Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the

kingdom allocate their time and their capital. You can keep up to date by visiting

Capital Allocatorspodcast.com.

Hi, everyone. In the midst of this unprecedented time, I thought it would be helpful to hear

from James

Aitken, the extraordinary macro strategist who specializes in understanding the functioning

of the financial system.

I reached out to James today with one key question in mind.

Are we facing a systemic risk outside of what we see happening in the economy and the markets.

That conversation follows.

Please stay safe and healthy.

James, thanks for doing this on short notice.

These are clearly unprecedented times, and I thought it would be terrific to just get your view in laying

the landscape of where we've come and where we are and where we might be going.

Well, thanks very much, Ted, and good morning. Thank you for having me as well at short notice.

And thank you to all your listeners. I think it's important when we try to sketch out

where we are and where we're going to reflect on the initial conditions before this market smash

up. I think it's very important. And typically in these kind of circumstances, all the commentary

focuses on the moment, as opposed to conditions

in markets that created the vulnerabilities to begin with. And the facts are, if it had not

...