As the world gets bigger, financially it becomes more volatile.

And I think the reason for that is that basically you've got a situation where liquidity is ever expanding

and solvency is in progressive decline because the quality of debt at the margin is continually going down.

The quality of that debt is deteriorating.

And that's really a function of the huge amounts of debt that we've got that the world economy has got itself saddled with.

Imagine spending an hour with the world's greatest traders. Imagine learning from their

experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged,

the place where you can learn from the best hedge fund managers in the world, so you can take

your manager, due diligence, or investment career to the next level.

Before we begin today's conversation, remember to keep two things in mind.

All the discussion we'll have about investment performance is about the past,

and past performance does not guarantee or even infer anything about future performance.

Also understand that there's a significant risk of financial loss with all

investment strategies, and you need to request and understand the specific risks from the

investment manager about their product before you make investment decisions. Here's your host,

veteran hedge fund manager, Neals Kostrup Larson. Welcome, welcome back to another conversation in our series of episodes that focuses on markets and investing from a global macro perspective.

This is a series that I not only find incredibly interesting as well as intellectually challenging,

but also very important given where we are in the global economy and geopolitical cycle.

We want to dig deep into the minds of some of the most prominent experts to help us better

understand what this new global macro-driven world may look like,

and we want to explore their

perspectives on a host of game-changing issues, and hopefully dig out nuances in their work

...