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 Sarresna.

Macro Voices episode 265 was recorded on April 1st, 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. We told you are listeners

that we were running out of smart deflationists to balance the deluge of inflationists we've

had on the show in recent weeks. Far and away, the deflationist requested most by our

listeners was one I wasn't even familiar with previously. Stephen Van Meter. Stephen

joins me as this week's feature interview guest and the entire interview will focus

on why Stephen says the outlook really still is deflationary unless and until private credit

expansion returns with a vengeance. Then be sure to stay tuned for our post game segment

when Patrick's chart deck will be titled Straddling the 50 Day Moving Average. And I'm

Patrick Sarresna now. Eric, let's jump to that S&P 500 where north of 4,000 at least

we printed up there. What's what's your take on all of this?

New all time high today. And boy, finally, it's been almost two weeks since we had one.

You know, no change to my outlook. I really feel like the people that are making arguments

saying these valuations are not so. And you know, it's time for the market to crash. Have

a very good argument. But frankly, what I see in progress is a crack up boom in motion,

...