Macro Voices

Macro Voices

United States

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC


Hugh Hendry: USD Breakout, Post-Brexit Europe, Benign on Japan, Equity Outlook, & More  

Erik Townsend and Aaron Chan welcome Hugh Hendry to MacroVoices. Erik and Hugh discuss USD breakout and binary consideration of US economy's condition in a strong-dollar environment, Brexit contagion and likelihood of strong vs. weaker countries disbanding from the EU, the "time stop-loss" and when it's appropriate to pivot theses, global transfer from creditors to debtors via the machinations of QE, Hugh's response to Kyle Bass' China devaluation thesis, maintaining intellectual honesty in the face of professional ramifications, and much more.

RVTV Encore: Kyle Bass  

An interview which was originally published on July 1, 2016 between Grant Williams of Real Vision and Kyle Bass, Managing Partner, Chief Investment Officer, Portfolio Manager, and Founder of Hayman Capital Management.

Robin Griffiths: Cyclical and Technical Frameworks, Central Bank Impotence, DM/EM Outlooks, Gold, and More  

Erik Townsend and Aaron Chan welcome Robin Griffiths to MacroVoices. Erik and Robin discuss technical and cyclical frameworks for evaluating financial markets, hierarchy of cycles from seasonal variation to generational, potential panicked selloff in the trade-weighted U.S. dollar, outlook for global equities and central bank-induced flash crashes, gold's resistance at $1,400 and ability to shoot back to all-time highs, and much more.

Mark Yusko: Short Dollar, Long Deutsche Bank, China eCommerce, Oil, and More  

Erik Townsend and Aaron Chan welcome Mark Yusko to MacroVoices. Erik and Mark discuss bearish outlook for and reserve status deterioration of U.S. dollar, the "Everything Bubble" and similarities to 2000, misplaced comparisons between Deutsche Bank and Lehman Brothers, exciting trends and generational opportunities in China retail and eCommerce, dangerous paradigm of buying stocks for yield and bonds for capital appreciation, and much more.

RVTV Encore: Michael Lewitt  

An interview which was originally published on July 20, 2016 between Grant Williams of Real Vision and Michael Lewitt, founder of The Credit Strategy Group and writer of The Credit Strategist, a popular and acclaimed investment newsletter.

Simon Hunt: Chinese Political War, IMF Special Drawing Rights, Russia-China Alliance, 2020 Global Market Crash  

Erik Townsend and Aaron Chan welcome Simon Hunt to MacroVoices. Erik and Simon discuss internal politcal wars within China stagnating economic growth, China's steady, step-wise approach to allowing firm bankruptcies, Internal IMF battle for RMB's inclusion in SDR, logic behind China's stockpiling of raw commodities and base metals, impending global stock market crash and economic reset within the next 5 years, and much more.

Michael Lebowitz: Death of the Virtuous Economic Cycle  

Erik Townsend and Aaron Chan welcome Michael Lebowitz to MacroVoices. Erik and Michael discuss the saving discipline that drives the virtuous economic cycle and sustains prosperity, a global economy untethered from demographics and productivity, outlook for negative interest rate policies, alternatives for savers throughout the demise of the virtuous cycle, Trump v. Clinton impacts on global financial markets, and much more.

RVTV Encore: Roy Sebag & Josh Crumb  

An interview which was originally published on April 14, 2016 with Roy Sebag and Josh Crumb, co-founders of Bitgold, and Chief Executive Officer and Chief Strategy Officer of Goldmoney, respectively.

Alex Gurevich: Dominant USD, Historical Fed Tightening Cycles, Cheap Treasuries, China Debt Unwind, and More  

Erik Townsend and Aaron Chan welcome Alex Gurevich to MacroVoices. Erik and Alex discuss market reaction to latest FOMC policy decision, importance of placing current Fed actions in the context of historical rate-hiking cycles, egregiously cheap valuations on 10-year Treasury Notes, gold's positive risk-reward and return expectations in the coming years, China's $30 trillion private debt unwind and history of imperial collapse, and much more.

Raoul Pal: USD, TSYs, Biz Cycle, Gold, EU Exit Contagion & More!  

Erik Townsend and Aaron Chan welcome Raoul Pal to MacroVoices. Erik and Raoul discuss structural issues in LIBOR and Eurodollar markets as bullish for USD, update on Raoul's business cycle framework, 100% probability of recession following 2-term U.S. presidencies, Brexit contagion spreading into the rest of Europe, gold and USD pairs-trade timeline and expectations, precarious state of and systemic risk of the European banking sector, potential moonshot in soft commodities due to weather cycles, and much more.

RVTV Encore: Michael Schneider  

A conversation on April 4, 2016 between Grant Williams and Michael Schneider, Chief Investment Officer of Brookline Partners.

Jeffrey Christian: Precious Metals, Macro Drivers, and More  

Erik Townsend and Aaron Chan welcome Jeffrey Christian to MacroVoices. Erik and Jeffrey discuss U.S. Dollar predictions and the range-bound outlook, Brexit contagion and potential impacts on gold and silver, rejecting old mental models with unprecedentedly low real and nominal interest rates, degradation of global political cooperation, Trump vs. Clinton implications for global markets and precious metals, and much more.

Art Berman: Labor Day Weekend Oil Special  

Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss looking beyond absolute inventory numbers and gleaning insights from comparative inventories, continued time-spread compression reflecting producer hedging or lack of concern for a storage crisis, feedback loop of insanity in inventory builds and production, and much more.

RVTV Encore: Willem Middelkoop  

A conversation on January 5, 2016 between Grant Williams and Willem Middelkoop, founder of the Commodity Discovery Fund and author of the worldwide bestseller The Big Reset.

Dr. Gary Shilling: Long the Long-Bond, Short Oil, Skeptical of U.S. Stocks  

Erik Townsend and Aaron Chan welcome Dr. Gary Shilling to MacroVoices. Erik and Gary discuss the continued perception of the U.S. Dollar as a safe haven currency, why the long-bond trade isn't over and the forces driving yields lower, reasoning behind going long defensive stocks despite a bearish view on equities, and much more.

Jeffrey Snider: All Signs Point to Global Systemic Reset  

Erik Townsend and Aaron Chan welcome Jeffrey Snider to MacroVoices. Erik and Jeffrey discuss rich equity valuations despite an on-going earnings recession, the mainstream misconception and myth that the Fed provides liquidity, Milton Friedman's Interest Rate Fallacy and how long-run low interest rates demonstrate tightness of money supply, wholesale eurodollar system not tracking with prior exponential growth and demonstrating permanent monetary disruption, and much more.

RVTV Encore: Paul Brodsky  

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

Paul Brodsky: Treasury yields, Deflation, and the need for a Financial System Reset  

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, the false deleveraging narrative when viewed in the light of base money, thinking behind owning gold bullion relative to gold mining shares, and much more.

Charles Biderman: The Monetary Policy Endgame  

Erik Townsend and Aaron Chan welcome Charles Biderman to MacroVoices. Erik and Charles discuss big picture and current market contexts beginning from Post-WW2, flight capital impact on U.S. markets, backstory related to sub-advisor relationship with and termination from AdvisorShares, and much more.

RVTV Encore: Stephen Diggle  

A conversation on April 25, 2016 between Grant Williams and Stephen Diggle, founder of Vulpes Investment Management.

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