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 69 was recorded on October 7th, 2019.

I'm Eric Townsend.

Back with us today is Gav Cal co-founder Louis Vincent Gav.

Louis, we were talking a little bit off the air, you know, it feels like to me,

and I think you've probably got the same sense.

It's time for something to change here.

It feels like we've kind of been in this range bound world where it looked like markets were topping,

but they don't seem to want to go up and they don't want to seem to want to go down for more than a year now.

Are we getting to a point where we're going to see a break in one direction or the other?

And which direction are we going to see it at?

Thanks a lot for having me again.

Great to be on the show.

Look, as you know, I've discussed in the past, you know, my starting point is always think that

three prices kind of determine everything else.

The US dollar, US 10 year yields and energy.

Now starting with 10 year yields, we've been in this one and a half to 3% training range on yields in 2012.

Today we're at the low end of that training range.

I want to be a question mark that we're going to break through.

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