Transcripts
Erik: Joining me now is Mike Green, Chief Strategist and portfolio manager for Logica Funds. Mike, it's great to get you on the show this one is overdue, you've really gotten a lot of popularity lately since you came out from hiding behind the compliance wall that you used to hide behind.
Let's start with a topic that I know you've touched on recently on another podcast you did with our good friends Grant Williams and Bill Fleckenstein. They did a series called the Stock Market End Game or I guess it was just called the End Game and it was fascinating to me to listen to because I used to say the exact same thing almost that Bill said in that series, which is, hey, look, this whole stock market rally since 2009 it's been artificially propelled by monetary policy, not by economic fundamentals. It's artificial and therefore it has to end badly someday, there has to be eventually a crash of the stock market or something because there's no free lunch in finance, that's just not how it works. I've changed my view, I don't really think that's true anymore, I think that it has to end badly but it's not necessarily nominal down in the stock market.
Erik: Joining me now is Forest for The Trees founder, Luke Gromen. Luke, as our regular listeners know, I've been asking all of our featured guests the same question recently, which is ‘boy weakness in the US dollar relative to other currencies caught some of us off guard.’ You're the guy who has been saying for years that the US dollar was headed for not just a little move down, but eventually a secular decline, a loss of reserve currency status, a sunsetting if you will of the dollars hegemony over the global financial system.
And what I've been asking all of our other guests is okay, with this weakness in the dollar is this just a little move down? Or are we seeing the beginning of that Luke Gromen moment where you're proven right? And we've had a number of different views.
Erik: Joining me now is former hedge fund manager turned Felder Report publisher Jesse Felder. Jesse, it's great to have you back on the program. On the day that we are speaking, the global pandemic appears in some ways to be worsening across Europe with case counts on the rise, although we don't yet have death counts on the rise across Europe, a lot of question marks as to whether that's coming. There are a number of experts that are warning that as we get into the fall colder weather in the Northern Hemisphere, we could be looking at a vicious second wave of the pandemic. Stocks, meanwhile, rallied to new all-time highs on the news, Jesse Felder, please explain.
Jesse: Well, it's absolutely astounding. I mean, you know, we talked I think last time you had me on the show, Eric, was February right before the decline began. And you and I were both were very bearish thought that that initial 10% decline was going to continue. And you know, I think even at the bottom in March, and a few weeks afterwards, nobody would have guessed that we would see the fastest and a lot of what people are calling ‘the shortest bear market in history’, which I tend to disagree.
Erik: Joining me now is Vincent Deluard, global macro strategist for StoneX - that's formerly known as INTL FC Stone. StoneX, I guess is the new name of your firm. Vincent, it's great to have you on the program. Thanks for joining us.
Vincent: Thanks for having me. I've been listening for many years to these podcasts. And it truly is the best financial market podcast. I mean, you give a ton of content that used to be the privilege of a happy few when you give it away to everyone and you're doing a great public service mission here and I'm glad to be here.
Erik: Listeners, Vincent has prepared a slide deck to accompany today's interview, you'll find the download link in your research roundup email. If you don't have a research roundup email, it means you're not registered yet at macrovoices.com. Just go to our homepage macrovoices.com look for the red button that says looking for the downloads right above Vincent's picture.
Erik: Joining me now is Charlie McElligott, Nomura’s cross-asset macro strategist.
Charlie prepared a slide deck to accompany today’s interview. I strongly encourage you to download it as we will be referring to the charts and graphs that it contains throughout today’s interview.
Registered users will find the download link in your Research Roundup email. If you don’t have a Research Roundup email, that means you’re not yet registered at macrovoices.com. Just go to our home page and look for the red button that says Looking for the Downloads? just above Charlie’s picture.
Charlie, it’s great to have you back on the show. I recognize some of these charts and graphs because I so enjoy your daily letter, and I see that some of these charts and graphs in today’s deck came from this morning’s letter.
I want to start, though, before we dive into the slide deck with the big picture, which is, boy, we are facing one of the most difficult natural crises in generations. We’ve got a global pandemic threatening the entire world.
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