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 207 was recorded on 220 of 2020. I'm Eric Townsend. This episode

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

quant and rules based investing, helping investors overcome behavioral biases. Ralph Del

Judas, global macro strategist for pavilion global markets, joins me as this week's

feature interview guest. We're going to take a deep dive on interest rates. Ralph says

they're headed lower, but his rationale for why they're headed lower is one you probably

haven't heard elsewhere. Since last week's episode, we've been overwhelmed with requests

for more details on the long-vall component of Chris Cole's Dragon portfolio. So our

own Patrick Sarasna has prepared an in-depth post-game chart book to cover some of the

long-vall trading strategies that can be put on using listed instruments.

And I'm Patrick Sarasna. Now, Eric, before we even get to the equities, I'd love an update

from you on what's going on with this coronavirus story.

Well, Patrick, I am pleased to announce that the coronavirus situation has been contained

to subprime. And obviously, I say that facetiously, but you know, when Ben Bernanke said that,

most people believed him. It was only a relatively small number of really smart people

who understood the mechanisms for credit contagion to be transmitted. And frankly, I see a very

strong parallel here. The narrative at the time that Bernanke used is, well, look, there's

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