Themos is the Head of Research at the macro hedge fund, Glen Point Capital. His previous roles included being Head of Fundamental Strategy at UBS and Head of EM FX Strategy at Goldman Sachs. In the podcast, we talk about: How investors are not understanding the impact of the US stimulus Will price increases be transitory? How healthy is the US labour market? Important shifts in China policy How to play the Euro-area recovery Investors are missing key EM trends Favourite EM markets Books that inf...
May 21, 2021•29 min•Ep. 64
Dominique is one of my favourite macro thinkers and economists – she's so good, we hired her to work for Macro Hive. As for her background, she's worked at Bridgewater, Barclays and RBS. And before that she worked on policy and research at the New York Fed, the IMF and the World Bank. In the podcast, we talk about: The US labour supply problem and its impact on growth for the rest of 2021 The difference between Democrat and Republican states on COVID Can inflation move higher? How income inequal...
May 14, 2021•45 min•Ep. 63
Phil is one of my favourite global economists. Currently, he runs his own economic research outfit. Before that he worked at JPMorgan, the Fed, World Bank, Barclays and Tudor. In the podcast, we talk about: COVID has led to the biggest change to inflation regime since early 1970s. Private sector to acquire real assets rather than financial assets. High inflation likely to persist over 2022 and 2023. Fed will be in play sooner than expected. Goods sector could see 'recession' in 2021 on supply co...
May 07, 2021•47 min•Ep. 62
This episode is supported by private equity platform Moonfare . Wolfgang Münchau is co-founder and director of Eurointelligence. He was a Financial Times columnist from 2003 until 2020 and co-founder and editor-in-chief of Financial Times Deutschland. He is the author of several books, including Meltdown Years. In this podcast, we discuss: The unpopularity of Germany's governing party, the CDU and its new leader Laschet. Laschet's support for the coal industry. The popularity of sister party CSU...
Apr 30, 2021•1 hr•Ep. 61
This episode is sponsored by Masterworks . Jeff is Head of Global Investment Research for Alhambra Investment Partners. He started his career in portfolio management and equity research before focusing on broad investment research since the 2000s. In this podcast, we discuss: Do central banks believe in QE? Why QE didn't generate inflation after GFC. What is money and can central banks control it? The importance of banks. What caused the 1970s inflation. The rise of the offshore dollar (euro-dol...
Apr 23, 2021•49 min•Ep. 60
This episode is supported by private equity platform Moonfare . Boris focuses on global macro and EM. He is a managing director at Goldman Sachs. Before GS, he was partner and portfolio manager at Rokos Capital Management, Fortress and Brevan Howard. Boris started his career on the sell-side which included working at UBS and Dresdner. In this podcast, we discuss: Inflation outlook – the Europe surprise – inflation persistence. Will fiscal spending crowd out private spending? The best Europe trad...
Apr 16, 2021•1 hr 4 min•Ep. 59
This episode is supported by private equity platform Moonfare . Bobby is partner and portfolio manager at Toscafund Asset Management. He is author of the widely read newsletter, Macro Eagle. He has been the UK representative of the German Economic Council. Before that Bobby was at Goldman Sachs where he was a partner and Global Head of Market Strats. In this podcast, we discuss: Why the backlash against Big Tech will continue. The unionization drive in the US. A new global corporate tax accord. ...
Apr 09, 2021•31 min•Ep. 58
David Riley is Partner and Chief Investment Strategist of BlueBay Asset management – a USD70bn fixed income fund. Before Bluebay, David was global head of Fitch's Sovereign and Supranational Group, responsible for more than 130 ratings of the world's largest fixed-income issuers. Prior to Fitch, David was at HM Treasury where he advised on international economic and debt issues, including representing the UK at international debt restructuring negotiations at the Paris Club of Official Creditors...
Apr 01, 2021•43 min•Ep. 57
Benn is the managing member and CIO of QVR. He was previously co-founder and co-portfolio manager of Mariner Coria in New York. Before that he was Head of Quantitative Research and Derivatives Trader for the Wells Fargo proprietary trading desk, which became Overland Advisors. He started his career as an emerging markets macroeconomist at the World Bank. He holds a PhD in Economics from UC Berkeley. In this podcast, we discuss: How derivative markets changed after the 2008 financial crisis. The ...
Mar 26, 2021•51 min•Ep. 56
Marco is Founder and CEO of MGM Innova Group, which includes a private equity and green infrastructure fund, and a multinational firm specializing in integrated sustainability and climate change services that facilitate a transition towards a low carbon economy. Prior to that, he worked as an advisor on climate change issues to the Japanese government. In 2002, the World Economic Forum named Mr. Monroy one of the 100 Global Leaders of Tomorrow. In this podcast, we discuss: Will climate change po...
Mar 19, 2021•1 hr 4 min•Ep. 55
Zac is the CEO and Founder of BlockFi – a leading wealth management firm for crypto investors. Prior to starting BlockFi, he led business development teams at Orchard Platform, a broker dealer and RIA in the online lending sector, and Zibby, an online consumer lender. In this podcast, we discuss: The three use case of crypto – store of value, new commerce, and new payments system. Stablecoins are underappreciated. What is decentralized finance (defi). How you can earn interest on crypto assets. ...
Mar 15, 2021•43 min•Ep. 54
This episode is sponsored by Masterworks . James Aitken is the Founder and Managing Partner of Aitken Advisors, a research boutique for institutional investors which he started in 2009. Before that, James worked for UBS, AIG, JPMorgan and Macqaurie. In this podcast, we discuss: The real meaning of macro investing. The market has right tails as well as left tails. How to view recent rates market volatility. Why would Fed do yield curve control? Biden and the finance sector. How to hedge your port...
Mar 05, 2021•1 hr 26 min•Ep. 53
Peter is Deputy Director of the ARC Energy Research Institute, a Managing Director of ARC Financial Corporation, an energy-focused private equity firm, and the creator of Energyphile, a multimedia project exploring the past, present and future of our energy circumstance. He is the author of three books, the bestselling A Thousand Barrels a Second , The End of Energy Obesity , and his latest The Investor Visit and Other Stories , which explores disruption, denial and transition in the energy busi...
Feb 26, 2021•41 min•Ep. 52
This episode is sponsored by Masterworks . Ciamac is Professor of Business in the Decision, Risk, and Operations Division of the Graduate School of Business at Columbia University, where he has been since 2007. He also develops quantitative trading strategies at Bourbaki LLC, a quantitative investment advisor. A high school dropout, he received degrees at MIT, Cambridge, and Stanford. In this podcast, we discuss: Types of quant investing – prediction vs risk premia. Why machine learning is impac...
Feb 19, 2021•54 min•Ep. 51
Jay is the founder of TPW Advisory and former top ranked head of asset allocation at Morgan Stanley. In this podcast, we discuss: The implications of a tri-polar world. The biggest boom is underway.. Which asset classes will perform in this new regime. The problem with a 60:40 portfolio. How to play clean energy (ICLN, ECAR) and why old energy (XLE) may still perform. Focusing on core themes: clean energy, innovation, fintech, and cyber. The Biden revolution that everyone is missing. Why rising ...
Feb 11, 2021•1 hr 2 min•Ep. 50
Christian Hille is the General Manager and Head of Wealth Management at Fürstlich-Castell'sche Bank (FCB) in Germany. FCB was founded in 1774 and is one of the oldest private banks in Germany. Before FCB, Christian was Global Head of Multi Asset & Solutions at DWS- Deutsche Bank's asset management arm, where he was responsible for EUR100bn in assets. In this podcast, we discuss: Living in exponential times The dramatic change in investment efficient frontiers Why expected investment returns ...
Feb 05, 2021•1 hr 7 min•Ep. 49
Jon is the author of the widely followed Cheap Convexity blog and always has excellent insights on Fed policy, rates markets and the dollar. In this podcast, we discuss: How to think about the Fed's new framework. The rates trade that captures this shift – the Brainard steepener! Why a taper tantrum is less likely this time. Why the ECB could be more comfortable with euro strength. How the Georgia senate elections complicated the weak dollar trade. Why precious metals may struggle even with low ...
Jan 29, 2021•40 min•Ep. 48
This episode is supported by private equity platform Moonfare . Barry Eichengreen is one of the leading thinkers on international economics and exchanges rates. He is Professor of Economics and Political Science at the University of California, Berkeley. He is a prolific author including most recently The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era (2018) and How Global Currencies Work: Past, Present, and Future (2017). In this podcast, we discuss: Why past p...
Jan 22, 2021•51 min•Ep. 47
Eli is an economist and regulatory hacker living in Washington, DC, and a senior research fellow at the Center for Growth and Opportunity at Utah State University. Before that he was head of global policy at Boon supersonic. In this podcast, we discuss: Why we haven't a replacement for Concorde (yet) How vaccine/mRNA breakthrough can help with HIV and cancers Anti-ageing and blood plasma transfer The problem of energy storage and renewables Breakthroughs in geothermal energy The future of transp...
Jan 15, 2021•43 min•Ep. 46
Happy new year and welcome to our first podcast of 2021. In this episode, we try something different and have curated the best investment ideas from our listeners. They're a smart bunch so well worth listening to. Here are the ideas discussed: Buying clean energy ( Invesco Wilderhill Clean Energy ET [PBW] ) – Rohan Yelvigi (NY) Buying Japan stocks (i Shares MSCI Japan ETF [EWJ]) – Peter Repetto (NY) Buying healthcare and financial sector equity volatility – Stephen Howard (HK) Position for equit...
Jan 08, 2021•41 min•Ep. 45
Michael Auerbach is the Founder of Subversive Capital, which is dedicated to investing in radical companies. He sits on the Board of Directors of Tilray, Inc. – the first Nasdaq-listed global cannabis company – and holds several directorships with companies that Subversive invests in. He also serves as a Senior Vice President at Albright Stonebridge Group, the global consulting firm chaired by former Secretary of State, Madeleine Albright. In this podcast, we discuss: Launching a SPAC (SBVCF) wi...
Dec 22, 2020•46 min•Ep. 44
Dr Ashley Lenihan is a leading expert on the relationship between foreign direct investment and national security and is the author of 'Balancing Power without Weapons: State Intervention into Cross-Border M&A'. She is the Head of Policy and Engagement at the British Academy of Management (BAM), a visiting Fellow at the London School of Economic's Centre for International Studies, and a member of the Council on Foreign Relations. In the podcast, we discuss: Why countries block foreign invest...
Dec 18, 2020•57 min•Ep. 43
This episode is supported by private equity platform Moonfare . One of our most popular guests, legendary Jim Leitner, returns on this episode. He gives his take on the big picture themes of the day, how best to implement trades and much more, specifically we discuss: Why the rotation trade from growth to value may not work The importance of looking at the structural trends in undervalued sectors Why today's tech boom is different from the dot-com mania The problem with 60:40 portfolios. The imp...
Dec 11, 2020•1 hr 14 min•Ep. 42
In this show, I talk with Professor Kevin Dowd. He is professor of finance and economics at Durham University and an adjunct scholar at the Cato Institute. He has written extensively on the history and theory of free banking, central banking, financial regulation, and monetary systems. His books include Private Money: The Path to Monetary Stability , Laissez‐Faire Banking and Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System. In this podcast we discu...
Dec 04, 2020•50 min•Ep. 41
This episode is supported by private equity platform Moonfare . I'm a big fan of the new HBO show Industry . It follows a group of young graduates competing for permanent positions at fictional investment bank, Pierpoint & Co. It's the most authentic depiction of a trading floor that I have seen on a TV show, so I had to get the creators of the show, Mickey Down and Konrad Kay, on to my podcast show. In this podcast we discuss: Their backgrounds working at investment banks Where they filmed ...
Nov 30, 2020•52 min•Ep. 40
This episode is supported by private equity platform Moonfare. In this show, I talk with Professor Yaneer Bar-Yam. He is the founding president of the New England Complex Systems Institute and the founder of EndCoronavirus. He received his SB and PhD in physics from MIT in 1978 and 1984 respectively. Since the late 1980s he has contributed to founding the field of complex systems science, introducing fundamental mathematical rigor and real world application, ranging from the global financial cri...
Nov 27, 2020•52 min•Ep. 39
This episode is supported by private equity platform Moonfare. In this show, I talk with Dr. Dirk Willer. He's a Managing Director and Global Head of Emerging Markets FX and Fixed Income Strategy at Citigroup in NY. His research covers global emerging markets for FX, local rates, and credit. Dirk and his team have been ranked as the top team in the 2019 institutional investor survey for emerging markets strategy in FX and rates. Previously, Dirk worked at Omega Advisors and RHG Capital as a glob...
Nov 21, 2020•57 min•Ep. 38
This episode is supported by private equity platform Moonfare. In this show, I talk with Professor Justin Stebbing. I had him as a guest in July when he argued that we could see a COVID vaccine around US election time. He was right and so I wanted to get his latest views. For background, Justin is a professor in the Faculty of Medicine at Imperial college London. He specializes in cancers and immunotherapies. He has an extensive research background having published over 550 peer-reviewed papers....
Nov 12, 2020•37 min•Ep. 37
The US election did not see the Democrat wave that many had expected, so I have US Presidential history expert of Cambridge University, Gary Gerstle, return to our podcast show. He gives his take on all things US elections and beyond. In this podcast we discuss: The parallel Presidencies of 1876 The current risks of unrest if the results are not certified soon What pollsters missed Were the Democrats too left or not left enough? How will Biden manage the left and a Republican Senate ahead of 202...
Nov 07, 2020•59 min•Ep. 36
Michael was Managing Director and Senior Research Advisor in Multi-Asset Strategies at BlackRock. Prior to that he was head of Currency and Fixed Income Research in the Global Market Strategies Group at BlackRock and Barclays Global Investors. Michael is currently Executive Director of the Master of Finance program and also serves as Executive Director of the Pacific Center for Asset Management at UC San Diego. He has been a visiting scholar at the Federal Reserve Board, the International Moneta...
Oct 30, 2020•1 hr 1 min•Ep. 35
