This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarasna.

Macro Voices Episode 176 was recorded on July 18, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on Plug.com, the leading podcast when it comes

to systematic trading and investing. Author Jim Records is back as this week's feature

interview guest and will discuss the content of his latest book. Be sure to stay tuned for

our post-game segment after the feature interview when Patrick and I will discuss Ray Dallio's

latest article, which concludes by saying something that we've said many times over here

on Macro Voices, which is that gold will be an important asset to own in the 2020s.

I'm Patrick Sarasna, now Eric, the S&P 500 earlier in the week was making new highs

and we've since been backing off from there. We're just below 3,000 on the level at the

time of recording. What's your thinking here on the S&P 500?

You know Patrick, I listened to the last few episodes and I seem to just say the same

thing about the S&P every week and get longer winded every time. So I'm going to try to

tighten it up. Look, what I've been waiting for is what Ray Dallio in this article we're

going to talk about in post-game calls a paradigm shift. We've been in an environment

where central bank liquidity has been the driver of higher asset prices and that's ultimately

unsustainable. Some day it has to end in reverse and that's exactly what Ray Dallio says.

Now I've been thinking it's long overdue and surely about to be here. It's very interesting

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