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 76 was recorded on November 11, 2019.

I'm Eric Townsend.

JDI research founder Juliet DeClerk is back with us today.

Juliet, your calls over the past few months have been almost impeccable.

And I would further add, they seem to be falling naturally into rhythm with your Macrovoises

appearances.

I know you've got a new report out just this morning.

So please run us through your latest market thoughts.

It's always a pleasure to speak to you again, Eric.

And indeed, it's almost like I'm writing for you, but it's incontious.

So what I think is that market's price action since our last chart really confirms my view

at the time that markets feared the global economy continuing to shrink much more than the

risk of the financial repression party ending.

Not only, and especially in Europe, it's obviously due to the fact that financial repression

had become counterproductive.

I'll repeat it here, but we've talked about that a lot.

Below zero, lower rates promote saving rather than spending in a bid for everyone to keep

future purchasing power constant.

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