Macro Voices

An interview which was originally published on April 29, 2016 between Grant Williams of Real Vision and Jawad Mian, Founder and Managing Editor of Stray Reflections, a global macro research and trading advisory with a focus on major investment themes and actionable trade ideas.

Erik Townsend and Aaron Chan welcome Julian Brigden to MacroVoices. Erik and Julian discuss waxing and waning of U.S. Dollar cycles driving global crises, potentially materially higher headline inflation and wage numbers in 2017, peak central bank omnipotence, potential for sub-$1,000 and sub-$14 gold and silver prices, impact of U.S. Dollar repatriation on Eurodollar funding, and much more.

Erik Townsend and Aaron Chan welcome Professor Steve Keen to MacroVoices. Erik and Professor Keen discuss how Trump might be the most Keynesian President since Trump, prospects for a debt jubilee and subsequent credit boom, European Union disintegration making Lehman look like a picnic, last gasps of neoliberalism, and more.

Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss OPEC's latest production cut agreement and what it means, false conception of cutting production to bring balance to an already-balanced market, how excess oil in storage will suppress prices for some time to come, weak demand growth similar to late-2014 won't support higher prices, OPEC not being as desperate as portrayed by the media, and much more.

Erik Townsend and Aaron Chan introduce the Accredited Investor Academy Series, Part 2. We’re taking this week off from our regular show format, so instead of a featured interview guest, we’re airing the second of a four-part series about learning to be a sophisticated private investor. Erik and Aaron discuss the process of re-inventing oneself from running a company as an entrepreneur to managing and running money, skillset required for investing versus entrepreneurship, options in alternative financial media, the different categories of private investors and the work required, difference between an asset allocator and a full-time investor, and much more.

An interview which was originally published on April 8, 2016 between Raoul Pal, founder of Real Vision and Edward Bonham Carter, Vice Chairman of Jupiter Fund Management Plc.

Erik Townsend and Aaron Chan welcome Paul Krake to MacroVoices. Erik and Paul discuss the bond market blowup in the context of the U.S. Presidential election, ripping up the investment playbook under a Trump presidency, violent rotation out of long-bond proxies into higher growth, higher rate assets, the resulting balance sheet and pension destruction from the rotation, potential for a disorderly rise in interest rates and the U.S. Dollar, gold losing its predictive ability and relevance, China debt dynamics and potential RMB devaluation in the context of limiting social unrest, and much more.

Erik Townsend and Aaron Chan welcome Dr. Harald Malmgren and Dr. Pippa Malmgren to MacroVoices. Erik, Harald, and Pippa discuss Trump's governance effectiveness in light of the enemies he has made on the campaign trail, sources and potential escalation of social unrest and riots in the aftermath of Trump's victory, the potential for Trump to galvanize the determination, grit, and work ethic of the American electorate, whether markets are prematurely jumping to the conclusion that Trump is necessarily inflationary, outlook for foreign relations with China, Russia, and Mexico, breakdown of the social contract and the collapse in the government's ability to function and meet entitlements, and much more.

An interview which was originally published on October 18, 2015 between Raoul Pal of Real Vision and Dr. Brett Steenbarger, Clinical Associate Professor of Psychiatry & Behavioral Science at SUNY Upstate Medical University.

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.