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 281 was recorded July 22, 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 escrow.com, the world's most secure online payment system from a counterparty risk

perspective because the funds sit in escrow.

42 macro founder and CEO Darius Dale joins me as this week's feature interview guest.

When we booked Darius for today's interview, he was firmly in the inflation camp, but

he just crossed over to the dark side of the force and his models now predict disinflation

in coming months. But longer term, Darius is still a secular inflationist. We'll cover

inflation deflation and much more in today's interview. Then be sure to stay tuned for

our post-game segment after the feature interview when Patrick's chart deck is titled Summer

Doldrums.

And I'm Patrick Sarrezna. Now, Eric, let's talk to S&P 500. We had a drop between Friday

to Monday of about 150 S&P points. It seemed like the sky was falling and, well, we're

almost right back to the highs. What's going on in your mind?

You know, I think that a lot of this was driven by increasing concern about the delta variant

of the coronavirus. And, you know, frankly, we told you on macro voices like a year ago,

...