Milk Road Macro

In this conversation, Benn Eifert, a fund manager and derivatives expert with a PhD in economics, dives into the complexities of retail trading and its impact on modern markets. He reveals how the rise of meme stocks and gamified trading has changed the landscape, questioning the myth of democratized finance as often predatory. Benn warns about the perils of high leverage, emphasizing the need for education for retail investors, and suggests safer trading alternatives like perpetual futures over complex options.

Mary Ann Bartels, a legendary Wall Street strategist with extensive experience in equity strategy and ETF research, dives deep into today's market chaos. She predicts a massive bullish decade ahead, with targets of S&P 7,000, Bitcoin at $150K, and gold soaring to $5,000. Bartels discusses the implications of Trump’s trade policies, the potential impact of government shutdowns, and suggests key sectors to focus on, such as tech and crypto. With her fascinating insights, she makes sense of today’s volatility while emphasizing long-term opportunities.

Henrik Zeberg, head macroeconomist at SwissBlock and author of 'The Monetary House of Cards,' explores the curious paradox of an erupting bull market amid economic turmoil. He delves into his cyclical macro framework, clarifying how leading and lagging indicators reveal market dynamics. Discussing consumer distress, he uses an iceberg metaphor and outlines the impending risks of a blow-off top. With insights on dollar trends and the limits of central bank interventions, Zeberg offers strategies for navigating these turbulent waters.

Mel Mattison, a veteran macro analyst and fintech executive with over 25 years of experience, discusses the potential for a historic bull market reminiscent of the 1950s. He delves into the driving forces behind the current everything-everywhere rally, making intriguing comparisons to past economic eras. Mel explains the Fed's hidden third mandate and its implications for investors, discusses the transformative impact of AI, and highlights the increasing role of gold and Bitcoin in today's markets. He also warns of societal strains amid this financial surge.

In this engaging discussion, Professor Steve Hanke, an applied economics expert at Johns Hopkins, dives deep into monetary policy. He argues that the real market drivers are changes in money supply rather than interest rates. Hanke warns that the Fed's focus on rate hikes is causing volatility and calls for a target of 6% money supply growth to stabilize inflation. He also explains the surge in gold demand and predicts a potential price peak of $6,000, linking it to capital flight and concerns over dollar stability.

Jordi Visser, a seasoned investor and macro analyst with over 30 years on Wall Street, discusses AI's profound economic impact. He explains why AI isn't a bubble but a wave of innovation akin to the internet, emphasizing the rush toward compute and data centers. Jobs and work hours will transform, possibly shortening workweeks amidst job shifts. Visser argues Bitcoin could be the purest play on AI, linking it to fiat fragility, while also advising on investments in semiconductors and the evolving landscape of tech.

Kyle Reidhead, an entrepreneur and digital-asset expert, discusses the impending financial revolution at the intersection of AI and blockchain. He highlights Bitcoin’s anticipated breakout and the potential for an AI-induced CapEx supercycle. Reidhead emphasizes the importance of the Fed's decisions, warning that cheap debt could inflate AI investments into a bubble. He offers tips on investing in AI and crypto, mentioning notable firms like Tesla and Galaxy, and explores regulatory changes that may unleash innovation in the US.

Melody Wright, a housing market analyst and commentator known for her insights during the Great Financial Crisis, shares alarming truths about today's market. She argues the 2008 crisis never ended, highlighting the disconnect between high home prices and affordability. Melody discusses the impact of investor dominance on sales, the misallocation of inventory amidst population growth, and the looming risks of foreclosures. With a skeptical view on current market stability, she warns listeners about the unsustainable nature of housing as an investment.

Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, shares his perspective on recent Fed rate cuts and their implications for markets. He highlights how gold is surging while Bitcoin struggles. McGlone warns that we might be in the calm before a storm, emphasizing the overvaluation of U.S. equities and the risks posed by yield curve control. He also explores copper as a leading indicator for global demand, suggesting that the market is not entering a new bull phase, but rather facing significant challenges ahead.

In this engaging discussion, Chris Whalen, a seasoned macro analyst and chairman of Whalen Global Advisors, sheds light on the intricate relationship between the Federal Reserve and U.S. politics. He argues that inflation isn't coincidental but a deliberate strategy, and warns of a looming Treasury market collapse. Whalen also presents a provocative comparison of gold versus Bitcoin as safe-haven investments. With over three decades of financial industry experience, his insights are both compelling and crucial for understanding the current economic landscape.