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 205 was recorded on February 6, 2020. I'm Eric Townsend. This episode

of Macro Voices is brought to you by top traders on Plug.com, a podcast dedicated to

quant and rules based investing, helping investors overcome behavioral biases. As the NCOV

coronavirus story continues to dominate the headlines, we're bringing back petroleum

geologist Art Berman as this week's feature interview guest. We'll review the recent

moves in both oil prices and time spreads, which often reveal what the smartest traders

are thinking about the direction of the oil market. We'll also have an update on the

comparative inventory yield curve. But wait, there's more. Macro Tourist blogger Kevin

Mure will join us in our post-game segment when we'll take a deep dive on Tesla's epic,

parabolic rise and blow off top. Is it too late to trade this move? Let's see what Kevin

has to say in the post-game segment.

And I'm Patrick Sarasna. Now, Eric, the S&P 500, obviously, look last week like it was

ready to continue correcting lower. And then we have a face ripping rally taking it to

a fresh high. What's your take on all of this?

Well, Patrick, on Wednesday morning, I tweeted that the coronavirus is a contender for the

most mispriced risk in the history of financial markets. Obviously, that's at least a slight

exaggeration, but I don't think a huge exaggeration. Now, to be clear, there's lots of people

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