Macro Voices podcast

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Macro Voices

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Charlie McElligott: Fear the Steepener1:27:55

2d ago1:27:55

1:27:55

Erik Townsend and Patrick Ceresna welcome Charlie McElligott back to MacroVoices. Erik and Charlie discuss the china credit impulse and PBoC liquidity operations. The discuss if this is a bear market rally or continuation of bull market and fading the Fed’s economic optimism. They update CTA positioning across asset classes and positioning in r ...…

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Macro Voices

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Chris Cole: The ‘BIG ONE’ (Vol event) hasn’t happened yet.1:07:25

7d ago1:07:25

1:07:25

Erik Townsend and Patrick Ceresna welcome Chris Cole back to MacroVoices. Erik and Chris dissect the Vol crash in February 2018 and the implicit/explicit short vol risks. They then put perspective on the next phase of the short vol unwind and the impacts of the reduction of central bank balance sheets. They further discuss the link between vola ...…

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Macro Voices

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Marin Katusa: Oil, Steel & Diamonds on the Natural Resources Radar1:06:14

14d ago1:06:14

1:06:14

Erik Townsend and Patrick Ceresna welcome Marin Katusa to MacroVoices. Erik and Marin discuss uranium producers and the recent drop in oil prices. They then go on to discuss the opportunities in the steel and diamond industries. They finally wrap things up with a broader look at resource investing and what it takes to be a successful resource i ...…

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Macro Voices

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Year-end Special: Best Market Calls of 20181:17:28

22d ago1:17:28

1:17:28

Join Erik Townsend and Patrick Ceresna as they spend an episode reviewing the best market calls of 2018. They discuss which guests nailed the Bitcoin top, the VIX crash, the Chinese economic turn, emerging markets top, S&P500 top, the turn in corporate bonds, FAANG, and the peak in bond yields.By requests@macrovoices.com (Hedge Fund Manager Erik Townsend).

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Macro Voices

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Daniel Want: Systems View of OTC Derivatives1:03:41

28d ago1:03:41

1:03:41

Erik Townsend and Patrick Ceresna welcome Daniel Want to MacroVoices. Erik and Daniel discuss system thinking, OTC derivative markets and the counter party risks that exist in the system. They look back at the system wide margin calls back in 2007-08 and discuss the global financial situation today. Brent Johnson joins the conversation in the p ...…

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Macro Voices

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Prof. Edward Altman: High Yield Benevolent Cycle Not Yet Over1:17:18

1M ago1:17:18

1:17:18

Erik Townsend and Patrick Ceresna welcome Prof. Edward Altman to MacroVoices. Erik and Edward discuss the credit cycle and the length of the current benign cycle. They elaborate on historical default rates, recessions and the surge in U.S. corporate leverage. In the postgame following the interview, Louis-Vincent Gave joins the team to discuss ...…

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Macro Voices

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Juliette Declercq: “Dovish Pivot” is not a game-changer yet1:21:57

1M ago1:21:57

1:21:57

Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the impact of trade war on the global economy. They then discuss the PBOC, the Chinese monetary policy and the broader global growth outlook. They move on to touch on the U.S. Dollar, the U.S. monetary policy outlook and ask if the Powell ...…

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Macro Voices

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Julian Brigden: Secular Bond Bear Doesn’t Preclude Significant Rallies1:25:13

2M ago1:25:13

1:25:13

Erik Townsend and Patrick Ceresna welcome Julian Brigden back to the show. Erik and Julian discuss what is driving the bond market, demographics and the global excesses in the equity markets. They ask is the U.S. housing markets overpriced, where is the next trade in treasuries and is the stock market due for a big bubble bounce? They finally t ...…

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Macro Voices

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Jeffrey Christian: Investment demand for precious metals is bottoming1:28:17

2M ago1:28:17

1:28:17

Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. Jeffrey is the Managing Director and Founder of CPM Group. Erik and Jeffrey discuss the recent moves in gold and look at the forecast for 2019 and beyond. They further discuss why investment demand has dropped and more importantly, is it turning? The touch on silver and ...…

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Macro Voices

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Keith McCullough: Bond Yields May Have Peaked1:24:08

2M ago1:24:08

1:24:08

Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss how the investment landscape has evolved, why deflationary pressures are on the horizon. They further discuss the marginal rates of change in growth and inflation, U.S. real GDP and CPI forecasts, the global economic landscape and the key macro the ...…

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Macro Voices

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BONUS: Beyond Blockchain Audiobook Chapter 135:10

2M ago35:10

35:10

Audiobook Chapter 1 FREE Preview The cryptocurrency trend of the past few years has continued to grow despite widespread predictions that it would just be a flash in the pan. Blockchain is suddenly everyone’s favorite buzzword. But what if there’s more to this story than meets the eye? What if Digital Currency is about to change the world in wa ...…

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Macro Voices

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Jonathan Tepper: The Myth of Capitalism1:27:01

2M ago1:27:01

1:27:01

Erik Townsend and Patrick Ceresna welcome Jonathan Tepper to MacroVoices. Erik and Jonathan discuss if the market correction over, the outlook for U.S. interest rates and the short and longer-term drivers in the U.S. Dollar. They further touch on China, Europe, inflation, oil, and real estate in Australia, Canada and the United States. Finally, ...…

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Macro Voices

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Dr. Pippa Malmgren: Embracing Entrepreneurship1:25:05

3M ago1:25:05

1:25:05

Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss the opportunities on drone technology and the leaders in unmanned aerial vehicles. They further discuss the issues of data privacy in the firmware and the risks of drones being used for terrorism. They go on to discuss her new book Leadership Lab ...…

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Macro Voices

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Daniel Lacalle: Synchronized Global Growth was always a False Narrative1:23:21

3M ago1:23:21

1:23:21

Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel debate if this is a market correction or is it the end of the bull market? They touch on the Fed’s responsiveness to changing monetary policy and ask where bond yields are heading from here? They proceed to touch on Europe, the ECB, Italy, European junk bon ...…

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Macro Voices

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Prof Steve Hanke: M4 is the most under appreciated indicator1:18:50

3M ago1:18:50

1:18:50

Erik Townsend and Patrick Ceresna welcome Prof Steve Hanke to MacroVoices. Erik and Steve discuss drivers of the recessions over the last 30 years, perspectives on Lehman Brothers failure, M4 Money Supply as the broadest measure, dangers in quantitative tightening, commercial banks drive money supply, stabilizing the U.S. Dollar Euro rate, unde ...…

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Macro Voices

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Prof Steve Keen: The Real Risk is in Private Credit1:34:00

3M ago1:34:00

1:34:00

Erik Townsend and Patrick Ceresna welcome Prof Steve Keen to MacroVoices. Erik and Steve put perspective on global sovereign and private debt. Erik asks if government debt is still a safe haven? They further touch on junk bonds, corporate debt, credit spreads and ask how another financial crisis occurs and which countries are most vulnerable. A ...…

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Macro Voices

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Louis-Vincent Gave: Breakdown in Historical Norms between Emerging Markets and USTs1:15:53

4M ago1:15:53

1:15:53

Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. Erik and Louis discuss drivers in emerging markets route, the global equity markets and how long the divergence can last between US and global equity markets. The further discuss the impact on U.S. treasuries, global de-dollarization and the dissolution of Chimerica. T ...…

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Macro Voices

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Keith Dicker: The next major financial crisis will happen in the Bond market1:18:19

4M ago1:18:19

1:18:19

Erik Townsend and Patrick Ceresna welcome Keith Dicker back to MacroVoices. Erik and Keith discuss the government bond bubble, artificially suppressed interest rates and rethinking bonds for portfolio allocations. They discuss what impact that a bond market route could have on equities and if the bond bear market has started. They conclude with ...…

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Macro Voices

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Art Berman: The market has de-valued the oil price yield curve1:23:27

4M ago1:23:27

1:23:27

Erik Townsend and Patrick Ceresna welcome Art Berman back to MacroVoices. Erik and Art discuss comparative inventory and inventory correlation to price on oil. They further look at price cycles, the oil-price yield curve and the impact of U.S. exporting oil. They further discuss why backwardation is collapsing on WTI, sensitivities to supply co ...…

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Macro Voices

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Charlie McElligott: Phase one is over. The easy money has already been made.1:20:10

4M ago1:20:10

1:20:10

Erik Townsend and Patrick Ceresna welcome Charlie McElligott to Macrovoices. Erik and Charlie discuss the curve steepener as a recession signal and the current impact that the dollar, real rates and inflation expectations have on the markets. They further touch on the Chinese credit/financing impulse and the late cycle behavior from autos and h ...…

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Macro Voices

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Marin Katusa: The setup for Uranium is better now than any time in the last decade1:38:34

4M ago1:38:34

1:38:34

Erik Townsend and Patrick Ceresna welcome Marin Katusa back to MacroVoices. Erik and Marin discuss uranium and why it is an opportunity now and the political and geopolitical considerations in picking your investments. They further discuss the royalty and streaming business model for uranium and the private placement opportunities in the stream ...…

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Macro Voices

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Danielle DiMartino Booth: Jay Powell is a new breed of Fed Chairman1:11:12

5M ago1:11:12

1:11:12

Erik Townsend and Patrick Ceresna welcome Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss Jay Powell as the new Fed Chair. They discuss Jackson Hole, how Powell did and the absence of Draghi and Kuroda. They further discuss the impacts from the trade war, markets reaction to quantitative tightening, Fed policy and the economy ...…

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Macro Voices

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EuroDollar University, Season 2, Part 31:13:20

5M ago1:13:20

1:13:20

Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 3 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff delve in the federal reserve intervention, the structural changes in the Eurodollar system and the shift in bank views from riskless return to returnless risk. They furth ...…

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Macro Voices

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EuroDollar University, Season 2, Part 21:09:34

5M ago1:09:34

1:09:34

Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 2 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the collateral problems with gold during 2008. Jeff explains why the crisis was a liquidity risk, not a credit risk. They elaborate on the basic interbank functio ...…

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Macro Voices

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EuroDollar University, Season 2, Part 11:16:37

5M ago1:16:37

1:16:37

Erik Townsend and Patrick Ceresna welcome Jeffrey Snider back to MacroVoices for Part 1 of Season 2 of the new Eurodollar University series. During this episode, Erik and Jeff discuss the lost dollar decade and put into context the global dollar markets. They further dive into the shadows of the great financial crisis and the liquidity crisis i ...…

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Macro Voices

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Jesse Felder: Equity Markets are in a Topping Process1:18:23

6M ago1:18:23

1:18:23

Erik Townsend and Patrick Ceresna welcome Jesse Felder to MacroVoices. Erik and Jesse discuss drivers behind the everything bubble, and will quantitative tightening be a trigger? Impacts of market leverage, the Buffet yard stick and what is in store for the FAANG stocks.By requests@macrovoices.com (Hedge Fund Manager Erik Townsend).

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Macro Voices

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Martin Armstrong: There is no alternative to the Equity Market1:12:20

6M ago1:12:20

1:12:20

Erik Townsend and Patrick Ceresna welcome back Martin Armstrong to MacroVoices. Erik and Martin discuss if there is room for the equity bull market to continue. They further discuss the outlook on global bond, U.S. Dollar, and gold. They further discuss the geopolitics in Europe, Russia and China and look at domestic politics in the U.S. going ...…

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Macro Voices

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David Rosenberg: The top is probably in already1:32:43

6M ago1:32:43

1:32:43

Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. Erik asks Dave if there is one more leg higher in the S&P500 or is the top in? They further discuss the outlook on junk and investment grade bonds and how to play the short on low grade corporates. They further discuss inflation, USD, the business cycle and where yields a ...…

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Macro Voices

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Dr. Pippa Malmgren: Social Media Data Mining is the new Geopolitical Frontier1:45:44

6M ago1:45:44

1:45:44

Erik Townsend and Patrick Ceresna welcome Dr. Pippa Malmgren to MacroVoices. Erik and Pippa discuss Trump, art of the deal, trade wars and North Korea. They further discuss Russia, Syria, US and chemical warfare and global de-dollarization. They finally end discussing Facebook’s impact on geo-politics and financial markets, social media data mi ...…

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Macro Voices

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Chris Cook: Energy Markets are Manipulated in Multiple Timeframe1:34:55

7M ago1:34:55

1:34:55

MacroVoices welcomes Chris Cook to the show. Erik and Chris discuss the blow out of time spreads in WTI, oil deals outside of the market and the impact of Syncrude going offline. They further discuss dark inventories, what is it and how does it fit into the big picture. They further discuss the China and the Petro-Yuan contract and gaming US ex ...…

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Macro Voices

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Eric Peters: USD Reserve Status, Unfunded Liabilities, Inflation & More1:26:47

7M ago1:26:47

1:26:47

MacroVoices and Erik Townsend welcomes Eric Peters as this week’s guest, co-hosted by Kevin Muir. Erik and Eric discuss the future of the USD as the world reserve currency, the impact of protectionist policies on financial markets and the FED reductions and their impact around the world. The further discuss inflation, entitlements and the chang ...…

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Macro Voices

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Luke Gromen: Secular Dollar Bear goes Tactically Dollar Bullish1:23:35

7M ago1:23:35

1:23:35

Erik Townsend and Patrick Ceresna welcome back Luke Gromen to MacroVoices. Erik and Luke discuss the outlook on the U.S. dollar, funding the U.S. deficits and the U.S. “Impossible Trilemma”. They further discuss Luke’s perspective of the Fed taking the “Shoot the Hostage” stance on the markets and particularly the influence on the emerging mark ...…

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Macro Voices

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Crude Oil Special: Anas Alhajji, Joe McMonigle, Dr. Ellen Wald1:30:37

7M ago1:30:37

1:30:37

Erik Townsend and Patrick Ceresna welcome Anas Alhajji, Joe McMonigle and Dr. Ellen Wald to the show. Erik and Ellen discuss how does Saudi Arabia looks at the oil market, perspective about Saudi Aramco, understanding Mohammad bin Salman and the social politics in Saudi Arabia. During the second part of the interview, Erik, Joe and Anas discuss ...…

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Macro Voices

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DoubleLine’s Jeffrey Sherman: Bond Bear Market is Pausing but Not Over!1:28:49

7M ago1:28:49

1:28:49

Erik Townsend and Patrick Ceresna welcome Jeffrey Sherman to MacroVoices. Erik and Jeffrey discuss the big picture outlook on the economy, bonds and interest rates. They ask if there is a recession coming in the U.S. and how much upside on the U.S. Dollar? They further debate how will the economy deal with higher rates and inflation, the outloo ...…

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Macro Voices

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Nomi Prins: Central Bank Collusion; Pat Hemsworth: Crude Oil Update1:28:38

8M ago1:28:38

1:28:38

Erik Townsend and Patrick Ceresna welcome Nomi Prins to MacroVoices. Erik and Nomi discuss central bank collusion to prop up asset prices. They further look into why QE never led to runaway inflation and why there has been no consequences over the last 10 years. For the second interview Erik welcomes Pat Hemsworth to the show to discuss everyth ...…

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Macro Voices

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Dr. Lacy Hunt: The Bond Bull Market is NOT over!1:14:54

8M ago1:14:54

1:14:54

Erik Townsend and Patrick Ceresna welcome Dr. Lacy Hunt back to MacroVoices. Erik and Lacy ask if the bond bear market has really started and what are the opposing views? They further discuss shorting high yield debt, junk credit and ask where to be on the yield curve right now. They then move on to discuss the bigger picture as to whether Amer ...…

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Macro Voices

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Juliette Declercq: The bear argument for the USD1:16:28

8M ago1:16:28

1:16:28

Erik Townsend and Patrick Ceresna welcome Juliette Declercq back to MacroVoices. Erik and Juliette discuss the U.S. Dollar, rate differentials and ask if there has been a regime shift. They further discuss how does the economic data tie back into bearish dollar narrative and what are the tactical considerations on a dollar short. They further t ...…

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Macro Voices

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Charles Gave: Our Industry is NOT prepared for secular inflation!1:18:34

8M ago1:18:34

1:18:34

Erik Townsend and Patrick Ceresna welcome Charles Gave to MacroVoices. Erik and Charles discuss the corporate yield curve and what it is telling us about the equity market. They then delve into the Hong Kong dollar peg and perspective on China’s debt and related risks. They further discuss the risk parity trade with bonds and stocks selling off ...…

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Macro Voices

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Russell Napier: Signs of incipient inflation are a false alarm and won’t last long1:19:16

9M ago1:19:16

1:19:16

Erik Townsend and Patrick Ceresna welcome Russell Napier to MacroVoices. Erik and Russell discuss deflationary risks in the U.S. and context on current higher inflation prints. Erik asks Russell how high are risks of a credit event and what risks are there emanating from China. They further consider the impact of higher interest rates and ask i ...…

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Macro Voices

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Marin Katusa: Copper, Uranium & the EV Revolution1:08:37

9M ago1:08:37

1:08:37

Erik Townsend and Patrick Ceresna welcome Marin Katusa to the show. They discuss uranium exports to from Russia to the U.S. and what options does the US have for new uranium sources? They further explore electric vehicles and why they’ll be a dominant trend over the coming years and why copper is a key component in playing the EV trend. They di ...…

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Macro Voices

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Bassman/Cudmore/Snider: Market Correction Review1:27:40

9M ago1:27:40

1:27:40

MacroVoices welcomes Harley Bassman, Mark Cudmore and Jeffrey Snider for a triple header episode asking if the market correction is over. The further discuss, bonds, commodities and the U.S. Dollar.By requests@macrovoices.com (Hedge Fund Manager Erik Townsend).

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Macro Voices

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Darius Dale: Hedgeye turn BEARISH U.S. Growth1:10:32

9M ago1:10:32

1:10:32

Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. Erik and Darius discuss the peak in the U.S. growth cycle, inflation and earnings. They further discuss the global divergence reiterated and the prognostications vs the reality of the markets. They further discuss China’s massive credit expansion, the US dollar and the breakd ...…

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Macro Voices

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Simon White: Equities are running out of road1:22:57

10M ago1:22:57

1:22:57

Erik Townsend and Patrick Ceresna welcome Simon White to MacroVoices. Erik and Simon discuss the equity markets and the post-crash dynamics. They look at the medium-term drivers of the U.S. dollar and ask if something has fundamentally changed in the U.S. treasury markets. They look that the yield curve, TED and LIBOR OIS spreads and conclude b ...…

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Macro Voices

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Julian Brigden: Stock collapse under own weight or Fed/yields do it for them1:27:00

10M ago1:27:00

1:27:00

Erik Townsend and Patrick Ceresna welcome Julian Brigden to MacroVoices. Erik and Julian discuss what is on the horizon for inflation and is there a risk of runaway inflation? They look at today’s market and what comes next for equities. They discuss if the market highs in already and if bonds and stocks sell off, where does the money go? They ...…

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Macro Voices

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Jeff Snider: U.S. Treasury Yield Curve Deep Dive1:46:42

10M ago1:46:42

1:46:42

Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeff discuss what the current yield curve is telling us? They touch on the changes from an era of fed funds rate targeting and reflect on the 2006-2009 period for interest rates and the reflation trends in the post “Great Financial Crisis”. Jeff continues to decon ...…

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Macro Voices

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John Mauldin: No sign of imminent recession1:19:17

10M ago1:19:17

1:19:17

Erik Townsend welcomes John Mauldin to MacroVoices. Erik starts by asking John if this is the end or just the beginning of this small market dislocation? They further discuss drivers behind the back up of interest rates and ask how far can the 10-year go before something breaks and what are the risks? They proceed to discuss inflation, China an ...…

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Macro Voices

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Jim Grant: The great Bond BEAR Market has already begun!1:33:12

11M ago1:33:12

1:33:12

Erik Townsend welcomes Jim Grant to MacroVoices. Erik and Jim discuss new Fed governor Powell, treasury yields and how far the FED go before something breaks. They discuss his outlook on inflation, gold, junk bonds, China and the drivers of long term debt cycles. They reflect on History and what happened when the FED did not bail out the banks ...…

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Macro Voices

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Jeffrey Snider: Since 2008 major turning points in Gold have been punctuated by Eurodollar anomalies1:34:55

11M ago1:34:55

1:34:55

Erik Townsend and Patrick Ceresna welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss gold swaps, how central banks engage in them and what has changed in gold swap markets today. They further investigate the gold bug’s conspiracy theory about “gold pukes” and what happened to gold in the 2008 crisis. They finally touch on how has t ...…

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Macro Voices

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Rick Rule: Natural Resource Investing1:20:05

11M ago1:20:05

1:20:05

Erik Townsend welcomes back Rick Rule from Sprott Global to MacroVoices. Erik and Rick discuss using a top down macro perspective on resource investing. The delve into rare earths, lithium uranium and nuclear energy. The discuss the future of liquid fluoride thorium reactors, copper, potash and investing in water as a commodity.…

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Macro Voices

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Eric Peters: Systemic Risks are Mounting1:28:28

11M ago1:28:28

1:28:28

Erik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss if this is just a small equity market dislocation or is this bigger, the VIX complex and why the Inverse VIX products were flawed. They put context on the increasing rates, the movement of the dollar, stagflation and inflation risks. They further consider the impact of the ...…

Macro Voices

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