This is a special edition of Macrovoises with hedge fund manager Eric Townsend.

The premier financial podcast targeting professional finance, high net worth individuals, family

offices, and other sophisticated investors.

Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.

Macrovoises All Stars episode 36 was recorded on July 22nd, 2019.

I'm Eric Townsend. All star Julian Brighdon from MI2 partners is back with us today.

Julian things are happening a lot more quickly than ever before, and if some people say central banks

are powerless to respond to deflationary pressures, what are the implications for US pension funds,

or doesn't it matter in this 401k world?

Hi Eric, thanks for having me back on the show. Look, I couldn't agree with you more.

I mean, it's funny, we, you know, just as a slight aside, we'd written last year about a couple of

things that we were watching, and we assumed we wrote them as sort of big picture pieces, big picture,

meaning they would unfold over a number of years. You know, one of them was the breaking down of the sort

of US, Chinese relationship, Chimerica, as it's referred to, and you know, we discussed this last

September, and we assumed that it would take four, five, six, ten years to sort of retribution,

and yet barely in that number of months, we almost seemed to be at an impasse.

You know, another one that we've been looking at is the demographic shift and how that would lead

to a radicalization of politics and a significant shift in the tone of a lot of the factors that

have been beneficial for investment in the US since the late 80s when you sort of have factorism

and Reaganism. And yet, you know, if you look at the path that the Democrats seem to be going on

within their debates, we're already at that tipping point. We're talking about universal healthcare,

we're talking about potentially writing off student loans, we're talking about, you know,

...