Published on: October 12th, 2019

Over-discounting a “race-to-the-bottom” in global interest rates, positions became extended in the summer. Corrections were truncated by geopolitics. Stasis and indecision followed. While loss of confidence in policymakers is weighing on global growth, is Doom back for good? What to watch.


  • FO
    Frederic O.
    24 October 2019 @ 17:20
    Still expect silver to drop down to 17.1? Patience is what I’m struggling with here
    • FO
      Frederic O.
      25 October 2019 @ 10:20
      Bought at 17.85, this looks like a breakout
  • JQ
    JACK Q.
    23 October 2019 @ 13:59
    Hi Julian, if your reading this - which part of ED curve do you currently like for steepening? Appreciate your input thanks!
    • JQ
      JACK Q.
      23 October 2019 @ 14:14
      found it through your tweets :) for others that are interested its march 22s vs sep 23s
  • KH
    Kavi H.
    20 October 2019 @ 09:02
    Many negative comments on this video highlight his main point - that sentiment has turned too bearish for now.
  • CS
    Cameron S.
    18 October 2019 @ 19:58
    Hi Julian, I'm new to MI but have been binge-watching the insider talks for the past week. Great stuff! I'd be curious to hear your thoughts on buying calls for silver. The premium is ridiculously cheap and with your price target, seems like a skewed risk/reward. Any insight would be great, thanks!
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:55
      Hi Cameron Look I like silver as you know. But frankly I'm not sure that we have the conditions yet for a turn, (bond yields are rising and the $ has yet to definitely turn lower). That suggests you might just bleed time decay. If you want why not just by the delta for the option? That way you'll have skin the game. Alternatively wait for the levels I set in the piece to buy.
    • CS
      Cameron S.
      19 October 2019 @ 12:55
      That makes sense. I was thinking of if the Fed "wakes up with religion", this might be an alternative to the ED trade, since I'm not very familiar with EDs. Do you need both yields lower and the $ falling to constitute the turn? If the Fed starts cutting aggressively, but the dollar doesn't fall (as Raoul likes to point out, it may not just be a matter of interest rates), do you think that would that still constitute a turn? I agree that the ED trade is the higher quality one since it removes the $ factor though. Thanks again!
  • GP
    Geoff P.
    15 October 2019 @ 21:03
    Hi Julian, I enjoyed the twitter question and answer session for MI2. I was hoping when you get a chance you can walk thru the ED steepener trade (in particular the choice of long and short legs Mar 22 / Sept 23). I'm familiar with the concept of a steepener but am somewhat curious why those particular years and only 18 months apart. Many thanks.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:31
      Geoff glad you enjoyed the Q&A. As for the ED steepener the rational is as follows. As you can see from the current piece, I'm increasingly worried that there are more and more storm clouds gathering. Further more, while I believe the Fed has the ammo (between rates and the $) to extend the cycle, I'm worried they won't act in time. Hence, my concerns re October. This creates a LOT of path dependency in any trading at present, which is causing my institutional clients a lot of angst. Therefore, they are looking for trades that pay off in a number of scenarios. The nice thing about this ED spread at present is that 1) Relative to history it is extremely low i.e. cheap 2) Judging from how it behaved in 1995, if we wake up tomorrow and the Fed has realised the risks and cut aggressively, which is what they did then, it should steepen nicely. 3) If on the other hand they prevaricate and the jobs market really rolls, then it should really kick in hard, because this spread almost perfectly tracks unemployment. So bottom line a cheap trade with duel payoff scenarios.
    • GP
      Geoff P.
      19 October 2019 @ 11:57
      Appreciate the explanation Julian. Thank you.
  • MW
    Marco W.
    13 October 2019 @ 07:53
    Marvellous. Julian's trendline highlights are very bold given the current sentiment.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:49
      Appreciated it Marco
  • PW
    Phil W.
    13 October 2019 @ 17:49
    This is brilliant- Considered, Understandable & Actionable trade ideas with suggested targets and stop losses. For a relatively newbie like myself who has a smaller capital sum to play with, this is MI at its best in my humble opinion. Thanks Julian.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:48
      Thanks Phil
  • BD
    Bryan D.
    14 October 2019 @ 06:05
    Great clear, concise summary of where we are at. Thanks Julian.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:48
      A pleasure!
  • JL
    J L.
    14 October 2019 @ 16:12
    any thoughts on the recent bund move? in particular where would you be taking profits or partial profits if you caught the low in yields. thanks
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:48
      Hi JL. Its always a little tough to manage others P/L. However, here's what I'd say. Between Brexit, an ECB that has shot its last bullet, historic duration highs in European fixed income I'd be careful. Short term we might get a little bit of a pause in the sell-off. But our initial target on Bunds is -23bps and then essentially zero.
  • GP
    Greg P.
    15 October 2019 @ 02:12
    Hi Julian - a great report as always, but this one I think stands out! Thank you. I really appreciate your updates across bonds, currencies and commodities. And your format of presenting a fundamental review, followed by charts, presents a really clear and concise perspective on where the current macro outlook is and where it might be heading. If possible, I would really appreciate your continuing format with future reports, and if you can continue to provide updates between each report to demonstrate either a change or continuation of your macro-trade themes / ideas.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:42
      Thanks Greg and I will try my best!
  • CH
    Clifford H.
    15 October 2019 @ 15:50
    Thanks for the commentary. It would be great to get an email alert when something gets posted! In thinking about the whole recession/reflation debate it seems to me that the bet is really as simple as whether or not the Fed and global CB's can do enough to stimulate the global economy before companies start laying off workers. Everything else from a data perspective seems to be in place for a global recession call. What else am I missing???
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:41
      Hi Clifford I think that sums it up well. But don't count the central banks out yet. They typically show up just in time. That means that while big picture they might be out of ammo this time, they will try and deliver a bit of shocks and awe first!
  • GP
    Geoff P.
    15 October 2019 @ 15:53
    Nice piece Julian. Thanks. Any thoughts on whether or not the Fed can go slow enough on rate cuts while ramping bond purchases ("not QE" lol) such that they can prevent the eFFR from dropping below 50-100BPs? It seems they are favoring QE over rate cuts this cycle.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:36
      Hi Geoff, re cuts vs QE...yes and no. As we have seen Powell seems to have ruled out negative rates, which in my opinion is a huge positive. That said, internally QE has been incredibly controversial because of the wealth disparity effects. Hence, I believe that if necessary they cut until Funds hit 25-50bps, then we see forward guidance and only after that more QE. I think they hope that they can hold off on QE until post the election. That way the next round of QE is part of any MMT programme.
  • TB
    Tim B.
    16 October 2019 @ 02:28
    Hi Julian and Raoul, Re: alerts, at some point I'm thinking of building my own alert based on the MI homepage to notify me of new content. But before I do that, do you guys have plans to add an alert service in, say, the next 4 to 6 months? If so, I can just wait for that. Thanks
    • TB
      Tim B.
      16 October 2019 @ 02:31
      And Julian, I agree with the other positive comments. This piece was really fantastic.
    • JB
      Julian B. | Contributor
      18 October 2019 @ 20:14
      Many thanks Tim and for that matter everyone else!
  • JW
    Joel W.
    15 October 2019 @ 17:50
    I agree with JL and Clifford that receiving email alerts specifically for MI new content would add a lot of value for a humble sub like me.
  • JL
    J L.
    15 October 2019 @ 11:04
    By the way I know it has been said before but we need optional email alerts for all MI uploads whether flash updates or whatever you want to call them, it's a joke this is not available at this point considering the amount of money that has been spend on music, video editing and all the rest of it
  • AM
    Artur M.
    14 October 2019 @ 11:22
    Thanks Julian, keep us updated
  • SS
    Shanthi S.
    13 October 2019 @ 05:23
    Thank you!

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets.

Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office. Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation.

Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.

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SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authored The Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot on The New York Times Best Sellers list.

Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offering which utilizes a true online brokerage model that self-directed investors and traders have come to expect for equities, futures, and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovative ways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring. James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy.

Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channel watched by over 80,000 people. In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years.

He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences.

Other stop-off points on the way were NatWest Markets and HSBC, although he began his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full time journalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of human interest recordings, documentaries and films Peter has recently launched the Defiance podcast and DefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst. He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clients and former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.

FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients. Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14. At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”) for the firm’s clients. Prior to that, Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006. While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in which he aggregated and combined proprietary research from Midwest with inputs from other sources.

Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University. He earned the CFA designation in 2003.

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CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltem oversees the firm’s managed strategies group and its New York office and leads corporate development.

Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem.

Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.