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 306 was recorded on January 13th, 2022. I'm Eric Townsend. Patrick

Sarresna is off this week so Kevin Muir will be joining me as co-host. This episode is

brought to you by ABAC's Technologies, pioneering the design of smarter markets that better

serve the needs of both market participants and society as a whole. And by Masterworks,

the billion dollar alternative investment platform that lets you invest in art by legends

like Warhol and Picasso for a fraction of the cost. 42 Macro founder Darius Dale joins

me as this week's feature interview guest. Darius correctly called for a pause in the

Reflation Trade last time he was on Macro Voices. This time he says the Reflation Trade is

making a comeback but it will eventually yield to deflation. Then be sure to stay tuned

for our post game segment when Kevin Muir and I will discuss an article that he just had

published by Bloomberg titled The Bond Market Refuses to Accept Economic Reality.

And I'm Kevin Muir in for Patrick Sarresna. Eric before we get to the markets let's start

with a quick update on Omicron. What do you see on the rise in for both the pandemic and the

markets? Well Kevin the market is correctly discounting that Omicron is not going

to be a big deal in the long run in the sense that it's not nearly as infectious it doesn't

result in the same number of hospitalizations or death as the previous more dangerous

strains. However I think the market may be failing to discount the possibility that over

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