Join Patrick and Kevin bi-weekly when these two traders discuss the week's action in the markets - always keeping the other's feet to the fire for bad calls - yet hopefully having some fun while learning a little something in the process.
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Kevin Muir Podcasts
Get the edge with Hidden Forces where media entrepreneur and financial analyst Demetri Kofinas gives you access to the people and ideas that matter, so you can build financial security and always stay ahead of the curve.
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Do you lie awake at night wondering how traders and investors do what they do? On Taylor Made Macro, we uncover how our guests navigate the complex contours of the markets and dig deep into their inspiration, processes, tools, and failures. If you are a curious, truth-seeking person, join us for the investing discussion, and stay for the humor and humility we approach these topics with. We’ll let others “stay on top of markets” while we “get to the bottom of markets”. Together we’ll learn ho ...
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Diagnosing the Metacrisis: Reality & Meaning in Modern Life | Iain McGilchrist
1:18:29
1:18:29
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1:18:29In Episode 452 of Hidden Forces, Demetri Kofinas speaks with Iain McGilchrist, a neuroscientist and author of The Master and His Emissary and The Matter with Things. His work on the divided brain has helped millions of people find wisdom, meaning, and guidance for living in the modern world. Iain and Demetri begin their conversation exploring McGil…
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China Shock 2.0: State Capitalism at the Frontier | Dinny McMahon
52:58
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52:58In Episode 451 of Hidden Forces, Demetri Kofinas speaks with author and long-time China analyst Dinny McMahon about the Chinese leadership's efforts to redesign China's economic model in the face of structural headwinds to growth, mounting trade barriers, and growing concerns in Western capitals about Chinese economic and military domination. The f…
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1
Chasing The Digital Sky Daddy (Guest: Chase Taylor)
2:13:06
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2:13:06This week Kevin & Patrick welcome, Chase Taylor. They discuss, the electrification of the global economy and how to play it. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s YouTube Channel: https://www.youtube.com/@Patrick_Ceresna Visit our merch store!!!…
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How to Navigate the New Investment Paradigm | Lawrence McDonald
54:09
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54:09In Episode 450 of Hidden Forces, Demetri Kofinas speaks with Lawrence McDonald, the founder of The Bear Traps Report and the author of a recently published book about the risks and investment opportunities present in today's radically reshaped economy titled "How to Listen When Markets Speak." In today's conversation, Demetri and Lawrence discuss h…
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Investment Implications of the AI CapEx Boom | Chase Taylor
48:12
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48:12In Episode 449 of Hidden Forces, Demetri Kofinas speaks with Chase Taylor, head of research at Bulwark Capital Management and founder of Pinecone Macro Research about investment opportunities around the buildout of the new "electric stack" and the AI CapEx Boom that relies on them. Chase and Demetri spend the first hour of this episode exploring hi…
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This week there is no guest, so Patrick will pull the crayons out of his a** and explain why he thinks the stock market is on the edge of a cliff… Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://ww…
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Investing on the Front Lines of the AI Arms Race | Nathan Benaich
53:48
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53:48In Episode 448 of Hidden Forces, Demetri Kofinas speaks with Nathan Benaich, founder and general partner of Air Street Capital and the creator of the annual State of AI Report, an open-access compendium that tracks advances across AI research, industry, policy, and geopolitics. Nathan Benaich and Demetri spend the first hour of their conversation e…
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A Practical History of Financial Markets | Russell Napier
25:33
25:33
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25:33Demetri Kofinas speaks with financial historian and investor Russell Napier about his "Practical History of Financial Markets" online course, which is provided in conjunction with Edinburgh Business School. Hidden Forces premium subscribers can sign up using their subscriber email + code "HF50" for a generous 50% DISCOUNT. Genius members can access…
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What Happens When Social Trust Collapses? | Peter Atwater
1:26:46
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1:26:46Episode 447 is the tenth installment in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with Peter Atwater, a recognized expert on the impact of confidence and mood on individual and group decision-making. Peter's work has been instrumental not only in helping his clients, students, and readers understand how …
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Seriously, Marvin?! (Guest: Marvin Barth)
2:25:34
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2:25:34This week Kevin & Patrick welcome, Marvin Barth. They discuss global markets and why he thinks the Federal Reserve might be making a massive policy error, and no – it’s not in the direction you probably think. Seriously Marvin?! Substack: https://seriouslymarvin.substack.com/ Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bi…
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Trump's Plan to Remake the Middle East | Kamran Bokhari
1:44:36
1:44:36
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1:44:36In Episode 446 of Hidden Forces, Demetri Kofinas speaks with geopolitical analyst and forecaster Kamran Bokhari about Trump's 20-point Gaza peace plan and the new security order taking shape in the Middle East. Kamran first appeared on Hidden Forces in the days following the October 7th attacks to discuss the wider war unfolding between the U.S., I…
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The "Boomer Blues" and a Return to Faith | Roger Mitchell
1:48:05
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1:48:05Episode 445 is the ninth installment in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with Roger Mitchell, an entrepreneur and writer whose essay "The Answer Was Here All the Time," published in Grant Williams's 2025 compendium, explores faith, meaning, and the search for moral grounding in a contemporary We…
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THE BIGGEST AND MOST DANGEROUS BUBBLE (Guest: Julien Garran)
2:22:51
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2:22:51This week Kevin & Patrick welcome, Julien Garran. They discuss why Julien thinks this is the biggest and most dangerous bubble we’ve ever seen. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://www.y…
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China's Quest to Engineer the Future | Dan Wang
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50:19In Episode 444 of Hidden Forces, Demetri Kofinas speaks with Dan Wang, author of Breakneck: China's Quest to Engineer the Future, about his pioneering new framework that compares the U.S. and China not along ideological lines or modes of governance, but by state capacity and the propensity to build. According to Dan Wang, China is an "engineering s…
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The End of Neoliberalism and the Coming Storm | Viktor Shvets
54:34
54:34
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54:34In Episode 443 of Hidden Forces, Demetri Kofinas speaks with former investment banker turned global strategist Viktor Shvets, whose books The Great Rupture and The Twilight Before the Storm provide an audaciously comprehensive and compelling framework for understanding the forces shaping our world. These include technology and finance, amplified by…
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GLITCH IN THE MATRIX (Guests: Paulo Macro & Le Shrub)
2:28:29
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2:28:29This week Kevin & Patrick welcome, Paulo Macro & Le Shrub. They discuss Golden Age of Grift, how to navigate the current environment and whether this is starting to resemble 2007. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY…
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Why America Needs a New China Strategy | Kurt Campbell & Rush Doshi
53:58
53:58
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53:58In Episode 442 of Hidden Forces, Demetri Kofinas speaks with Kurt Campbell and Rush Doshi. Kurt is the chairman and co-founder of The Asia Group and served as the United States Deputy Secretary of State in the Joe Biden administration and as the Indo-Pacific Coordinator from 2021 to 2024. Rush also served under the previous administration in his ca…
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Who Profits in a Post-American World? | Adam Posen
57:15
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57:15In Episode 441 of Hidden Forces, Demetri Kofinas speaks with Adam Posen, president of the Peterson Institute for International Economics, about the profound transformations underway in the global economy driven by America's transition away from being the world's primary insurance provider for international security to its exploiter-in-chief. In a r…
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Against the Machine: On the Unmaking of Humanity | Paul Kingsnorth
53:35
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53:35In Episode 440 of Hidden Forces, Demetri Kofinas speaks with Paul Kingsnorth, a novelist, essayist, and former environmental activist who first came on many people's radars during the Covid-19 pandemic with the publication of his viral three-part series "The Vaccine Moment." His current work explores the intersection of technology, culture, and the…
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FRIDAY NIGHT DIRTY (Guests: Vincent Daniel & Porter Collins)
2:14:39
2:14:39
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2:14:39This week Kevin & Patrick welcome, Vincent Daniel & Porter Collins. They discuss their careers from Wall Street to Seawolf, their contrarian views on markets, gold and currency debasement, the AI boom, market structure shifts from quant funds, and the risks of shadow banking. Lock in BPT Membership for $948 BEFORE The Price Increases: https://www.b…
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How the Internet Went From Counterculture to Technofeudalism | Douglas Rushkoff
56:51
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56:51In Episode 439 of Hidden Forces, Demetri Kofinas speaks with Douglas Rushkoff, a pioneering media theorist, best-selling author, and leading voice on how digital technologies shape societies, economies, and cultures. Rushkoff and Kofinas spend the first hour of their conversation tracing the arc of Douglas' career, from his upbringing in a communal…
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How Stablecoins Will Transform Banking | Charles Calomiris
50:03
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50:03In Episode 438 of Hidden Forces, Demetri Kofinas speaks with Charles Calomiris, former Chief Economist at the Office of the Comptroller of the Currency, about his forthcoming paper "How Stablecoins Will Transform Banking," which is based on a presentation he delivered at the Hoover Institution's annual monetary policy conference this past May. Deme…
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FOXES & HEDGEHOGS (Guest: Jacob Shapiro)
1:47:45
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1:47:45This week Kevin & Patrick welcome, Jacob Shapiro. They discuss about the end of the unipolar world, what it means for your investments, and where Jacob sees the best opportunities going forward. Bespoke Group: https://bespokegroup.io/Jacob Shapiro & Marko Papic Podcast: https://podcasts.apple.com/us/podcast/geopolitical-cousins/id1802258017 -The Ja…
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Thematic Investing in an Age of Global Entropy | Marvin Barth
50:43
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50:43In Episode 437 of Hidden Forces, Demetri Kofinas speaks with Marvin Barth, founder of Thematic Markets and former Chief Economist for International Affairs at the U.S. Treasury, who previously served at the Federal Reserve and the Bank for International Settlements and has led global macro and FX strategy on both the sell side and the buy side. Mar…
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The Great Rebalancing: Why Debt, Demographics, and Politics Will Crush Forward Returns | Sony Kapoor
58:06
58:06
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58:06In Episode 436 of Hidden Forces, Demetri Kofinas speaks with economist, policy adviser, and investor Sony Kapoor about why developed world demographics, debt, and political sclerosis will crush forward returns for investors who fail to rebalance their portfolios for the new investment paradigm. Kapoor and Kofinas spend the first hour of their conve…
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This week, Patrick is STILL on vacation… so we’re joined by local legend, Kuppy to discuss the massive CAPEX spend in A.I. and why he thinks it’s not only unsustainable, but also extremely dangerous. https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://www.y…
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America Under Occupation: Truth, Power, & Imperial Decline | Jonathan Kirshner
1:48:47
1:48:47
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1:48:47Episode 435 is the eighth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with leading realist scholar Jonathan Kirshner about how eroding cultural norms, weakened political guardrails, deepening polarization, and the collapse of shared narratives and belief structures are leading to a break-down in…
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#8 - Book 1: Learn Vitaliy’s Art of a Meaningful Life
25:04
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25:04No one enjoys being wrong. But I do enjoy having been wrong. This means I am now less wrong, now than I was before. This means I have learned something. -- Chase sits down with book in hand to discuss some of the great insights in Soul in the Game: The Art of a Meaningful Life by Vitaliy Katsenelson. Consider this your audio CliffsNotes with anecdo…
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Valuation Crimes (Guest: Rupert Mitchell)
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34:07This week, Patrick is on vacation (again)… so we’re joined by the wonderfully British Rupert Mitchell, who brings us two fresh trade ideas! https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://www.youtube.com/@Patrick_Ceresna Visit our merch store!!! https:/…
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God Mode: The Technological Battle for Global Domination | Bruno Maçães
1:00:52
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1:00:52In Episode 434 of Hidden Forces, Demetri Kofinas speaks with Bruno Maçães, a geopolitical strategist and the former Minister of European Affairs for Portugal, whose latest book titled "World Builders" explores the intersection of technology and geopolitics. In the first hour, Bruno puts forward a radical new theory of geopolitics and technology tha…
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Failed State: Inside Britain's Governance Crisis | Sam Freedman
55:05
55:05
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55:05In Episode 433 of Hidden Forces, Demetri Kofinas speaks with Sam Freedman, a former senior policy advisor in the UK's Department for Education, political analyst, and the author of "Failed State," a timely exploration of the deep-rooted dysfunction within British governance and how to fix it. In their conversation, Sam Freedman examines the origins…
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Investing in a World of Permanent Stimulus | Vincent Deluard
58:19
58:19
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58:19In Episode 432 of Hidden Forces, Demetri Kofinas speaks with Vincent Deluard, Director of Global Macro Strategy at StoneX Group, where he advises large institutional investors on asset allocation, economic forecasting, and quantitative modeling informed by historical patterns and structural economic analysis. Vincent Deluard and Demetri spend the f…
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“An Empty Room Kinda Guy” (Guest: Robert Mullin)
2:03:56
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2:03:56This week, Kevin & Patrick welcome to the show, Robert Mullin. They discuss, about why the Liberation Day decline was one of the largest VAR shocks in years, and how Robert is positioning his portfolio in resource stocks to protect about the changing macro environment. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpictur…
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The Final Phase of the Debt Supercycle | Edward Chancellor
1:26:05
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1:26:05Episode 431 is the seventh episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with Edward Chancellor, a financial historian, award-winning journalist, and the author of "Devil Take the Hindmost: A History of Financial Speculation." Eddie, Grant, and Demetri discuss how excessively interventionist monet…
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Stablecoins are Fueling a New Era of Dollar Dominance | Vance Spencer & Michael Anderson
46:11
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46:11In Episode 430 of Hidden Forces, Demetri Kofinas speaks with Vance Spencer and Michael Anderson. Mike and Vance are the founders of Framework Ventures, one of the largest venture capital firms in crypto and one of the earliest and biggest investors in Decentralized Finance (DeFi). Kofinas, Spencer, and Anderson spend the first hour surveying the cu…
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Why Japan's Elections Could Blow Up Global Bond Markets | Weston Nakamura
54:29
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54:29In Episode 429 of Hidden Forces, Demetri Kofinas speaks with Weston Nakamura, a Tokyo-based financial analyst and the creator of "Across the Spread," a market analysis and information service that identifies key market developments from the Asia-Pacific trading session, exploring their impact on equities, bonds, currencies, and commodities across g…
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Capital Flight, Trade Policy, and the Fate of the Dollar | Joseph Wang
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49:28In Episode 428 of Hidden Forces, Demetri Kofinas speaks with Joseph Wang, Chief Investment Officer at Monetary Macro and the founder of Fed Guy, an educational media platform that provides financial market analysis to investors and policymakers informed by a deep understanding of monetary mechanics and public policy. Joseph and Demetri spend the fi…
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Get In Now! (Guest: Leonid Mironov)
1:51:03
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1:51:03This week, Kevin & Patrick welcome to the show, Leonid Mironov. They discuss why Leonid believes Trump’s Chinese tariffs are actually good news for China—and how he’s positioning himself to benefit. He then wraps up with a bold macro call on a country that you won’t want to miss. Sign up for a FREE 14-day trial at Big Picture Trading: https://secur…
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Investing in the Chaos: Macro Signals in a Bot-Filled World | Le Shrub
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50:13In Episode 427 of Hidden Forces, Demetri Kofinas speaks with Le Shrub, the author of the Shrubstack Substack who in his previous life was part of a famous team known for putting on "The Big Short" during the 2008 Great Financial Crisis. This recording is the result of a phone call Demetri made to Le Shrub to catch up on markets and life after retur…
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The Economy Is Near Stall Speed (Guest: Peter Berezin)
2:02:40
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2:02:40This week, Kevin & Patrick welcome to the show, Peter Berezin. They discuss the economy and why Peter believes it’s close to stalling. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://www.youtube.co…
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Trump Doctrine: A New Era of Gunboat Diplomacy | Stephen Walt
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48:54In Episode 426 of Hidden Forces, Demetri Kofinas speaks with Stephen Walt, Professor of International Affairs at Harvard University's John F. Kennedy School of Government, about American grand strategy, the Trump Doctrine of Coercive Primacy, and the implications of Washington's new Gunboat Diplomacy in the Middle East. Stephen is a prominent membe…
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Tehran to Taipei: the Risks of Strategic Overreach | Dmitri Alperovitch
50:41
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50:41In Episode 425 of Hidden Forces, Demetri Kofinas speaks with geopolitical and intelligence analyst Dmitri Alperovitch about the new security dynamics and economic opportunities that arise from America's and Israel's attacks on Iran, the risks of strategic overreach, and whether U.S. actions do more to compel or deter a Chinese invasion of Taiwan. I…
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Israel-Iran War: Economic and Strategic Consequences | Kamran Bokhari
1:03:02
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1:03:02In Episode 424 of Hidden Forces, Demetri Kofinas speaks with Kamran Bokhari, Senior Director at the New Lines Institute for Strategy & Policy, who has served in the U.S. State Department and as a Senior Consultant with the World Bank. Bokhari first appeared on the podcast shortly after the October 7th attacks to discuss the violence ignited by Hama…
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The Party Comes First: Power & Politics in Xi's China | Joseph Torigian
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53:01In Episode 423 of Hidden Forces, Demetri Kofinas speaks with Joseph Torigian, an expert on the politics of authoritarian regimes and the Chinese Communist Party, with a particular focus on elite power struggles, civil-military relations, and grand strategy. Torigian is also the author of a widely discussed new book titled "The Party's Interests Com…
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Crude Oil SURGE, Middle East ESCALATION & What It Means For Markets!
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55:02This week, Patrick and Kevin catch up on the latest market moves, discuss the Middle East tensions and how it’s affecting crude oil prices. Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s YouTube: https://www.youtube.com/@Patrick_Ceresna Visit our merch s…
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Trump vs. Musk: One Big Beautiful Blowup | Lawrence Fossi
1:43:01
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1:43:01Episode 422 is the sixth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with Lawrence Fossi, about the recent fallout between President Donald Trump and his biggest political booster, Elon Musk. This is a critical and sober exploration of the political and budgetary challenges facing the country. I…
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This week, Patrick and Kevin catch up on all the market drama! Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/jpX05srf Subscribe To Patrick’s New Educational Series ONLY available on YouTube: https://www.youtube.com/@Patrick_Ceresna Visit our merch store!!! https://www.themarkethuddlem…
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The Case for a New U.S. Industrial Policy | Ian Fletcher
1:10:57
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1:10:57In Episode 421 of Hidden Forces, Demetri Kofinas speaks with Ian Fletcher, one of America's foremost experts on industrial policy, about the problems with free trade and how to revitalize the U.S. economy. Ian and Demetri spend the first hour of the episode laying the foundation for the argument Fletcher and his co-author, Marc Fasteau, present in …
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In The Future China Will Be Dominant & the US Irrelevant | Kyle Chan
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46:49In Episode 420 of Hidden Forces, Demetri Kofinas speaks with Kyle Chan—an expert on the Chinese economy and China's industrial policy—about why he believes China is poised to dominate high-end technology and manufacturing, and why factories worldwide will reorganize their supply chains with China at the center, as the world's preeminent technologic…
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The Path Through Financial Repression | Charles Calomiris
1:25:35
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1:25:35Episode 419 is the fifth episode in the Hundred Year Pivot podcast series. In it, Demetri Kofinas and Grant Williams speak with fmr. Chief Economist for the Office of the Comptroller of the Currency, Dr. Charles Calomiris about America's economic emergency and what our response to it should be once conditions push the country into a full-blown poli…
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