Milk Road Macro

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.

In this insightful discussion, Kevin Muir, former institutional equity derivatives trader and author of The Macro Tourist newsletter, shares his expertise on recent Fed rate cuts and their implications. He highlights why Powell's guidance may be losing its significance and the importance of second-order effects in investing strategies. Muir also delivers fascinating insights on how AI will reshape energy markets, the bull case for aluminum amidst China's policies, and a bullish outlook for non-US equities, emphasizing global opportunities for savvy investors.

Grant Williams, a renowned macro commentator and co-founder of Real Vision, delves into the unraveling global monetary system. He discusses the urgent shift of central banks toward gold for stability amid a collapsing trust in the dollar. Expectations of renewed quantitative easing are high, which could inflate nominal prices as signals of economic struggles emerge. Williams contrasts gold's historical reliability against Bitcoin's short tenure, emphasizing gold's role in safeguarding capital as market uncertainties loom.

E.B. Tucker, a veteran investment analyst and author of the Tucker Letter, argues that capitalism has already died, replaced by a managed economy. He discusses how governments use social programs and entertainment to stabilize public sentiment. E.B. warns of potential cyber crises that could bring tighter controls and predicts the rise of a Fed-controlled digital currency. He emphasizes the importance of adapting to AI and shares insights on portfolio construction featuring niche tech and Bitcoin, all while highlighting the exciting possibilities of flying taxis.

In a captivating discussion, Andy Schectman, the President of Miles Franklin Precious Metals, dives into the revival of gold as a monetary asset amid diminishing trust in the dollar. He explores the increasing global demand for physical gold and outlines how BRICS nations are developing a SWIFT-free financial system using gold for settlements. The conversation also touches on the implications of tokenized gold ownership and how revaluing gold could reshape U.S. economic policy. Plus, Andy highlights silver's strategic importance in today's market.

Join Tad Smith, a seasoned business executive and NYU professor, as he explores the seismic shifts in our economy driven by AI. He discusses the paradox of rising productivity amid declining job demand and the need for society to redefine its purpose. Tad also breaks down the integration of digital art into mainstream markets, shares insights on AI's role in healthcare, and emphasizes the importance of embracing technology in education. Dive into his thoughts on Bitcoin's future and innovative investment strategies!

Dan Tapiero, a macro-focused investor and CEO of 50T Funds, shares his insights on Bitcoin and the broader markets. He argues that the current Bitcoin pullback is merely a mid-cycle cleanup, not a bear market. Dan explains how Federal Reserve policies are paving the way for a liquidity wave ahead of a potential market rally into 2026. He believes Bitcoin's fundamentals are now significantly stronger, yet the market remains mispriced. Additionally, he discusses the impact of regulation on crypto adoption and the pivotal role of tokenization in future investments.