure
• The divergence in price action versus buying power and selling pressure indices
• What the divergence means in terms of market accumulation or distribution
• Dynamic of foreign capital flight in an environment of zero interest rates
• Similarity between new market entrants in 1999 and present day
• The poor balance of supply and demand in the FTSE 100 post-Brexit
• The increase in the balance of selling in Italian equities, where 65% of stocks are trading on intermediate down-trends
• Buying power topping and selling pressure accelerating in Italy and Spain prior to Brexit
• How even a perceived economic stalwart like Germany is susceptible to weakening market conditions
• Lagging European sectors relative to the rest of the world
• Chinese, Japanese, Indian, and Australian supply and demand dynamics
• How much further U.S. indices have to advance before reaching a level that generates profit-taking

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

Erik and Aaron discuss:

• Erik's personal journey from successful software entrepreneur to hedge fund manager
• What it means to be an accredited investor and the associated challenges that go along with the distinction
• Private banking and possible red flags
• Erik's personal experience with private bankers and "exclusive" investment deals
• The lessons learned from the implosion of this "exclusive" private banking deal that resulted in substantial loss of capital
• Erik's subsequent reinvention into a professional investor
• The challenges associated with transfering from software business culture to Wall Street
• Coming in Part II: The process of re-inventing oneself from Entrepreneur to sophisticated Private Investor
• Coming in Parts III and IV: Angel investing, Venture Capital, Private Equity LPs, & Hedge Funds

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A conversation on January 26, 2016 between Grant Williams and James Grant, author of Grant's Interest Rate Observer.

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Erik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

• Grant’s experience and insights from observing Brexit outside of the UK
• The next-steps and long-run view for the UK post-Brexit
• The potential of the EU making an example out of the UK to prevent other countries from leaving
• The current political void in British politics and who might step-up to fill this void
• The precarious state of the European banking system
• Deutsche Bank’s status as “Too Big to Fail”
• How Brexit will spread political contagion and stoke calls for referenda in other European countries
• The likelihood of the Fed having to ease with only 25 bps of room
• What the dollar and gold both moving higher portends for the state of the global economy
• The non-zero probability of war as a means of resolving unsurmountable debt burdens
• Possible war scenarios under Trump or Clinton
• Grant’s wonderfully-done “Crazy” presentation on RVTV

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Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Professor Keen discuss:

• Brexit's economic consequences and possible political spillover into other European countries
• Ditching the ivory tower in favor of working with entrepreneurs
• The emergence of alternative currencies backed by labor and assets
• The possibility of an energy-backed currency
• The fundamental ingredient of trust in alternative currencies
• The risk of entrusting private enterprise with money creation
• Negative interest rates and fractional reserve banking
• Fading mainstream confidence in neoclassical central bankers
• Possible catalysts for the next financial crisis

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A conversation on May 23, 2016 between Grant Williams and Simon Mikhailovich, Co-Founder of Toqueville Bullion Reserve.

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Erik Townsend welcomes John Llewellyn to MacroVoices. Erik and John discuss:

• How the Brexit vote is simply a prelude to a highly uncertain process
• Polling accuracy and the distinct possibility of Britain exiting the EU
• The near-term economic impacts of Brexit on the British economy including lower foreign-direct investment and trade re-negotiations
• The broader global economic impact of a “leave” vote
• Brexit’s impact on the U.S. Dollar and the possibility of re-igniting a Asian debt crisis
• Potential monetary policy accommodation from the ECB
• The implications of Brexit on global oil prices
• Rise of European populism as a leading indicator of the U.S. political theatre

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Erik Townsend welcomes Dr. Ben Hunt to MacroVoices. Erik and Dr. Hunt discuss:

• The U.S. Dollar as a reflection of the strategic interactions between central banks
• China’s similarities to pre-WW1 Germany as an up-and-coming power
• Brexit’s potential impact on the global economy
• “Humpty Dumpty” events for the global economy including China devaluation and Euro-system fracturing
• Price-signal inversion and market dislocation from fundamentals
• The Fed’s slow realization of global interdependence
• Negative interest rate money-market funds in the United States
• How Swiss safe deposit boxes are at capacity and the war on cash
• Gold’s role as insurance against central bankers
• Kyle Bass’ China trade and whether you can trade Japan’s demographics
• The potential consequences of the U.S. Presidential elections and global trade
• Dr. Hunt’s background as a hedge fund manager and scholar
• The inception of his popular Epsilon Theory Blog and applying game-theory to policy-driven markets

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Hugh Hendry is interviewed by Raoul Pal for Real Vision Television on March 11th, 2016

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Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

• Their calls made on Episode 3 of MacroVoices in February
• Which fundamental factors have changed since then
• The damage done to the supply of capital available to shale drillers in spite of oil rising to $50
• Current US production levels and where they may be headed from here
• Prices moving up in the face of dangerously high inventory levels at Cushing, OK
• Using Comparitive Inventories to predict price movements
• The 'funny' accounting practiced by shale drilling companies and many analysts
• EIA price forecasts and whether or not they are accurate
• Geopolitically driven supply disruptions and whether or not they will last
• Middle Eastern oil production increases and alongside a shifting political picture
• The possibility of a future where the world can't afford petroleum, and much more...

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Erik Townsend welcomes Julian Brigden to MacroVoices. Erik and Julian discuss:

• The difference between the DXY and the trade weighted broad Dollar index
• The effect of emerging market fluctuations on the broad Dollar
• Dollar pause or Dollar reversal?
• The return of cyclical inflation in the US
• Chinese capital outflows and the effect on real estate markets
• How the Dollar story will affect precious metals
• Emerging market equites
• A lack of real cooperation between central banks
• Global sovereign debt markets and what they are signaling about inflation
• How a perfect storm of Dollar strength and a return of inflation will take away the central bank "put"
• ...and bunches upon bunches more...

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A conversation on March 25th, 2016 between Grant Williams and Rick Rule

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Erik Townsend welcomes Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

• The advantages held by the US over other economies
• The reasons for the recent USD strength and where it is headed next
• The market reaction to the most recent round of hawkishness from the Fed
• The Gold market internals which have supported its price in 2016, and the possibility of a pullback
• The relevance of the Commitments of Traders report in the Gold market
• What institutional positioning in precious metals tells us about liquidity flows
• Platinum, Palladium, their extraction methods and uses, their relationship to each other and other PMs
• Where we are currently in the broader commodities cycle
• The problems facing China, Japan, and Europe
• Economic, social, and political issues in Russia
• Possibilities for Gold and non-USD currencies playing a bigger role in central bank reserves, and more...

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Erik Townsend welcomes Steve Keen to MacroVoices. Erik and Professor Keen discuss:

• A comparison of the prevailing schools of economic thought
• The role of credit in the economy
• The importance of existing inventory when considering supply and demand calculations
• What's wrong with neoclassical economics and how central bank policy needs to adapt
• How Professor Keen was able to foresee the 2008 financial crisis
• The mistake of mainstream economics in ignoring the importance of private sector debt
• Low credit growth leading to a stangant economy
• "Zombie Economies" and which countries are most likely to suffer another crisis
• How to know if you're living in a Zombie Economy
• The need to reduce private debt, and the ways to incentivize such a reduction
• Plus Samir Madani joins us to discuss #OOTT and much more

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