This is Macro Voices, the free weekly financial podcast targeting professional finance,

high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance

and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are

your hosts, Eric Townsend and Patrick Suresna. Macro Voices Episode 532 was produced on May 14th, 2026.

I'm Eric Townsend.

We've got another Macrovoices double header lined up for you this week.

Simplify Asset Management's chief strategist and portfolio manager, Mike Green, returns as this week's headliner.

Mike says it should come as no surprise that the risk of the Hormuz crisis,

crippling the global economy, hasn't even slowed down the S&P 500's meteoric rise to new

all-time highs, because according to Mike, market flows aren't being driven by macro analysts.

They're being driven instead by the machinery of passive investment

fund flows. Mike also disagrees with some of our other guests who have predicted persistent

secular inflation as a result of this conflict and also has an interesting take on why Mike

thinks Kevin Warsh will be far more likely to aggressively cut rates as opposed to hiking them.

And, of course, we'll touch on Mike's specialty the unintended consequences of passive investment through index funds.

After the feature interview with Mike Green, commodity context founder Rory Johnston returns for a cameo appearance to provide

an update on the Hormuz crisis and how it's affecting global energy markets, including

what's yet to come if the straight remains closed. Then be sure to stay tuned for our post-game

segment when Patrick's trade of the week will explore a setup

built around Mike Green's view that the market may be underestimating the risk of a sharper

economic slowdown and a significant reversal in the future Fed rate path.

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