Darius Dale, CEO of 42 Macro, discusses the future of macro in the near term and how markets will react in the persistent inflationary regime. In a brilliant in-depth look at asset class positioning with reflation and stagflation pressures, Dale discusses his macro framework with Tony Greer of TG Macro based on proprietary models of highly probable scenarios for the U.S. economy and financial markets. The Fed's path to tapering seems to be accelerating and yields remain phenomenally low. The bull market isn’t over, and Dale explains why he’s long crude oil, crypto, and mega-cap stocks. Dale also warns: “The biggest bubble I see is the bubble of narratives. There are a lot of narrative-based investments now. I think the narrative machine will be different a year from now.” Greer and Dale emphasize the importance of defensive positioning based on a long-term inflationary outlook. Recorded on November 18, 2021