Macro Voices Podcasts

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Erik Townsend and Patrick Ceresna welcome Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• Perspectives on the latest FOMC meeting
• Is China a part of reflation equation?
• Perspectives on inflation
• Will ECB hike or the Fed lower to zero in 2020?
• Expectations of fiscal responses to macroeconomic challenges
• Translating the macro views to trading strategies
• Outlook on US equities 
• US/China trade deal news driven move in the market – should we take it seriously?
• Outlook on gold

Download the podcast transcript: [Click Here] 

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Juliette will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

SPECIAL POST GAME GUEST- Jeff Snider

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Erik Townsend and Patrick Ceresna welcome Mark Gordon to MacroVoices. Erik and Mark discuss:

• Inventory is not what drives the price
• Hubbert’s peak –regime change from the age of peak oil to the age of abundance
• Has conventional production reached its peak?
• Shale oil vs. offshore oil
• Why “the day of reckoning” will happen soon
• Electric vehicles – declining sales and outlook going forward
• Possible impacts the recession will have on oil prices

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Mark will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss:

• Electric Vehicles – where is the energy coming from?
• Is “nuclear renaissance” imminent?
• What is going to be the mode of power in the future and how will it be delivered
• Replacing petroleum and what impact it has on geopolitics
• Changing roles of Russia and China in geopolitics

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Jeffrey will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Peter Boockvar to MacroVoices. Erik and Peter discuss:

• Global macro outlook 
• Will US get to negative interest rates?
• The recent back-up in yields - is this a trend reversal or a correction
• Inevitability of inflation and its effects on central banks
• Is this the end of the bond bubble?
• Perspectives on Christine Lagarde, ECB and Brexit
• Outlook on US/China trade negotiations
• Fed’s “insurance” cuts– what’s next?
• Portfolio positioning strategies 
• Gold-Silver ratio and portfolio allocation in precious metals.

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Charlie McElligott to MacroVoices. Erik and Charlie discuss:

• Perspective on late cycle dynamics
• Update on the steepener narrative 
• Cross asset momentum reversal and what is coming next?
• CTA position estimating model – how does it work?
• Equity and bond market outlook
• Significant upside potential in VIX – could it be the next blow-up event?
• Gold outlook – is it time to buy?

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Charlie will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Keith McCullough to MacroVoices. Erik and Keith discuss:

• Q4 2019 Macro themes–What is next? 
• Inflation or stagflation – is time to own gold?
• What is next for the Chinese economy?
• Outlook on US dollar
• Equity markets – FOMO vs. deteriorating earnings expectations
• Perspective on the market melt up
• Labor share of income and corporate margins
• Long short pairs trade in software industry

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Keith will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Alex Gurevich to MacroVoices. Erik and Alex discuss:

• Perspectives on the latest FOMC meeting
• Treasury market - is it time to go long?
• Next FOMC meeting forecast
• Short term and long term views on Gold - is it time to buy?
• Outlook on US dollar
• Christine Lagarde and ECB - what's next for Euro currency
• Outlook on global and US equity markets
• Perspectives on the Chinese credit expansion

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Diego Parrilla to MacroVoices. Erik and Diego discuss:

• Contrarian investment thesis – the energy world is flat vs. the anti-bubbles
• Concept of Anti-Bubble
• Monetary Policies without limits, what’s next?
• Term premia, credit risk, equity risk and liquidity premia
• Limits of negative rates
• Gold, treasuries and insurance
• Balanced portfolios and portfolio construction

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Diego will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Stephanie Pomboy to MacroVoices. Erik and Stephanie discuss:

• Late economic cycle – what’s next?
• Perspective on the expansion of the FED’s balance sheet
• Significance of the recent liquidity shock
• Discretionary spending, revolving credit and retail sales
• Inventories to sales ratio, outlook on profits
• Divergence between corporate profits and S&P
• Outlook for the 4th Quarter 
• Perspectives on MMT
• Is it finally time to short junk bond market?
• Outlook on Gold

 We strongly recommend that you download the chart book that accompanies this episode, as Erik and Stephanie will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Download the podcast transcript: [ Click Here ]

SPECIAL POST GAME GUEST- Rick Rule

Strategies for participating in gold equities bull market

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Erik Townsend and Patrick Ceresna welcome Tian Yang to MacroVoices. Erik and Tian discuss:

• Economic and liquidity leading indicators
• Growth slowdown and risks of a recession
• US/China trade war and its implications on the markets
• Translating economic signals into market decisions
• Impacts of Europe/ECB on global market system
• Tail hedges and the risks in the market
• Perspectives on global dollar shortage and the repo market
• Possibilities of QE in Q4
• Recent divergence in value and growth
• Outlook on emerging markets

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Tian will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

Download the podcast transcript: [Click Here]

SPECIAL POST GAME GUEST- Amir Adnani

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Erik Townsend and Patrick Ceresna welcome Eric Peters to MacroVoices. Erik and Eric discuss:

• Has monetary policy lost its effectiveness
• Shift in dominance from monetary policy to fiscal policy
• Political drivers of changes in monetary policy
• Generational and political gap and its impact on the economy
• Outlook on equity market
• Perspectives on the current bond market
• Outlook on precious metals

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Patrick will refer to it throughout postgame. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Harley Bassman to MacroVoices. Erik and Harley discuss:

• MOVE index as a leading economic indicator
• Reversal in bond yields and what's coming next
• Corporate buybacks and the divergence of the S&P500 from the global economy
• Is the US going to follow Europe into negative rates?
• How the upcoming election may affect both fiscal and monetary policy
• Possibilities of a bond market crisis and what to expect
• Perspectives on recent breakout in gold
• "The Opposite of Bad is Worse" and perspectives on negative rates
• Buying opportunities in negative rates

Download the podcast transcript: [Click Here]

We strongly recommend that you download the chart book that accompanies this episode, as Erik and Harley will refer to it throughout the interview. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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SPECIAL POST GAME GUEST- Kevin Muir

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Erik Townsend and Patrick Ceresna welcome Jeffrey Snider and Luke Gromen to MacroVoices. They discuss:

• Current US dollar liquidity squeeze
• Impact of changing Eurodollar markets
• Understanding the global banking system
• Do interest rates influence dollar liquidity?
• What does the Fed do now?
• China, PBOC and the dollar problem
• Global dollar liquidity shortage
• Future changes in global reserve currencies

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Grant Williams to MacroVoices. Erik and Grant discuss:

• Global negative yielding debt
• US Treasury market and equity market
• Outlook on MMT and monetary policies
• Is the inverted yield curve an indicator for recession?
• Is US stock market recession-proof?
• Outlook on gold and other precious metals
• "Unicorn" companies

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

• Financial repression
• China and trade war
• Outlook on US dollar
• Europe, the ECB and Chrstine Lagarde
• Outlook on Gold
• What happens next?

In Part 1 they discussed:

• FOMC statement and historic rate cut
• Are we in a currency war?
• Risks of a recession in the U.S.
• Main Street vs. Wall Street
• How do risk assets react to a new QE?
• Inflation risks moving forward
• Modern Monetary Theory

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Erik Townsend and Patrick Ceresna welcome Danielle DiMartino-Booth and Peter Boockvar to MacroVoices. They discuss:

• FOMC statement and historic rate cut
  
• Are we in a currency war?
• Risks of a recession in the U.S.
• Main Street vs. Wall Street
• How do risk assets react to a new QE?
• Inflation risks moving forward
• Modern Monetary Theory

Coming in Part 2:

• Financial Repression
  
• China and Trade War
• Europe, the ECB and Christine Lagarde 
• Outlook on Gold
• What happens next?

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Erik Townsend and Patrick Ceresna welcome Daniel Lacalle to MacroVoices. Erik and Daniel discuss:

• Is Trump starting a currency war with China?
• What are the risks of competitive devaluation
• Is the bond market signaling a bear market?
• Global demand for dollars driving monetary policy
• What risks and repercussions MMT poses on the economy
• Outlook on yields and US treasury market
• Negative yielding European junk bonds
• Outlook on gold and its new correlation to the dollar
• Outlook on emerging markets

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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Erik Townsend and Patrick Ceresna welcome Ronald-Peter Stöferle to MacroVoices. Erik and Ronald discuss:

• Why gold is an important asset to own
• Correlation between gold and bond yields
• Brief history of gold
• Outlook on the bonds and interest rates
• Global De-dollarization and sovereign gold holdings
• What does the momentum of recent gold breakout mean?
• What effect does monetary policy have on gold
• Correlation between gold and inflation
• Why inflation will be a concern for 2H19
• Gold as equity hedge
• Importance of understanding the stock to flow ratio for gold

We strongly recommend that you download the chart book that accompanies this episode's postgame segment, as Erik and Patrick will refer to it throughout the segment. If you are already registered at MacroVoices.com, just login and the download link will appear here once you're logged in. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register. Once logged in, you will see the download link(s) and will be able to download the PDF document(s).

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SPECIAL POST GAME GUEST- Danielle DiMartino-Booth: Follow up on FOMC

• Is this a midcycle adjustment
• Will the ECB cut in September
• What is the next move for Powell

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