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 Sarrezna.

Macro Voices episode 270 was recorded on May 6th, 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.io

bringing fine art investing within reach of all investors.

Dylan Greys, formerly of Sock Genfame and now co-founder of Calderwood Capital, joins me

as this week's feature interview guest. We'll discuss everything from inflation versus

deflation to how far bond yields can go to the outlook for asset markets. Then be

sure to stay tuned for our post-game segment after the feature interview when Patrick has

prepared a slide deck titled Sector Rotation or Start of Bigger Correction.

Question Mark, we'll have that right after the feature interview.

And I'm Patrick Sarrezna, now Eric, let's just jump to that S&P 500 which up about 9 points

at a time of recording where a 4170 really it's just the market's been more or less sideways

for several weeks now after approaching a 4200. You think this is just a consolidation

in your mind?

You know, to me, anything that's above the 50-day moving average is just noise. This

market has really, I think, ignored a lot of fundamentals and charged higher and I think

it's going to continue doing exactly that. And I do think it's more crack-up boom than

...