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 196 was recorded on December 5, 2019. I'm Eric Townsend. This episode

of Macro Voices is brought to you by Top Traders on Plug.com, which happens to be my favorite

podcast when it comes to quant and rules based investing.

This week's feature interview guest will be Mark Gordon, Chief Investment Officer for

Ascent Oil Fund, and I'm really looking forward to this one.

Regular listeners will remember that last week on this program, I encourage you to watch

our good friend, Hedge Eye Founder Keith McCullough's interview with Mark Gordon, in which

Mark lays out his entire bullish intermediate to long-term case for crude oil prices.

Now don't worry folks, this is not going to just be a repeat of that interview with

a different interviewer. We're going to assume that you already heard Mark's interview

with Keith McCullough, and we're going to pick up where Keith left off, arm you with

Mark's slide deck, which Hedge Eye didn't give you, and then we're going to go much deeper

on long-term crude oil fundamentals. Mark is one of very few people in the crude oil market,

who in my opinion is focused on all the right issues. While most analysts are obsessed

with short-term inventory signals, I think they're missing the big picture in most cases.

Now Mark most definitely sees the same long-term big picture that I do in terms of what the

important issues are. The thing is, we actually disagree rather strongly on a few of those

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