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 227 was recorded on July 9, 2020. I'm Eric Townsend. This episode

is brought to you by top traders on plug.com, a podcast dedicated to quant and rule-spaced

investing, helping investors overcome behavioral biases. Who could forget Hugh Hendry, the

iconic and usually outspoken Scottish hedge fund manager? We last interviewed on Macro Voices

the very day that he announced the closure of his fund, Eclectica asset management,

back in 2017. Well, he's back making a splash in the world of macro, with a new YouTube

channel and a new white paper suggesting that podcaster Joe Rogan should replace Jay Powell

as Fed Chairman. Hugh joins me as this week's feature interview guest to discuss everything

from Caribbean real estate to his comeback in the world of macro. Then be sure to stay

tuned for our post-game segment after the feature interview when Patrick will talk us

through another one of his signature chart decks. And I'm Patrick Sarasna. Now, Eric,

at S&P 500, looked like he was pretty bullish last week in that breakout, but it's more

less been very trade-range bound all week, just not ready to commit to a big move either

way. Do you think the path of least resistance is still higher? What's your thinking?

I have to laugh, Patrick. We've seen mounting evidence that the COVID crisis is worsening,

certainly in terms of infections breaking 60,000, almost 62,000 yesterday. New record,

this is about 70% higher than the record set back at the beginning of April for new cases.

...