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 233 was recorded on June 11, 2020. I'm Eric Townsend. This episode

of Macro Voices is dedicated to healthcare workers all over the world, the true heroes

of the COVID-19 pandemic crisis and is brought to you by top traders on plug.com, a podcast

dedicated to quant and rules based investing, helping investors overcome behavioral biases.

Quadriga asset management, portfolio manager, and best selling author, Diego Parrija returns

as this week's feature interview guest. We'll discuss the post-COVID-19 economic and

market recovery, the coming transition to secular inflation or perhaps more likely

stagflation, precious metals, and much more. Then be sure to stay tuned for our post-game

segment after the feature interview. When Patrick is going to guide us through how to put

on spread trades using options. We'll be looking at both crude oil and treasury spread trades

and how to put them on using options. And I'm Patrick Sarasna. Now Eric, what a day

on the S&P 500. It's been almost up every single day and it's like when will this ever

end and then it's like the floodgate opened. We're down about 167 points at the time of

recording and we're back to almost a 3000 level on the S&P. What's your take on all of this?

Well, needless to say, you know, I've been dumbfounded by the strength of this rally. It didn't

make sense to me. I had thought it was going to top out at the 61.8th February trades back

down around 29.30 or so and we got all the way up to 3,200. I was very interested in Stan

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