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 258 was recorded on February 11, 2021, as Macro Voices turns five years

old this week. I'm Eric Townsend. This episode is brought to you by ABBEC's technologies,

pioneering the design of smarter markets that better meet the needs of both market

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With so many top macro analysts switching to a secular inflation outlook, I wanted to

bring back some of our strongest macro stars. Julian Brighton returns as this week's

feature interview guest. We'll discuss why Julian thinks equity valuations are already

stretched, but you guessed it, he also shares the inflationary view expressed recently

by Russell Napier and Jim Bianco in recent episodes. Then be sure to stay tuned for our

post-game segment when Patrick's post-game chart book is titled Rolling Bubbles. We'll

look at what's going on with it seems like a bubble in everything.

Now Patrick Sarasna, now Eric, let's jump to the S&P 500. Pretty much five days of the

S&P 500 slowly crawling higher. We're pivoting right on the 3900 level at the time of recording.

Anything changing your outlook on the S&P from last week?

No real change in my outlook. Medium to long term, I think it's higher and it's based

on secular inflation. Now, frankly, if a 1987-sized crash started tomorrow, I would just say,

...