Macro Voices Podcasts

Erik Townsend welcomes Danielle DiMartino Booth to MacroVoices. Erik and Danielle discuss:

• Looking at the Fed from the inside
• Shadow Banking System
• Reflecting on the Global Financial Crisis
• The culture at the Reserve Banks
• What should be done with the Fed?
• Can interest rates ever be normalized?
• Considerations on the Underfunded Pensions
• What needs to happen next? 

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Erik Townsend welcomes Lance Roberts to MacroVoices. Erik and Lance discuss:

• Liquidity Driven Markets
• Fed Balance Sheet Driving Asset Prices
• Margin Debt Net Credit Balance
• Margin Debt as a % of Real GDP
• Total Liabilities & Equity /GVA
• Total System Leverage
• The Economic Deficit
• Peaks in Real Profit Margins

If you want the download but have yet to register, here’s what to do: First, click on the red “Subscribe for free” button on the top right side of the home page, Then, near the bottom of the next screen, click “Register my free MacroVoices account”. Once you’re registered and logged in, click “Research Library” on the black menu bar at the top of the screen, then choose “Guest Publications”. You’ll see the download link near the top of the list, and you can also download guest presentations from any prior episode from this page. Going forward, you’ll automatically receive our Research Roundup e-mail when each show comes out, and it will include a convenient download link for any materials associated with that week’s interview.

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Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss:

• US Dollar, 10-year UST and the FOMC
• Red string of fate ties U.S. to China
• Perspective on the FOMC policy
• Perspectives on the business cycle
• Where is the ISM heading next
• Impact on Trump’s tax and infrastructure spending
• Surprises for the French election

If you want the download but have yet to register, here’s what to do: First, click on the red “Subscribe for free” button on the top right side of the home page, Then, near the bottom of the next screen, click “Register my free MacroVoices account”. Once you’re registered and logged in, click “Research Library” on the black menu bar at the top of the screen, then choose “Guest Publications”. You’ll see the download link near the top of the list, and you can also download guest presentations from any prior episode from this page. Going forward, you’ll automatically receive our Research Roundup e-mail when each show comes out, and it will include a convenient download link for any materials associated with that week’s interview.

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Erik Townsend welcomes Julian Brigden to MacroVoices. Erik and Julian discuss:

• U.S. Dollar impact on the U.S. shale bubble
• Peak acceleration in ISM manufacturing
• Headline inflation peaking
• Fed tightening going to start to impact data
• Bond shorting opportunity is over
• Risks to the reflationary trades
• Wage trends in the U.S.
• Perspective on European growth and inflation
• Relative pricing between U.S. and European bunds

If you want the download but have yet to register, here’s what to do: First, click on the red “Subscribe for free” button on the top right side of the home page, Then, near the bottom of the next screen, click “Register my free MacroVoices account”. Once you’re registered and logged in, click “Research Library” on the black menu bar at the top of the screen, then choose “Guest Publications”. You’ll see the download link near the top of the list, and you can also download guest presentations from any prior episode from this page. Going forward, you’ll automatically receive our Research Roundup e-mail when each show comes out, and it will include a convenient download link for any materials associated with that week’s interview.

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Erik Townsend welcomes Jeffrey Christian to MacroVoices. Erik and Jeff discuss:

• Outlook on the US Dollar
• Secular bullish call on gold
• Outlook on silver
• Current demand for physical gold
• Platinum and palladium
• Current fundamentals on lithium
• Macro outlook on the economy and stock markets
• Views on the European Union
• Outlook for China and Russia

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Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss:

• Catalyst for the current decline in oil
• Lack of confidence in OPEC
• Record levels of oil inventories
• Comparative inventories to past years
• World production surplus
• Global liquids consumption growth
• OECD incremental liquids Inventory
• EIA U.S. crude oil forecast

We strongly recommend that you download thechart bookthat accompanies this interview. Erik and Art will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend welcomes Grant Williams to MacroVoices. Erik and Grant discuss:

• The rise and drivers of populism
• Trump and the animal spirits driving the markets
• Trump’s stance on ISIS
• Peak optimism
• Is there a crisis in China?
• Gold/copper ratio
• Stagflation
• U.S. dollar outlook
• Is the 35 year bond bull market over? 

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Erik Townsend welcomes Louis-Vincent Gave to MacroVoices. Erik and Louis discuss:

• China Reflation Trade
• Is Chinese Growth Rolling Over?
• Will Trump Get a Weaker US Dollar?
• Brexit and the Future of the European Union
• Philippines and Rodrigo Duterte
• Rise of the Chinese Empire
• India and the Indian Currency System
• Opinions on Stocks and Bonds
• Investment Themes for 2017
• Risks for 2017

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Erik Townsend welcomes Jeffrey Snider to MacroVoices. Erik and Jeff discuss:

• Understanding the Eurodollar Money Market 
• Swap Spreads and Interbank Hierarchy
• Dimensions in the Eurodollar Futures and Eurodollar Money Supply
• Why does the World Need So Many Dollars?
• How the Eurodollar market supplanted the Bretton Woods System
• U.S. Dollar and the Dollar Funding Gap
• Reflation Trade Debunked
• Interest Rates Trapped
• Failing Global Currency System

We strongly recommend that you download the chart book that accompanies this interview, and Erik and Jeff will refer to it throughout the interview. Registered users here at MacroVoices.com already received the download link in your research roundup e-mail. 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, click “Research Library”  and Guest Publications near the top of the page. From there you can download the PDF.

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Erik Townsend welcomes Jim Rogers back to MacroVoices. Erik and Jim discuss:

• What’s in store for the U.S. Equity Markets?
• Outlook on the U.S. Dollar
• Is the 35-year bond bull market over?
• Where are junk bonds going?
• History of government failures
• His views on the global populist movements
• Is there war on the horizon? 
•  Are the Russian’s being scapegoated? 
• Update on his views on gold
• His views on movement to cashless society
• Are we moving away from a free society?

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Erik Townsend welcomes Jack Schwager to MacroVoices. Erik and Jack discuss:

• How has futures trading evolved over the last few decades?
• Understanding leverage – stocks vs. futures
• Technical Analysis vs Fundamental Analysis
• The Most Important Rule in Technical Trading
• Understanding Continuous Futures Contacts
• Systems Trading
• Understanding Fundamental Analysis on Futures
• Lessons from the Market Wizards
• What’s new at Fundseeder

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Erik Townsend welcomes David Rosenberg to MacroVoices. Erik and David discuss:

• How long does the Trump rally last?
• Is inflation really a risk moving forward?  
• When is it time to become bearish on the markets? 
• When is it time to make your fundamental asset mix shift?
• Fed will play an important role in how the cycle plays out
• US dollar outlook
• Canadian Dollar and Canadian Monetary Policy
• Future of European Union
• Is the 35-year bond bull market over?
• Opportunities and Outlook for 2017 

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Erik Townsend welcomes back Raoul Pal, co-founder of Real Vision TV back to MacroVoices.  Erik and Raoul discuss:

• Trump impact on the U.S. Dollar
• Is the bond bull market over and where are yields moving from here
• Update on the business cycle (spoiler alert: it is long in the tooth)
• Looking at the European banks and can they survive the next recession
• The overcrowded VIX contango trade
• The short-term direction of gold
• The big opportunities of 2017
• Update on crude oil
• Junk bonds, when do the credit risk return

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Erik Townsend welcomes back Rick Rule from Sprott Global to MacroVoices. Erik and Rick discuss:

• Trump impact on precious metal prices
• Impact of real yields, inflation, debt and the U.S. Dollar on gold prices
• Due Diligence in making private placements in gold and silver mining companies
• Evaluating intellectual property and physical property
• Characteristics successful and failed endeavors
• The risk vs. reward of speculating in pre-revenue private placements
• How much time and capital is needed to invest in early stage startups
• Being a contrarian, looking where the market is not paying attention

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Erik Townsend welcomes David Hay to MacroVoices. Erik and David discuss:

• Trump victory rally likely overbought
• Recession risk remains high
• Market fails to discount effect of Trump tax plan on corporate buybacks
• USD Rally can’t continue indefinitely; Plaza Accord 2.0 is inevitable
• Global debt burden poses serious risk to full recovery
• Recession could still spell much lower treasury yields
• China situation bad but probably not bad enough to trigger global downturn
• Energy MLPs have tripled in 2016 – Dave still Bullish

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An interview which was originally aired on June 2, 2016, between Raoul Pal of Real Vision and Edward Misrahi, Goldman Sachs alumni and founder of Eton Park.

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Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 4. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the final part of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

• Definition and origins of the hedge fund
• Whether active managers are able to outperform the market
• Impediments to investing in the "top name" hedge funds
• Various hedge fund strategies
• How to learn and gather more information on hedge funds
• CTA's and managed futures commodity pools
• Fund of funds

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An interview which was originally published on August 2, 2016, between Grant Williams of Real Vision and Paul J. Isaac, CEO and Founder of Arbiter Partners Capital Management.

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Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 3A. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

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 introduce the Accredited Investor Academy Series, Part 3. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the third of a four-part series about learning to be a sophisticated private investor.

Erik and Aaron discuss:

• The definition of angel investing
• Profile of a successful angel investor
• Professionally-managed alternative investment vehicles
• Mechanics and nuances involved with investing in alternative vehicles
• Difference between con men and the true outperformers
• Investment minimums and investor quotas in 3(c)(1) and 3(c)(7) funds
• Origins of the 2/20 fee structure and appropriate due diligence
• Particulars of venture capital and private equity limited partnerships
• Benefits of getting marketing material from funds

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