Summary: 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
Erik Townsend welcomes Eric Peters to MacroVoices. Erik and Eric discuss if this is just a small equity market dislocation or is this bigger, the VIX complex and why the Inverse VIX products were flawed. They put context on the increasing rates, the movement of the dollar, stagflation and inflation risks. They further consider the impact of the changes of leadership at the FED and the policy tools they will be able to use during the next recession.
Erik Townsend welcomes Jared Dillian to MacroVoices. Erik and Jared discuss the drivers of this stock market drop and ask if higher volatility here to stay? The further discuss if this is the beginning of a sustained unwinding of the short vol trade and where are the markets heading from here. They further discuss bonds, interest rates, the US dollar and gold.
Erik Townsend welcomes Art Berman to MacroVoices. Erik and Art discuss the current oil markets, comparative inventories and OPECs influence on the price. They further put into context on OPEC production cuts and how much new oil is coming from higher prices. They look at the economics on the shale oil fields, perspectives on US oil exports and the general underinvestment in new exploration and development.
Erik Townsend welcomes Chris Cole to MacroVoices. Erik and Chris discuss all things about underlying risks in the current low volatility market. They discuss share buybacks, the explicit vs implicit short vol positions and the impact of risk parity, VAR control, funds. The look at the potential impact of the unwind in the short VIX trade and why the scenarios echo the period prior to the 1987 market drop.
Erik Townsend welcomes Bloomberg’s Mark Cudmore to MacroVoices. Erik and Mark discuss the outlook for the US dollar, rate differentials and the impact of the Yuan oil contract. They further discuss bonds, inflation and stagnation. They move on to commodities, equities, China and Europe.
Erik Townsend welcomes Josh Steiner to MacroVoices. Erik and Josh discuss the macro drivers of the Canadian and Australian real estate markets. They look at Canada’s minsky moment, the new government policies and the impact on the Canadian banks. They move on to discuss the Australian one-cylinder economy, perspectives on the Australian construction boom and the high levels of home equity withdrawal. They further discuss the U.S. real estate markets and why there is still room to run.
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 5 of the 5 Part Series, the panel discuss the possible sign posts for the big change and the potential triggers for a lower U.S. dollar. They ask if structural changes be implemented to change the course of the dollar and ask which investment assets will work the best?
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 4 of the 5 Part Series, Mark Yusko and Luke Gromen debate the gold/oil ratio and gold as a reserve asset. They further discuss international attempts to bypass the U.S. Dollar and the U.S. Dollar shortage caused by the oil price. The finally debate the U.S. losing its status as a hegemonic power and the logistics in replacing the U.S. System.
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 3 of the 5 Part Series, Mark Yusko and Luke Gromen discuss the cyclical patterns and technicals for the U.S. Dollar and ask if there is room for another rally. They discuss the gold and the oil for Yuan plan. They look at demographics, deflation, lower rates and the new multi-polar FX world.
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 2 of the 5 Part Series, Jeffrey Snider explains the post 2007 U.S. Dollar shortage and how the dollar scarcity play out? They move on to discuss the problems facing China at the moment and perspective on the China gold buying. They ask if American politicians even know there is a problem?
MacroVoices and Erik Townsend welcome Jeffrey Snider, Mark Yusko and Luke Gromen to the show. In Part 1 of the 5 Part Series, Jeffrey Snider presents perspectives on where we are today. Looks at how Russia and Brazil dealt with US dollar funding through derivatives and FX repo auctions. They further discuss China’s management of the U.S. dollar and the evolving Chinese response.
Erik Townsend welcomes back Steve Keen to MacroVoices. Erik and Steve discuss the 2008 crisis and what could go wrong in the current cycle. They discuss the false narratives around QE and bank reserves and where is the risk to correction in asset pricing. They further discuss the walking dead of debt and the future zombies to be. They further discuss Japan, Canada and China and how long does this debt cycle last?
Erik Townsend welcomes Juliette Declercq to MacroVoices. Erik and Juliette discuss the US and Chinese economy, inflation and the cautious outlook on equities for 2018. They further discuss interest rates, bond and the potential of a yield curve inversion. Finally, they discuss the Fed and her bearish outlook for the US dollar.
Erik Townsend welcomes Marin Katusa back to MacroVoices. Erik and Marin discuss Saudi Arabian politics and the power shift in the Middle East. They touch on the Petrodollar and the Yuan oil contract, the Saudi Aramco IPO and understanding the OPEC and Russia relationship. The further discuss the future of the electric vehicle market, uranium, global uranium enrichment, Russia and the future of Vladimir Putin.
Erik Townsend welcomes Jonathan Tepper back to MacroVoices. Erik and Jonathan discuss the outlook on the US dollar, the momentum trade on global equities and VPs contrarian call on the retailers. They further discuss Australian real estate, the Canadian economy and the outlook on China. Special post game guest Devin Anderson to discuss the VIX complex and the short VOL trade.