In this conversation, Rall speaks with his friend and Real Vision favorite Hugh Hendry,

founder and former CIO of Eclectica Asset Management.

Rall and Hugh go in depth on their macro views.

They explore how gold could perform in a debt deflation

and why calls on equities are cheaper than puts

the more out of the money you go. It's a deep

investigation into volatility, gold, debt, and the interplay between all these

factors as well as an analysis of where we are in the macro cycle.

But it's more than that.

Rall and Hugh also looked back on their careers in finance and reflect on their journey in markets

to share the important lessons that they've learned, how to go about

building a macro framework, but more importantly, how to tell if your ideas are any good,

and if so, how to execute and manage risk. It's truly a fascinating conversation. Please enjoy. We've discovered you hidden in the Caribbean and got you back finally. You made an

appearance on Twitter and it was like there was no chance we weren't going to get

you back on Real Vision.

Hugh, how are you, my friend?

Yeah, I don't know how hidden I am, but certainly I've had my coming out

a moment.

So what are you thinking?

So you've obviously got something in your head

because you've started to reappear on Twitter

and I know you've had a chat with Grant recently.

...