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 339 was recorded on September 1st, 2022. I'm Eric Townsend.

This episode of Macro Voices was made possible by respect energy, a leading European trader

of renewable energy and a one-stop shop for all green energy investors.

Eckery co-founder Lakshman Achuthin returns as this week's feature interview guest.

Lak and I will discuss the technical definition of recession, why we're already in one, and

why Lak says there's more risk to the downside than upside for equities. We won't have a post-game

chart deck this week to the travel schedules, but we'll be back to our regular schedule next

week.

Patrick Sarresna, Eric, let's jump into this S&P 500. Since the peak in mid-August, we

have seen about 400 S&P points, close to 10% of a decline, just really end the month

of August, and it really doesn't seem to be finding any short-term bottom here. What's

your take on the markets?

Patrick, stepping back as I've been saying for months, I don't understand why we had

this whole summer rally to start with. I don't think that any of the economic data suggests

that there's any reason to expect a recovery here. It seems like the summer rally is over.

We're headed back down. I can't think of a reason that we're not headed to new lower

lows that certainly has been my base case all along. Whether that happens and how long

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