Macro Voices
Business & Finance
About
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
Episodes
- MacroVoices #531 Louis-Vincent Gave: Semiconductors, AI & Iran Conflict
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices. They discuss semiconductors, AI, and the Iran conflict, and its implications for global markets.
- MacroVoices #530 Daniel Lacalle: China and The Us Will Decide The Outcome of The Iran War
On MacroVoices #530, Erik Townsend and Patrick Ceresna welcome Daniel Lacalle. They discuss topics including secular inflation, precious metals, and the energy crisis in Europe. The episode also touches on China, the US, and the Iran War.
- MacroVoices #529 Ole S Hansen: Commodities in The Wake of The Iran Crisis
MacroVoices welcomes Ole Hansen to discuss the Iran conflict and its impact on energy and food markets. The conversation also covers the longer-term outlook for secular inflation.
- MacroVoices #528 Luke Gromen: Hormuz Could Lead To a 1956 US Suez Moment
Erik Townsend and Patrick Ceresna welcome Luke Gromen to MacroVoices. They discuss the Iran crisis, its knock-on effects, and what it means for inflation.
- MacroVoices #527 Adam Rozencwajg: What Comes Next After The Iran Crisis
Erik Townsend and Patrick Ceresna welcome Adam Rozencwajg. They discuss the impact of the Iran conflict on crude oil, food & fertilizers, uranium, and gold. This episode is from the MacroVoices podcast.
- MacroVoices #526 Matt Barrie: Pay To PrAI
Matt Barrie and Dr. Anas Alhajji join MacroVoices to discuss the latest AI developments, their impact on private credit markets, and how emerging pricing models could cause market disruption. They explore potential market changes on a dot-…
- MacroVoices #525 Lyn Alden: Iran Contagion, Inflation & Private Credit
In MacroVoices #525, Lyn Alden discusses with Erik Townsend and Patrick Ceresna the Iran conflict, the shift to a multi-polar world order, the outlook for persistent inflation, and the breakdown in private credit markets. They also cover r…
- MacroVoices #524 Simon White: War + Inflation = More Inflation
Erik Townsend and Patrick Ceresna welcome Simon White. They discuss the risk-off playbook, food price inflation, and the breakdown in private credit.
- MacroVoices #523 Jim Bianco: Energy, FED & Economy in the wake of Iran conflict
MacroVoices episode #523 features discussions with Jim Bianco and Dr. Anas Alhajji on energy, the Fed, and the economy. Topics include the geopolitical situation in Iran, oil prices, and precious metals.
- MacroVoices #522 Matt Loszak: Factory Mass-Production of Advanced Nuclear Power Plants
In this episode of MacroVoices, Matt Loszak joins Erik Townsend and Patrick Ceresna to discuss the advanced nuclear industry. They explore strategies to reduce the cost of nuclear energy to compete with fossil fuels.
- MacroVoices #521 Jeff Currie: The Great Rotation
Erik Townsend and Patrick Ceresna welcome Jeff Currie to discuss the commodity bull market, metal performance, energy demand from AI and data centers, and China's commodity stockpiling.
- MacroVoices #520 Michael Every: USD Stablecoins in The Age of Economic Statecraft
Erik Townsend and Patrick Ceresna welcome Michael Every to discuss macro/geopolitics, Iran escalation risk, and USD stablecoins in the context of economic statecraft. The episode covers a broad sweep of these topics.
- MacroVoices #519 Alex Gurevich: The Next Perfect Trade
Erik Townsend and Patrick Ceresna interview Alex Gurevich on MacroVoices #519. The discussion covers topics such as fixed income, energy, precious metals, the Japanese Yen, and Alex Gurevich's new book.
- MacroVoices #518 Dr. Anas Alhajji: Debunking The 2026 Oil Bear Narrative
Dr. Anas Alhajji joins Erik Townsend and Patrick Ceresna on MacroVoices to discuss developments in energy markets since November. They also cover geopolitical risks and key energy market events.
- MacroVoices #517 Justin Huhn: Uranium at The Tipping Point
Justin Huhn discusses the outlook for nuclear energy and uranium markets on MacroVoices. The episode explores the current state of uranium and its potential future at a tipping point.
- MacroVoices #516 Craig Tindale: Critical Materials, A Strategic Analysis
Erik Townsend and Patrick Ceresna welcome Craig Tindale to MacroVoices. They discuss critical materials and China's strategic position in their production and refinement.
- MacroVoices #515 Rory Johnston: Why Trump is Keeping The Oil Price High
Rory Johnston discusses crude oil markets on MacroVoices, focusing on Venezuela, Iran, and the U.S. Strategic Petroleum Reserve.
- MacroVoices #514 Darius Dale: 2026, Fasten Your Seat belts For Take-off
Erik Townsend and Patrick Ceresna welcome Darius Dale to MacroVoices. They discuss Darius Dale's financial market predictions for 2026, including potential initial turbulence followed by an overall upward trend.
- MacroVoices #513 Why Are All The Rich Guys Moving To New Zealand and What Do They Know?
Erik Townsend and Patrick Ceresna welcome Mark Williams, Graham Lawrence, and Brendan Goodwin to discuss why high-profile individuals are moving to New Zealand. They explore the reasons behind this trend, considering perspectives beyond ty…
- MacroVoices #512 David Rosenberg: Will The 2025’s K become 2026’s
David Rosenberg is featured on MacroVoices to discuss the U.S. economic outlook. He shares his perspective on inflation and precious metals.
- MacroVoices #511 Robert Kahn: Geopolitical Outlook For 2026
Robert Kahn discusses the geopolitical outlook for 2026 with Erik Townsend and Patrick Ceresna. Topics include tariffs, mid-term elections, crude oil prices, and the next Fed chair.
- MacroVoices #510 Jim Bianco: From FED Cuts, to inflation, to Gen Z’s Infatuation with Socialism
Erik Townsend and Patrick Ceresna welcome Jim Bianco to discuss what happened and what it means for markets, including FED cuts, inflation, and Gen Z’s infatuation with socialism.
- MacroVoices #509 Marko Papic: Geo-macro Outlook for 2026
Erik Townsend and Patrick Ceresna welcome Marko Papic to MacroVoices #509. They discuss the geo-macro outlook for 2026, covering Venezuela, a potential Russia-Ukraine peace deal, the Japan-China spat, and the U.S. mid-term election cycle.
- MacroVoices #508 Laskhman Achuthan: Inflation Cycles Amid Regime Change
Erik Townsend and Patrick Ceresna welcome Lakshman Achuthan to MacroVoices to discuss growth and inflation cycles. They explore how current political and geopolitical headlines impact these market cycles.
- MacroVoices #507 Michael Howell: Is This The end of the Everything Bubble
Erik Townsend and Patrick Ceresna welcome Michael Howell to MacroVoices to discuss the global liquidity cycle. They explore its periodicity and current standing in the cycle.
- MacroVoices #506 Mike Green: Volatility, High-Yield, Precious Metals & More
Erik Townsend and Patrick Ceresna interview Mike Green on MacroVoices. They cover topics including volatility, high-yield investments, precious metals, and energy markets.
- MacroVoices #505 Michael Every: Does Anyone Remember PMIs?
Erik Townsend and Patrick Ceresna interview Michael Every on MacroVoices #505. The discussion focuses on the geopolitical situation and what it means for markets.
- MacroVoices #504 Brent Johnson: The Genius of Stablecoins
Erik Townsend and Patrick Ceresna of MacroVoices interview Brent Johnson. They discuss why stablecoins will be a game changer, even for those not interested in crypto assets.
- MacroVoices #503 Adam Rozencwajg: Gold, Oil & Uranium
Erik Townsend and Patrick Ceresna interview Adam Rozencwajg on MacroVoices. They discuss various commodities, specifically focusing on gold, oil, and uranium.
- MacroVoices #502 Tian Yang: A Whiff of Reflation?
Erik Townsend and Patrick Ceresna are joined by Tian Yang to examine the leading indicators used by Variant Perception. The discussion focuses on how these indicators inform macro strategy regarding growth, inflation, and potential trading…
- MacroVoices #501 Matt Barrie: AI Caramba?
Erik Townsend and Patrick Ceresna of MacroVoices welcome Matt Barrie to discuss artificial intelligence. They explore whether AI is a fleeting bubble or a significant new trend.
- MacroVoices #500 Lyn Alden: What Will Stop This Train?
In this episode of MacroVoices, Erik Townsend and Patrick Ceresna are joined by Lyn Alden. Alden discusses potential factors that could impact current market trends.
- MacroVoices #499 Has The Luke Gromen Moment Arrived?
Erik Townsend and Patrick Ceresna interview Luke Gromen on MacroVoices #499. The discussion covers gold, bitcoin, stocks, and the U.S. Dollar.
- MacroVoices #498 Louis-Vincent Gave: Which Megatrend Will Reshape The World?
Erik Townsend and Patrick Ceresna welcome Louis-Vincent Gave to MacroVoices to discuss various economic topics. They cover deflation, precious metals, equities, China, and energy markets.
- MacroVoices #497 Dr. Anas Alhajji: The Impact of Trump Polices on Russia, China, India & OPEX+
On MacroVoices #497, Dr. Anas Alhajji joins Erik Townsend and Patrick Ceresna to discuss energy topics. They cover the Group of Eight meeting, secondary sanctions strategy on India, and the Power of Siberia 2 pipeline project.
- MacroVoices #496 Jim Bianco: The Post Covid Economy
Erik Townsend and Patrick Ceresna are joined by Jim Bianco to discuss the post-COVID economy. Topics include inflation risks, Federal Reserve rate decisions, the jobs report, and the potential impact of interest rate changes on long-term y…
- MacroVoices #495 Louis-Vincent Gave: Understanding China's Structural Growth Drivers
Louis-Vincent Gave joins Erik Townsend and Patrick Ceresna to analyze China's role in the global economy, focusing on its infrastructure goals and the difficulties of attracting foreign capital in the current geopolitical climate.
- MacroVoices #494 Micheal Every: Markets, Policy, Russia & More
Erik Townsend and Patrick Ceresna host Michael Every to discuss markets, economic policy, and the Russia-US summit.
- MacroVoices #493 Ole Hansen: Commodities Are Heating Up!
Erik Townsend and Patrick Ceresna invite Ole Hansen to discuss the outlook for commodities, including energy, precious metals, and the impact of tariffs.
- MacroVoices #492 Daniel Lacalle: The End of American Exceptionalism?
Erik Townsend and Patrick Ceresna host Daniel Lacalle to discuss topics including tariffs, recession risks, geopolitics, markets, precious metals, and energy. They also explore the European perspective on the future relationship between th…
- MacroVoices #491 Rick Rule: Oil, Uranium & Precious Metals
Erik Townsend and Patrick Ceresna host Rick Rule to discuss the outlook for oil, uranium, gold, and silver.
- MacroVoices #490 Dr. Pippa Malmgren: Bessent, Stablecoin & JFK
Erik Townsend and Patrick Ceresna host Dr. Pippa Malmgren to discuss the U.S. dollar, stablecoins, the potential for a seventh political party in the United States, and details regarding Jeffrey Epstein.
- MacroVoices #489 Darius Dale: Are You Positioned For The Melt-Up?
Darius Dale joins Erik Townsend and Patrick Ceresna to discuss his bullish outlook on U.S. equities due to pro-growth fiscal policies. He also warns that monetary debasement could follow if this strategy fails, suggesting investors plan ac…
- MacroVoices #488 Lyn Alden: Run It Hot!
Lyn Alden joins Erik Townsend and Patrick Ceresna to discuss why she believes investors should maintain an aggressive portfolio strategy. She explains her view that fiscal policy currently plays a larger role than monetary policy in drivin…
- MacroVoices #487 Larry McDonald: The Great Migration To Hard Assets
In this episode of MacroVoices, Erik Townsend and Patrick Ceresna are joined by Larry McDonald. They discuss market topics ranging from copper and precious metals to the U.S. dollar.
- MacroVoices #486 David Rosenberg: Navigating Choppy Waters
Erik Townsend and Patrick Ceresna host David Rosenberg on MacroVoices to discuss the outlook for equity markets, inflation, precious metals, and the U.S. dollar.
- MacroVoices #485 Jeff Currie: The Joule Order
Jeff Currie joins host Erik Townsend and Patrick Ceresna to discuss the "New Joule Order" and the factors contributing to the potential for further increases in the price of gold.
- MacroVoices #484 Rory Johnston: Crude Oil Forward Curve Conundrum
Erik Townsend and Patrick Ceresna are joined by Rory Johnston to discuss his analysis of the unusual shape of the WTI forward curve in the crude oil market.
- MacroVoices #483 Vincent Deluard: MAGA vs. Corporate America
Erik Townsend and Patrick Ceresna host Vincent Deluard to discuss the impact of monetary policy on recessions and the outlook for asset markets.
- MacroVoices #482 Mike Green: What The Market Is Not Discounting
In this episode of MacroVoices, Erik Townsend and Patrick Ceresna are joined by Mike Green to discuss the real purpose of tariffs and analyze contradictions in recent presidential statements regarding trade policy.