First class presentation. No lack of firing neurons here! Great interviewing style lets the guest speak freely without being unnecessarily interrupted. Love Erik's concise vocal summary after the guest has presented a complex concept. Love Patrick's vocal tones on asking Erik's opinion. Priceless. Patrick is obviously all over the technical analysis and makes a dry subject entertaining. Highlight of the week! Congratulations.
I have been listening to a large number of different financial/market/macro/economic podcasts over the last few years and Macro Voices (MVs) stands out. Erik's open minded and easy to understand style, Patrick's added insight on the technical side and the sheer quality of guests it attracts makes MVs one of the leading podcasts among a large crowd. Fridays are my favourite day for a reason!
Erik and Patrick,
Just thank you so much for such an awesome podcast. There isn't any better (although SmarterMarkets is already very close!)
My thanks and regards, James
Good evening Erik,
I'll be as brief as I can because I know you're a busy guy, but I have loved listening to Macro Voices for the last year and a bit because you offer the best global macro news/insights I've come across. But a seed that was planted with your coverage on the covid crisis earlier this year finally sprouted during tonight's episode. It dawned on me while listening to your coverage on the US election that you are the absolute best source of unbiased long-form analytical news available in the world today. The intellectual dark web guys are better than the mainstream media, but if I'm being honest they tend to be biased in the direction that I agree with more. You sir are a true professional. I know you personally lean libertarian, but you don't taint your analysis with your personal views and I appreciate you so very much for it. I'll be summarizing this thank you letter in an iTunes review shortly ;)
Keep fighting the good fight!
Every week I look forward to Macro Voices. This week with Stephanie Kelton was absolutely outstanding. What I really appreciate is the open, intellectual examination of subjects like Modern Monetary Theory. I can not think of a better place to expand my knowledge of macro economics. Outstanding.
There are a lot of good financial podcasts these days and Macrovoices is one of the best of them. Thanks guys.
Macrovoices is the best economic and financial podcast. Erik and Patrick's deep understanding of markets and the economy set it apart from other podcasts. I have not missed a single episode and look forward to each new podcast on Thursday evening. I believe Macrovoices has given me a deeper understanding of the world we live in and has helped me to position my portfolio accordingly. Erik and Patrick welcome a diversity of opinions which keeps Macrovoices from becoming an echo chamber of my own biases which is so often the case with other podcasts, and without which no learning can take place. Thank you!
Brilliant, Brilliant, Brilliant. Certainly of a comparable quality to Grant Williams's and Bill Fleckenstein's 'The End Game' podcast series and George Gammon's 'The Rebel Capitalist Show' podcast. When listening to Macro Voices, one is treated to brilliant, thoughtful, intellectually honest Hosts; brilliant, thoughtful, intellectually honest Guests; and mind-bending content that I have to listen to two or three or four times before I understand everything that is being said. I would pay to access this podcast. I wish there were two or three episodes each week. Thank You, Mr. Townsend. Thank You, Mr. Ceresna.
You guys are the best! Very, very informative podcast.
Fenomenal content!! Cutting edge material.
Thank you so much for making this fantasic content! You have a talent for making complex matters easier to understand for the average person. This is high calibre content that I don't think a non-professional investor like me is going to find anywhere else.
I just made a donation to help you continue your podcast - by far the best macro podcast anywhere.
I just wanted to say thank you for all the work you do to provide fantastic content to your listeners. I'm a recent graduate from the University of Minnesota, and I've been listening to your podcast for almost two years now. I've learned an incredible amount (in many ways considerably more than I learned in school...for $100K) and I'm thankful for all the work you put into the podcast - not only is the content informative, it's incredibly well produced compared to any other podcast I've heard.
I don't think I fit the categories of people the podcast is for that you list at the beginning of each week's episode, but I have a deep interest in markets and all things to do with global economics (and am studying and working to try and land a job in markets in the near future), so the show has really been a huge blessing for me.
Thank you as well for your advance warning on COVID. I can't tell you how much that helped me prepare my family, myself, and lastly my portfolio for what was coming.
Thanks again and keep up the good work.
Best, Sam P
I love the podcasts. I'm new in the investing field, but i can sense from a mile Eric can switch from a bull to a bear and inverse according to the situation. Has a deep understanding how things work, has the resources to back up claims with data, accepts external opinions to confirm or to change [his] opinions. I love the short weekly forecasts!
Erik - I simply love the work you're doing at MacroVoices. I listen to the podcasts in the morning and read the transcripts or special articles during the day. So many good things to say. I love that I'm not getting a one-sided ("sell-side") perspective, which now more than ever it's important to understand investment risks. I also appreciate that you don't "dumb down" the content. I recently became a donor and intend to do my part. This is better than 99% of the paid subscription sites. Thank you.
I am writing to you to thank you.
I have been a avid listener to your podcast since about a year. I am no expert, in fact in your word, the stuff that you cover on a daily basis is way above my pay grade. But it does give me a flavor, an indication, a direction in which things are headed. Thanks to you (and Mike Malony's podcasts) I have made some changes to my own investment by shifting heavily towards gold, which on hindsight has proven to be an excellent decision. I have even been branded as a contrarian and a mild conspiracy theorist in my work place, which I do take as a compliment. As my way of support, I purchased your book some months ago, and have realized that it is a brilliantly written, straightforward and to the point, like Macro voice. It is a bargain at any cost (even though I had a tough time getting it cleared through customs in my country)
So thank you.
Hello to everyone on the Macro Voices team. I'm a 23 year old who's pursuing a career as a macro investor and I just wanted to reach out and say thank you to Erik, Patrick, and everyone else [that is] a part of Macro Voices. This podcast has done more to help me grow and develop my macro framework than I ever could have imagined. I've returned 215% so far in my first few months of trading my own account and I owe a large amount of that success to all of you. Since I finished my undergraduate studies this past May, due to my lack of relevant internship experience I have had a lot of trouble getting myself a job in the industry. I've worked incredibly hard to develop the skills I need to get there, but at times have second guessed myself because nobody would give me a chance. Without Macro Voices I never would have been able to come as far along as I have and it's a huge part of why I have been able to get the returns I have so far in my own trading. This has allowed me to build so much more confidence and prove to myself that I am more than capable of succeeding in this industry if I work hard enough. Now I just need to find someone to give me a chance. Thank you for everything that you guys do, it has had such a major impact on me being able to learn from you all. The day I can finally afford to I will be making a donation to the podcast and will continue to listen to the best podcast in the industry.
I had to comment on your excellent work - you have completely (!) nailed it with regard to covid19 AND oil AND vix. I am astounded that a free service would offer this much insight and information value! Please accept my thanks and admiration (and my donation that will follow as soon as I get my Paypal to work).
Kind Regards, Sami J
I just listened to your 02-March podcast.
I'm a veteran biotech scientist working in Seattle, a city about to explode in covid19 cases. I wanted to reach out positively after hearing you lament all the flak you have been getting at the end of that podcast. I think you are spot on with your analysis and concerns. If you want info on what is happening in the PNW, or an informed take on any of the science, please feel free to write back. As I write many local companies in IT & biotech are instructing employees to work from home going forward.
I appreciate your work. I'm a Libertarian scientist trying to get by in this macro environment. Your show has been very informative. Thank you again.
Best regards, Jeff D.
I've been listening to your podcasts for years and continue to be impressed by the professionalism and high quality of the information that you and Patrick present on Macro Voices.
I appreciate that you also consider the opposing side of the case that you're presenting and the honesty with which you approach the subject concerned.
The knowledge that you and your guests share has been invaluable (both in the investment world & of current issues such as the Corona Virus).
I was very disappointed to hear that you still have a lot of people calling you irresponsible for highlighting the risks of Covid-19. The reality is that it's played out exactly as you said and you helped raise awareness where there was none. People should be celebrating you for that, not condemning you.
I only discovered the podcast recently and am super-impressed. Thanks for the insights and know that there are more people out there that appreciate your work than don't.
Kind regards, Chris
Hello Eric and team,
I might be one of your youngest listeners in my early 30s. I don't usually provide feedback but after the 3/2 podcast, based on how Eric ended it. I wanted to say
Thank you for taking your time to share your knowledge and putting together thoughtful, thought exercises, whether they are strictly market related or not. I graduated with a degree in finance and have tried to find the niche in the web that supports healthy mindsets that are not taught. You are providing a very educational experience to an audience and you probably don't even know it. I wanted to show my appreciation for your hard work. I look forward to hearing more speculative conversations in the future.
As you seem to be getting a lot of hate on Twitter, I wanted to reach out to you privately and thank you for the excellent, journalistic approach you took to this story from nearly the beginning. The diversity of thought you brought onto your podcast, the extra effort you put into informing your audience (for free, I might add) was a higher display of journalistic integrity than anything I've seen on a cable news network in years.
You not only scared me into doing something about sensible preparation for myself and my family, you scared me enough to in turn do the same to my friends and family. Suffice it to say they are listening a lot more intently to me this week than in weeks past.
Thank you for all you do. You and Patrick are a service to the financial community and have greatly benefited my financial (and clearly sometimes beyond financial) education over the years. I know I am not alone in feeling this way.
Cheers and stay safe out there,
Thank you for your show! I've been listening for over a year. I so appreciate the market summary at the beginning, as well as the "post-game" segment after the interviews. Erik, you're an exceptionally good interviewer. You ask excellent questions, and I'm grateful that you summarize your interviewees comments - it really helps my understanding. Your voice is very pleasant to listen to. Very smooth and clear. Thanks for putting on an exceptional show! Sadly, I'm financially strapped at the moment so I can't donate, but I would if I could.
Erik & Patrick,
I am not sure I can fully comprehend how much I appreciate the work you both are doing. I have been a loyal listener and even have a set time blocked off on my calendar to listen to Macro Voices every week and it has propelled my career in the sales/trading world immensely.
I am a 27 year old working in the bond industry, and trying to gain clients that are much older/experienced that I am. I had multiple teachers and other adults tell me I shouldn’t be in this field because I was a poor student, yet here I am. Your program has armed me with the confidence and knowledge to get beyond CNBC and the garbage they put out.
I am not sure if there are any opportunities but I would love to help Macro Voices beyond a donation if there were ever a need.
Again, I can’t thank you both enough and look forward to more great content.
Regards, Derek N.
I hope that this message finds each of you well on this last day of both the year, and decade. Indeed, it's been quite a year.
I began listening to your podcast earlier this year and have learned an incredible amount as well as very much enjoyed the thought provocation that your podcast always seems to bring to the table. Indeed, it's rare to find such a well balanced, professional, enlightening, and robust podcast that seeks to peel back the many layers of global macro market phenomena in a way that is so independent from the largely useless 'noise' that is mainstream commentary today.
I am a fundamental energy market analyst (production) focusing on the North American natural gas market, specifically the Southeast and Texas. As such, I very much appreciate the no-nonsense/unbiased approach of your podcast and the depth and breadth with which it seeks to digest the numerous markets that are often discussed. I especially enjoy the energy segments of the podcast, as you might imagine.
Anyway, I just wanted to take a moment today and extend my thanks to you and your team for all that you do. Additionally, I find myself consistently recommending your podcast to my colleagues and others that I feel may both enjoy and benefit from its content. I'll continue to do this for as long this podcast remains! Again, many thanks and a Happy New Year.
Kind Regards, Jason L.
I just listened to Erik's long short hedge fund strategy. Excellent. Very educational including the history, the driver (a share of gains / much higher fees), and the considerations. Thank you. I & many others are really appreciative for your contribution to society.
Eric and Patrick: I just listened to your excellent interview with Stephanie Pomboy and wanted to thank you for bringing her on. The insights she shared with us and the quality of your framing the discussion was great. Thank you! Yours, Nazzaro
Thank you for an extremely insightful discussion on the recent attacks in Saudi Arabia featuring Anas Alhajji and Joe McMonigle. Well prepared, thoughtful and informative. It is content such as this that makes this website and podcast network so valuable. These are incredibly interesting markets and having intelligent, articulate experts to educate us is extremely helpful. Please keep up the great work. Richard
Eric and Patrick,
Just wanted to say that I just donated to help defray some of your costs. I felt compelled to do this because the content you two are producing is excellent. I felt morally obligated to give back because I have received so much from your podcasts. I truly appreciate the insights you and your guests are providing each and every week. I have been telling my colleagues in the retail investment side of the business that they need to be listening to your podcasts if they really want an unadulterated view of what is driving the various financial markets. Keep up the great work guys!
I’ve been a huge fan since the beginning. This is by far the best macro podcast anywhere. It’s insane that they provide it at no charge. I just listened to the private gold vaulting episode and wow, what an eye opener. Thanks Erik and Patrick, amazing podcast. Thank you!
I am an MSc Finance student in London and I religiously follow your podcast - it is not only educational and insightful but makes me really excited about my incoming career in the industry... Thank you for all you do.
Hey Erik & Patrick, just wanted to say thank you for doing what you do and keeping the service free and honest. I listen to every episode of your show, and always look forward to the next one. I do not work in finance, but find it fascinating at a macro level. Your podcast has taught me so much, and without a lot of regular services like this out there, especially that I can afford on my retail operations salary, it's been an invaluable way to learn and understand (at least go from 1% to 10%) what's going on in the world. Money does seem to make it go round after all, for better or worse. Anyway, please keep doing what you're doing! All the best and thank you again!
The idea to bring Luke G and Jeff S together was a genius move ... they both are getter closer to the point (actually, points), the more they discuss and talk ... at some point of this recent conversation Jeff was so clear in his expressions like never before ... at one point, I thought: "Will he finally write his book now!" ;-) ... please continue this format, it's too important ... Keep up the great work, Jens ... PS From a European perspective there is no reason to shy away from "debating" :) .... PPS: I know it need maintenance and effort, but a stream/blog page for listeners would be a great thing (like Mauldin at "News from the Frontline")
The macro voices podcast is great and when I listen, I'm guaranteed to learn something new and interesting. I think you do a fantastic job finding guests who are extremely knowledgeable, and also finding ways to make it more understandable for the listener. I really like the Luke Gromen episodes.
I've been doing technical analysis professionally for over 25 years. I've just started listening to Macro Voices over the past few months and am very impressed with insights on this podcast. The guests are excellent and the topic are VERY relevant to anyone interested in the mechanics of macro shifts underway in the market. Well done and thank-you for sharing.
Mr. Townsend & Mr. Ceresna,
Just wanted to reach out and say thank you for making me think.
I am a rising senior at Ohio State studying econ and I have learned more from your podcasts and featured guests than any professor I’ve ever had. My favorite episode to date is with Steve Keen. Since the release, I have listened to it ~10 times and get something different out of it every time. He also has me hooked on everything with William Haugen’s name on it, I am currently awaiting the arrival of The Beast on Wall Street and an older text book.
This is only one example of you two either directly or indirectly driving my young, intellectual curiosity. I am currently an intern at Morgan Stanley and listen to your podcasts while I crank through excel, however I needed to express my gratitude for your podcasts.
I have been listening to Macro Voices for a few months now, since I heard your talk on chat with traders with Aaron. I can't overstate how grateful I am for you and your guests for making this kind of content available.
I am always intrigued by the conversations you have, and I love the way you interview and never interrupt your guests while they flesh out their ideas. I learn so much from the insights you and your guests provide! So I just wanted to say huge and very warm thank you!! Thank you for putting together this podcast!
I'm not the kind of person who would ordinarily have access to such high quality, long form conversations from such a fantastic range of smart people. I do not have a background in economics, or any contact with people inside the industry, and would be very out of place in any setting where I am likely to meet said people. I'm just a programmer trying to game the markets.
Macro voices is the best resource I know of to get me thinking big picture and provide me with a better understanding of the complex and silly world of global capital market :)
I really appreciate the work you and Patrick do, so once again, a big thank you!!
Compared to many lower quality webpages, or those promoting certain agenda, this one clearly stands out as well argued and balanced. Interesting analysis and ideas. Thank you!
Eric & Patrick,
I just want to say thanks for all you guys do to pull this show off with high quality guests .. I'm not directly in the finance industry ( I'm in the food industry ) but I really appreciate the content and perspective ..I hope you guys can do something in LA some time ..I would help you pull it together...
Great interview with Neil Howe! I only this year read The Fourth Turning and have since been trying to convince people that Generation-Z is merely more Millenials, as there was no real demarcation in 1996 and generations last more than a decade. So, I'm glad to get some vindication. I had hoped for a forecast on which way he expects things to fall: left or right, alas who knows? There was also no mention of who might be the Grey Champion. I nominate Jordan Peterson (even if he is Canadian)!
Just wanted to send you a quick note to compliment your interview skills. You are a fantastic interviewer. You ask great questions and try to get the whole perspective as best you can in spite of your bias which you are honest about. Everyone has a bias and as some one giving an interview you want to show yours as little as possible but you just being honest about where you stand economically is the answer to that tough predicament. I love your show and guests and as a novice in the economics department I find it very easy to follow along.
Hello Eric and Patrick,
I would just like to thank you both for producing such a financial podcast. The format of the show is excellent and the guests that you bring on are always very interesting and I always learn something new. I've been following macro voices since it started and having Patrick join you has only made the show so much better as he brings a wealth of knowledge. Personally I like macro voices more than Real Vision and I think that it's the best financial podcast out there. I always get excited every Friday morning when the new show arrives in my inbox.
I make regular donations to help support your podcast as I want to help keep macro voices growing.
Again, thank you both very much for producing such a great podcast, you are both stars.
Hi Erik and Patrick,
Just a quick line to tell you how much I appreciated your podcast with McElligott. FWIW hands down the best I have heard on your show and imo up their in the top league of timely macro conversations all media considered. And all that for free, amazing!
Wishing you all the best for a high quality 2019!
Keep up the great job,
I have been looking for great market commentary and content for a while now, and finally came across this podcast.
Leaps and bounds ahead of almost everything else out there -- if there is anything better out there, it is highly exclusive. Very informative and educational. Thank you for supplying this highly thoughtful content.
I don't normally bother with commenting on content, be it good or bad, but listening to just a few of your podcasts compelled me to thank and congratulate all those involved, especially Erik and Patrick.
I have been repeatedly taken a back by the content some of your guests have brought to my attention. It has been and continues to be eye-opening and superbly interesting. I don't mind the (occasionally) overwhelming complexity, in fact I welcome and cherish it. I like the way the show is structured and aired, I like that It's ad-free and to the point. I also appreciate the - for the most part - above-average sound quality on the hosts' part. (Some guest's microphones are below par but that's understandable.) I also very much enjoy Eric's intermezzo summaries and questions, which help reinforce the messages.
Thank you and please keep up the good work.
I'm just finishing the last part of the EuroDollar University II - and quite frankly both series and Jeff's work blew my mind ... it explained so much of my open questions actually since 2007, when I first realized that something is going wrong here ... though being European, skeptical in nature, and even worse a German, I permanently thought about how to raise awareness to this issue ... besides writing a story/blog about it in different language, one thing popped into my mind:
WE NEED TO BRING JEFF TO A "BILDERBERG CONFERENCE" ASAP - does someone know how we could accomplish this? Let's make it happen ...
I didn't see a particular address for feedback so I'm using this. I want to thank you for all of your episodes but particularly for the July 19th episode. It was as excellent as always. The portion on managing tail risk was especially valuable to me. I listen to a number of Podcasts and read a number of newsletters to help me with my investing but no where have I fully understood how to manage tail risk. I listened to that portion at least a dozen times and today bought some put options to protect my retirement portfolios downside risk. I feel fantastic about it and was surprised at the little premium I paid for this just as described. I'm in the camp that the market will expand for a little longer here but I had move to 50% cash so I protected my other 50% with the puts. I don't even know what other things like managing tail risk that I could request you cover. Perhaps you know of other topics that would help individual investors like me. It's so obvious to you guys but not at all obvious to me. It makes complete sense. I am retired and actively manage my retirement funds so knowledge like this is invaluable. Thank you very much.
Hi! I'm from Sweden and just want to say that your podcast is super! Thanks for a great job!
First of all, I feel the need to say thank you. MacroVoices is without dispute the best financial podcast produced. Your format is excellent and the entire podcast is useful (vs others who waste a lot of listener time with small talk or conversation intended to be entertaining). Your guests are the best of the best. I love how you bring people like Juliette back often given her track record. Your post-game is always relevant and interesting and we often get two guests in one show. I enjoy both of your personal market views. Lastly, the special series’ you produce are very insightful, especially the dollar end game. I could go on and on but I’ll stop here. THANK YOU.
Hey guys, I am just writing to say that I really appreciate what you all do. Erik is truly great in breaking down the plumbing and technical parts of the bigger picture. The interview with Jim Grant (I am certainly a subscriber) as it was incredible, which is saying something given how great all your interviews are. I am pushing all my colleagues in the firm to listen, as I think this podcast will be a must listen for anyone in the industry. I look forward to this podcast every week since I became a listener and I wish you all the best. Good luck with the further success.
MacroVoices has been a reprieve from the incessant sensationalism that currently dominates mainstream media. Erik's level-headed, thoughtful interview style is refreshing and always thorough. They really leave no stone unturned when it comes to discussing a topic and the depth of thought is consistently compelling. I wouldn't be the investor or thinker I am without my weekly dose of MacroVoices!
By far best financial podcast available. In fact, there are very, very few better sources of investment/financial information in any format.
And finally for the general thanks: I have been a listener of the podcast from day one. I am a full time airline-pilot for the finnish national carrier finnair, and am living in finland. Although not an accredited investor by the sec-definition, I do have a passion for markets, macro, options and trading. Your podcast really struck a chord with me and I have learned a lot thanks to your efforts! As my job routinely takes me to the hotspots of global financial events, from my home in scandinavia, to singapore, hong kong, mainland china, japan and india as well as new york and the occasional us west-coast layover, I get to see first hand the things your excellent guests bring up in their interviews. Macrovoices has changed the way I view the world for the better! So this time I can't thank you enough for a fantastic show! And to round it off: I really like the current format, where Patrick also brings his views and expertise to the table to bring even more insights and viewpoints to Eriks excellent narratives! The more contrasting views you get, the more you learn! Keep up the good work gentlemen!
I don't have anything in particular per se, but just want to let you know I really enjoy the podcast. I feel like this is one of the very few unbiased podcasts on the Web and I appreicate you not dumbing things down (for the record, I'm just what you might consider a "serious dilettante / dabbler" in the financial markets -- I've spent probably most of my free time outside of work in the last half decade or so studying the markets -- and I can follow along very well! Hard to believe there was a time when I had no idea what someone meant when they said "COT report!")
Dear Eric and team, just a note to say how awesome your podcasts are. The content is so awesome you could charge for it. I first got turned on to your podcasts by Richard Duncan. I hope you will find terrific continued success so that this keeps going.
Thank you again for your great interview with Jim Rogers. You have made my week. Macro Voices is the best.
Happy birthday, your show is brilliant.
Hi Erik. This e-mail probably comes a bit out of left-field (pun intended) since I don't exactly fall into your target audience. Nevertheless, I wanted to express how grateful I am for your show and how much I've learned in my four or five months listening. I'm a rank-and-file warehouse worker for a major logistics corporation in Florida, where I serve as a union shop steward. Politically, I'm a socialist to the left of Bernie Sanders, and while that would seem to put us worlds apart, I'm consistently impressed with your pretty in-depth analysis of the world economy, commodities and equities markets, and investments in general. Like the Right, the Left is full of oversimplifications that make great slogans but aren't terribly helpful in terms of analyzing concrete conditions. I started listening to your show during my graveyard shifts at work as part of my weekly podcast lineup, and it's quickly become my highlight of the week (on Friday, no less).
The accredited investor series is great. I'm writing to say that I admire the candor, courage and humility with which you describe your costly experience with the investment bank. Many would be unwilling to so openly share such an episode. Your honor and bravery provide a great service to the lay investor. Many Thanks!
I really enjoy what you are doing on Macro Voices. I followed you from the days when you were a regular on the Financial Sense Newshour. I like your very clear and humble way of presenting what your thoughts are on the oil and precious metals markets and missed you when you left Financial Sense Newshour.
But, now that I have caught up with you on your Macro Voices I have to say that I look forward to your podcast more and more each week and listen to your program first each week.
Keep up the excellent work!!!!!!
I just got a chance to listen to your Rick Rule interview. I have heard Rick Rule many times on other shorter interviews so I sort of put this one on the back burner. When I finally took the time to listen, I was happy I did so. You guys have managed to get more substantive information out of Rick in this interview than I have ever heard in any other interview. This interview was comprehensive and insightful and devoid of the usual precious metal market cheer leading. Excellent. All of your interviews are home runs! Your site is at the top of my list of market sites I visit every week. Keep up the great work.
Erik's podcasts are clear, concise, and to the point. His knowledge and understanding as well as his informed insights into the macroeconomic abyss is unparalleled.
I highly recommend listening and subscribing to this feed.
~Mike R. from New hampshire
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.