Milk Road Macro

Michael Green, chief strategist at Simplify and author of 'Yes, I Give a Fig', explains the passive bid and how index-driven flows reshape markets. He outlines why price discovery is distorted, how 401(k) defaults and target-date funds changed market mechanics, and the risks of flow-driven selling and systemic fragility. Quick, sharp, and focused on market structure.

Carol Roth, a recovering investment banker and bestselling author, dives into the alarming trend of ownership loss in today's economy. She critiques the financialization and zero interest rate policies driving Americans into rentership. Roth highlights the hypocrisy of elites while addressing the affordability crisis linked to government policies. She discusses the limited effectiveness of the Fed and predicts inflation risks alongside practical strategies for investors. Tune in for her insights on navigating this turbulent economic landscape!

Caleb Franzen, market strategist and founder of Cubic Analytics, discusses the paradox of strong markets amid low consumer sentiment. He explains how rising retail and discretionary stocks indicate consumer spending resilience despite recession fears. Caleb delves into the macroeconomic landscape, analyzing GDP surprises and sector revenue growth that justifies current equity valuations. He also explores Bitcoin's performance and its evolving role as a speculative asset, highlighting global liquidity's influence on crypto markets.

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.