Milk Road Macro

Michael Lebowitz, a seasoned portfolio manager with over 35 years of experience, delves into why passive investing might not cut it in the volatile market ahead. He discusses the impact of upcoming tariff rulings on market stability and the potential for increased volatility in 2026. Michael emphasizes the importance of active portfolio management and strategic risk controls, warning about the pitfalls of high valuations and premature growth pricing in AI. Expect roller coaster dynamics and shifts in asset correlations as investors navigate the evolving landscape.

James Lavish, co-founder of the Bitcoin Opportunity Fund and macro investing expert, dives into the escalating conflict between Trump and Powell. He discusses how the political landscape influences Federal Reserve decisions and the implications for the U.S. financial system. Lavish emphasizes the risk of undermining trust in U.S. debt and the shift towards gold. He also shares insights on the barbell strategy of investing in AI stocks and Bitcoin as hedges against market fluctuations.

Jim Bianco, a seasoned macro analyst and founder of Bianco Research, reveals why 2026 may signal a major economic shift. He discusses how immigration is becoming a key driver of GDP growth, shifting focus from traditional models. AI is highlighted as a 'good bubble', enhancing productivity and creating jobs, much like the internet boom. Bianco warns of sticky inflation despite tax cuts and the Fed's cautious stance, emphasizing the need for internal dissent to improve policy decisions. His insights challenge existing economic paradigms.

Melody Wright, a housing market analyst with firsthand experience from the global financial crisis, dives into the complexities of today’s housing crisis. She reveals how systemic grift and policy distortions, fueled by pandemic funds, have warped the market. Melody highlights the impact of Wall Street's role in private home buy-ups, the troubling rise of foreclosures, and the inadequacy of current policy responses. Listeners get practical advice on navigating the current market, from sellers to renters, as she forecasts possible institutional selling and government interventions.

Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, shares insights from his 30 years of experience in market analysis. He predicts that 2026 will be a choppy year of consolidation rather than a full bear market, with key months to buy the dip. Mark discusses S&P targets, the influence of midterm elections, and opportunities in sectors boosted by applied AI. He also highlights potential crypto lows, the outlook for precious metals, and emerging market opportunities as the dollar weakens.

In this discussion, Mel Mattison, a seasoned fintech executive and investor, delves into the complexities of the financial system, highlighting issues from shadow QE to collateral crises tied to tokenization. He predicts that 2026 will usher in a volatile stock picker’s market, driven by political factors. Mel also analyses the implications of recent Fed policies, the impact of the housing-focused 'big beautiful bill,' and shares insights on Bitcoin’s recovery and the future of AI-driven investments, particularly in emerging markets like Brazil.

Michael J. Howell, Founder and CEO of Cross Border Capital and an expert on global liquidity, shares insights on the potential liquidity landscape for 2026. He discusses the end of quantitative tightening, the impact on bank reserves, and how current dynamics may not align with investor expectations. Michael highlights the risks of monetizing debt, contrasts Fed and Treasury QE, and explores how real economy strength can exist alongside a muted financial market. He also emphasizes the importance of commodities and real assets for future investments.

Chris Irons, known as Quoth the Raven, is a financial commentator renowned for his unfiltered macro analysis. In this conversation, he reveals the unprecedented state of today's markets, highlighting record valuations and soaring debt. Quoth discusses the Federal Reserve's perilous position between inflation and collapse, alongside the ramifications of political decisions on economic inequality. He also offers insights on portfolio positioning for the future and draws parallels between the AI boom and the dot-com bubble, urging caution.

Francis Hunt, a seasoned trader and founder of The Market Sniper, dives deep into the shifts in financial landscapes. He highlights why sovereign debt is losing its appeal and discusses the implications of hyperstagflation. Hunt argues that gold is regaining its position as the ultimate reserve asset and makes a compelling case for silver, citing supply squeezes and industrial demand. He also critiques inflation metrics, raising concerns about rising volatility and its impact on investment strategies. A must-listen for anyone navigating today's financial complexities!

Bart Smith, an investment professional and CEO of Avalanche Treasury Company, dives into the macro forces shaping crypto's future. He argues that crypto's struggles are influenced more by liquidity and geopolitics than technology. Discussing Bitcoin's dual identity as digital gold and a risk asset, he highlights 2026 as a critical year for adoption. Bart emphasizes the need for altcoins to present clearer value and explores how regulatory clarity could attract institutional interest, showcasing a divergence between retail and institutional sentiments.