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 224 was recorded on June 18, 2020. I'm Eric Townsend. This episode

is dedicated to healthcare workers around the world, the true heroes of the COVID-19 pandemic

crisis and is brought to you by toptradersonplugged.com, a podcast dedicated to quant and rules-based

investing, helping investors overcome behavioral biases. It's time for another Macro Voices

crude oil special. Petroleum geologist Art Berman headlines as this week's feature interview

guest. We'll discuss everything from US production dynamics to the price outlook.

Then our own Patrick Sarasna will expand the conversation in our post-game segment with a

chart deck exploring energy equities natural gas and other energy markets. And I'm Patrick Sarasna.

Now Eric, let's jump into that S&P 500. We're just a day away from a quadwitching S&P 500,

more or less bounced off of its worst levels and is trading sideways more or less around

that 3,100 level on index. What's your take on all of these levels?

Well, I was very interested to see Jeremy Grantham on an interview this week calling this bubble

the real McCoy, implying that we're really at the end of the story here. You know, Patrick,

Jeremy Grantham is another guy that I would really love to interview because the pattern I'm seeing

here is some of the true legendary investors like Stan Druckenmiller and now Jeremy Grantham

are calling this bubble saying, okay, this has got to be it. These valuations are insane in the face

of a global pandemic that we haven't really even got our heads around yet. There's a lot of reason

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