Welcome to Macro Voices

Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss:

• Rich equity valuations despite an on-going earnings recession
• Off-track corporate cash flows and profits as evidence of a weakening economic environment
• The mainstream misconception and myth that the Fed provides liquidity thereby levitating equity valuations 
• The chronic and acute dollar shortage as evidenced by the decaying post-2007 global eurodollar system
• Global central banks resorting to sellng Treasuries as a means to filling dollar funding gaps
• Milton Friedman's Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply
• How the tight-dollar environment manifests itself in the increasingly disorderly global repo market
• The complete disconnect between inferred interest rate bearishness in eurodollar futures and QE as liquidity
• TED-spread volatility and other wholesale financial measures suggesting central banks might be losing control
• The Fed's inadequate response to the structural contraction in the global eurodollar system
• Wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption
• How the preponderance of evidence necessitates a systemic reset
• Why central bankers lack the answers by being married to an incongruent monetary framework
• The potentially galvanizing catalyst between nations in lieu of a serious crisis

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A conversation on March 21, 2016 between Grant Williams and Paul Brodsky, founder of Macro Allocation Inc. 

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Erik Townsend and Aaron Chan welcome Paul Brodsky to MacroVoices. Erik and Paul discuss:

• The necessary global reset due to insurmountable leverage
• Views and outlook for U.S. Treasuries despite obvious sovereign insolvency
• Signals for exiting the bond market bubble
• The opacity of currency and monetary issues in Europe
• Current monetary policy environment as slow-motion "water torture" for the global economy
• The false deleveraging narrative when viewed in the light of base money
• The possibility of central banks printing money to buy gold
• Thinking behind owning gold bullion relative to gold mining shares
• Oil's role in U.S. Dollar hegemony and likelihood of change
• Scenarios including disinflation, followed by hyperinflation

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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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