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 number 51 was recorded on August 28th, 2019.

I'm Eric Townsend.

Forrest for the trees founder Luke Gromon is back with us today.

Luke, I hope you had a fantastic holiday weekend. What's on your mind this week?

Hey, Eric, I did. Hopefully you did as well. So, you know what caught my attention is about three

weeks ago CNBC's Carol Quintanilla highlighted a tweet in a tweet, I should say really, that the

10-year treasure yield had been cut in half since an October 12, 2018 appearance on CNBC by Larry

Cudlow that Quintanilla screen shot it and put in the tweet. Larry Cudlow saying there's no end

in sight to our economic boom. That October 12, 2018 that Quintanilla site had jumped out of

us because on that very day there was an article that came out that explicitly said something

that had recently happened that meant the US economic boom had likely just ended.

And the title of that article was foreigners can no longer underwrite the US economic expansion.

It was in October 12, 2018 edition of Financial Times. I'm going to read a quick excerpt of it

if you don't mind just because it highlights some important points. So, the article says,

you know those bells that are supposed to never ring to signal a turn in the market? Well,

they started ringing on September 27, and 28. On that Thursday and Friday, just before the end

of the third quarter, the Interbank markets cross currency basis swapped for euros to US dollars

rose by 30 basis points. In the same period, the cost of yen dollar basis swaps went up by 46 basis

...