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 257 was recorded on February 4th, 2021. I'm Eric Townsend. This episode

is brought to you by ABIC's technologies, pioneering the design of smarter markets that

better meet the needs of both market participants and society as a whole. And by masterworks

dot IO, bringing fine art investing within reach of all investors. Have you noticed a

pattern where the vast majority of our smartest and most experienced macro veteran guests,

such as Russell Napier last week, have all come around to a view that anticipates a

return to secular inflation? Well, Bianco Research Founder Jim Bianco is one of the smartest

guys I know in the world of macro. And now he's joining the secular inflation camp as

well. Jim returns as this week's feature interview guest. We'll discuss the coming

inflation and how to trade it, then we'll touch on the COVID pandemic, and finally we'll

discuss the lunacy, which is Wall Street Bits. Then be sure to stay tuned for our post-game

segment when Patrick's Chart deck will be titled Squeeze Insanity Part 2, The Aftermath.

We'll discuss everything from game stop to gold to crude oil to junk bond yield spritz.

Tom Patrick's arrest in Eric. Let's just start off with that S&P 500. We could go,

we were in cell mode right along that 50 day moving average, looking like maybe a correction

may have been underway. And here we are right near the 52 week high again. What's your take

on all this? Looks to me like by the time our listeners

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