Explore every episode of the podcast Macro Hive Conversations With Bilal Hafeez

Apurv Jain is the Founder and CEO of MacroX, a San Francisco-based startup building a real-time measurement layer for the global economy using alternative data. Before MacroX, Apurv built machine-learning investing systems at Microsoft, traded FX derivatives at Deutsche Bank, and worked at Bridgewater Associates. His research experience spans Microsoft Research and Harvard Business School, with publications and invited talks across academia, central banks, and global forums including Davos and the World AI Summit. He holds degrees from Georgia Tech and the University of Chicago and is passionate about mixed martial arts. In this podcast, we discuss: 

1. Official Data Lags & Declining Survey Response Rates
2. 1,000+ Alternative Data Pipelines for Macro State Mapping
3. Real-Time Worker Bargaining Power vs. Lagged Wage Metrics
4. Multimodal AI: CNNs, BERT, and Targeted LLM Workflows
5. Nowcasting Lead: Gaining 2–3 Months Ahead of Official Prints
6. Next-Generation Nowcasting vs. Atlanta Fed GDP Models
7. Why the 2023 Yield Curve Recession Signal Failed
8. Current US Economic State & The "K-Shaped" Consumer
9. Portfolio Integration for Fundamental & Systematic Investors

Jay Pelosky is the founder of TPW Advisory. He has over 35 years of buy-side and sell-side financial market experience. Before going independent, Jay was at Morgan Stanley, where he was ranked #1 by Institutional Investor in Global Equity Strategy and Global Asset Allocation Strategy. In this podcast, we discuss:

1. The Tripolar World & Spending Super Cycle
2. US Valuation "Haircut" vs. Non-US Bargains
3. Reframing Bearish Narratives & High Nominal Growth
4. European Plays: Financial Consolidation, Spain, and Poland
5. Emerging Markets, China's Tech/Biotech, and Brazil Rate Cuts
6. Energy Security, Clean Energy Adoption, and Battery Plays
7. US Midterm Outlook & Policy Incoherence
8. Year-End "Face Ripper" Rally & Answering AI ROI

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss: 

1. $100 Brent and Historic Backwardation
2. The Global Refined Product Crisis
3. Hormuz "Shuttle Trade" and War Insurance Costs
4. The Red Sea Chokepoint and Houthi Threat
5. Russian Refinery Attacks and Fuel Export Bans
6. China's Import Cuts and Hidden SPR Release
7. China's Potential Winter Refining Bailout
8. US Midterm Dilemmas and Export Ban Risks
9. India's LPG Crisis and Offshore SPR Deals
10. US Equity in Venezuela and Heavy Crude Spreads
11. Canada's Westward Pipeline Push

In this solo episode, Bilal flips the script to pull back the curtain on his personal research workflow, addressing a surge of questions from peers on how to effectively apply AI to financial market analysis using six core principles. Some key points include:

1. Machines Speaking Human
2. The "CLEAR" Prompting Framework
3. Gold-Standard Human Evaluation
4. Converting Prompts to "Skills"
5. Custom Session Memory & Feedback Loops
6. Delegating to "Co-Work" Agents
7. Reliable Market Analysis via RAG

Dominique Dwor-Frecaut is the Chief US economist and macro strategist for Macro Hive and is based in Los Angeles. Before that, she worked at various hedge funds, including Bridgewater. Prior to the buy side, she worked at the New York Fed, IMF, and the World Bank. She holds a PhD in Economics from the London School of Economics. In this podcast, we discuss:

1. The "Low-Hire, Low-Fire" Labour Puzzle
2. The Imported AI Capex Illusion
3. Chips as the New Oil Supply Shock
4. The K-Shaped Consumer & GFC-Level Delinquency
5. The Fragile Savings Rate Cushion
6. The Return of FOMC Dissension
7. The Waller Swing Vote & the 2026 Rate Path
8. The 2027 AI De-escalation Surprise

Jon Turek is the founder and CEO of JST Advisors, a hedge fund advisory service that publishes a weekly research note with global macro trade ideas. JST Advisors works closely with hedge funds on developing asymmetric macro trade ideas and market themes. Outside of JST Advisors, Jon worked as a portfolio manager at Brevan Howard and as an analyst at Moore Capital. In this podcast, we discuss:

1. The Substack Divide of Equities vs. Macro
2. The Buy-Side Paradox of PM Asymmetry and Pod Reality
3. The "Owl" Fed and Political Optimisation over Conviction
4. The Trillion-Dollar AI Fiscal Program
5. The Death of the 2010s Savings Glut
6. Treasury Buybacks and "Whack-A-Mole" Markets
7. Europe's Impending China Tariff Shock
8. The Simmering Geopolitical In-Between for Oil 

Branko is a research professor at the Stone Center on Socio-Economic Inequality at the City University of New York. He received his PhD from the University of Belgrade in 1987 and served as lead economist in the World Bank's Research Department for almost 20 years, leaving to write his book on global income inequality, Worlds Apart. He later worked at the Carnegie Endowment for International Peace in Washington, the University of Maryland, Johns Hopkins University, All Souls College in Oxford, and Universidad Carlos III in Madrid. Branko's main area of work is income inequality. He is the author of several books – the most recent one being  The Great Global Transformation. In this podcast, we discuss:

1. The Shift to National Market Liberalism
2. The Geopolitical and Personal Impact of China
3. The Rise of "Homoplutia"
4. The "Folksy Elite" and Meritocratic Ideology
5. India's Alternative Development Model
6. Europe's Strategic and Economic Paradox
7. The Policy Dilemma of the "Elephant Chart"
8. Elite Multiplication and Youth Anxiety

Paul Krake is an investor, strategist, and independent researcher with three decades across macroeconomics, policy, and capital markets. In 2011, he founded the research platform View from the Peak after macro roles at Corus Capital, Caxton Associates, Moore Capital, Goldman Sachs, and Macquarie Bank. In this podcast, we discuss:

1. The "Post-Cyclical" Economy
2. The Reduction of Economic Friction
3. Margins vs. Labour Share
4. The Path to 10% Unemployment
5. The "Lucas Tree" Multiple Problem
6. Golden Age of Equity Investing
7. The "55-Year-Old Man" Advantage
8. Advice for Graduates: Atoms vs. Bits

Eric Beinhocker is a professor at the University of Oxford's Blavatnik School of Government and the founder and executive director of the Institute for New Economic Thinking at the Oxford Martin School (INET Oxford), a research center dedicated to applying innovative economics to major societal challenges. He is also Chairman of the Science Board at the Santa Fe Institute. Prior to his academic career, Beinhocker spent three decades as a technology entrepreneur, venture capitalist, and consultant to Fortune 500 companies. He is the author of The Origin of Wealth: The Radical Remaking of Economics and What It Means for Business and Society. 

1. The Collapse of Neoliberalism
2. The "Market Humanism" Synthesis
3. From Homoeconomicus to Homo Sapiens
4. Markets as Evolutionary Engines
5. Value as Problem-Solving
6. The Structural Reality of Inequality
7. "Middle-Out" vs. "Trickle-Down" Growth
8. The State as a Market Shaper
9. Macrocosm: Modelling the Economy with AI
10. Human Skills in the Age of AI 

Marvin Barth is the creator of Thematic Markets and Seriously, Marvin?!. Thematic Markets is rigorous, institutional-quality research aimed at market professionals, while Seriously, Marvin?! presents more accessible takes on contrarian musings Marvin doesn't have time to research at Thematic Markets. Both publications benefit from the uniquely broad perspective on the global political economy Marvin has gained from a three-decade career spanning nearly every asset class, academia, central banking, finance ministry, and international institutions. This includes working at Barclays Investment Bank, Citi, the Federal Reserve Board, the U.S. Treasury Department, and the Bank for International Settlements. 

1. The Localisation Thesis
2. Manufacturing vs. The AI "Bubble"
3. The Labour Disconnect (Poetry vs. Welding)
4. Trump 2.0: Preparedness and Instincts
5. The Iran War and American Exceptionalism
6. The Fed's "Neutral Rate" Error
7. The Rise of Kevin Warsh
8. The Brexit Reality Check
9. Andy Burnham: The "Low Delta Call Option"

Dr Clarida is a managing director and global economic advisor at PIMCO. Prior to rejoining PIMCO in 2022, he was the firm's global strategic advisor from 2006 to 2018. He served as Vice Chairman of the Board of Governors of the U.S. Federal Reserve System from September 2018 to January 2022. Richard is also Professor of Economics and International Affairs at Columbia University. Before joining PIMCO in 2006, he was Assistant Secretary of the Treasury for Economic Policy, in which he served as chief economic advisor to two U.S. Treasury Secretaries. Earlier in his career, he was with Credit Suisse and Grossman Asset Management. He has 26 years of investment experience and holds a PhD and a master's degree in economics from Harvard University. He received an undergraduate degree with Bronze Tablet Honors from the University of Illinois. In this podcast, we discuss:

1. Clarida's Macro Origin Story
2. Global Economic Resilience
3. The AI Capex Boom
4. Labour's Declining Income Share
5. The "Warsh Fed" Doctrine
6. Revisiting Forward Guidance
7. AI's Impact on Productivity and R-star
8. The Era of Global Fragmentation
9. Optimism for the Next Generation 

You can follow Richard on LinkedIn as well as the PIMCO website. 

Brendan Greeley has spent twenty years as a journalist, covering economic and monetary policy. He was the US economics editor at the Financial Times and continues to write a regular column there. Before that, he was a staff writer for Bloomberg Businessweek and The Economist, as well as an anchor and correspondent for Bloomberg TV. He has also written for The New York Times, The New York Times Magazine, and The Wall Street Journal Europe, and received a New York Press Club Award for special event reporting. Brendan graduated from Tulane University with honours in German. He is currently completing a PhD in financial history at Princeton University. In this podcast, we discuss:

1. The "Ancient Dollar's" Bohemian Roots
2. Skepticism of Monetary Sovereignty
3. The Constitutional Shift to Private Banking
4. Nationalising Money via the Civil War
5. The Primacy of Federal Deposit Insurance
6. Endogenous Money: How Banks Create the Dollar
7. The Rise of the Offshore Eurodollar Market
8. Stablecoins as "Schmanks" (Unregulated Banks)
9. Career Longevity and the "Turn-Taking" Marriage 

Matsuoka-San is the Chief Economist of SBI Securities in Japan. Before that, he was the Chief Economist for Japan at Deutsche Bank. Overall, he has been involved in macroeconomic analysis at research institutions and financial institutions for the past 30 years. He is known to be one of the leading Japan economists with unique insights on structural issues. Over the years, he has been highly ranked in numerous surveys, including the Institutional Investor survey. In this podcast, we discuss:

1. The "Inconvenient Mix" of Inflation
2. Japan's Real Neutral Interest Rate
3. The Case for Nominal GDP Targeting
4. Consumption Tax: Regressive Relief?
5. Wage Growth Divergence
6. The Working Hours Trap
7. Fiscal Dominance and Vulnerability
8. The Enigma of Yen Weakness
9. Work-from-Home and Birth Rates
10. Erosion of the US Dollar's Premium
11. The AI/Semiconductor "Vertical Jump"
12. US vs. Japan: Labour Participation Trends

Stefan Jansen is the founder and CEO of Applied AI. He advises Fortune 500 companies, investment firms, and startups across industries on data & AI strategy, building data science teams, and developing end-to-end machine learning solutions. 

Before his current venture, he was a partner and managing director at an international investment firm, where he built the predictive analytics and investment research practice. He was also a senior executive at a global fintech company with operations in 15 markets, advised Central Banks in emerging markets, and consulted for the World Bank. In this podcast, we discuss:

1. Defining AI as a Moving Target
2. The Trading vs. Business Data Science Divide
3. Synthetic Data and the "Fat Tail" Challenge
4. Shapley Values: Turning Black Boxes Grey
5. Agentic AI and Unstructured Data
6. RAG, Provenance, and the Context Window Debate
7. The "Alpha Factory" Workflow
8. Reinforcement Learning (RL) for Execution, Not Prediction
9. The Critical Role of Human Context
10. Advice for the AI-Native Job Market 

William W. Beach is the Senior Fellow in Economics at the Economic Policy Innovation Center (EPIC) and the Coffin Fellow at the Calvin Coolidge Presidential Foundation. Beach also serves on the UKG Workforce Institute Advisory Board.  

Prior to these appointments, Beach was the fifteenth Commissioner of Labor Statistics at the Bureau of Labor Statistics in Washington, DC. He took up his duties there on March 28, 2019. Prior to joining BLS, Dr. Beach was vice president for policy research at the Mercatus Center at George Mason University from February of 2016 to March of 2019; and, prior to that served as the Chief Economist for the Senate Budget Committee, Republican Staff, from 2013 through early 2016. In this podcast, we will discuss:

1. The "Fiscal Precipice"
2. The "Crowd Out" Effect
3. Social Drivers of Debt
4. The "Undemocratic" Tax System
5. The Social Security Countdown
6. The Future of "Enhanced Labour"
7. The Data Response Crisis
8. Modernising Federal Statistics

Martin Wolf is the chief economics commentator at the Financial Times in London. He was awarded the CBE (Commander of the British Empire) in 2000 'for services to financial journalism'. In this podcast, we discuss:

1. AI: The Ultimate General-Purpose Technology
2. Market Complacency in the Middle East
3. Jay Powell's "Superb" but Flawed Legacy
4. The "Perverse" Risks of Kevin Warsh
5. The UK's Productivity Puzzle and Brexit
6. From "Democratic Recession" to Depression
7. The "Graduate Trap" and Disaffected Youth
8. Advice for the Next Generation 

Daniel Rasmussen is the founder and managing partner of Verdad Advisers, an investment firm with over $1 billion in assets under management across multiple asset classes. He is the author of The Humble Investor (2025) and American Uprising (2011). Prior to founding Verdad, he worked at Bain Capital Private Equity and Bridgewater Associates. In this podcast, we discuss:

1. Investing as Meta-analysis
2. The Evolution of Private Equity
3. Stranded Software Assets
4. The Private Credit Mirage
5. The "Adjusted EBITDA" Trap
6. Small-Cap Growth Dangers
7. The AI Capex Cycle
8. AI Productivity Mindset

Neil Dutta is Head of Economic Research at Renaissance Macro Research (renMac). He leads their macroeconomic research efforts, with an emphasis on analysing the US economy, the Federal Reserve, global trends, and cross-market investment themes. He is considered a market economist, looking at the economic data and trying to highlight the risks to the consensus as he sees them. 

Prior to RenMac, Neil spent seven years at Bank of America-Merrill Lynch. There, he was a Senior Economist covering both the United States and Canada. In this podcast, we discuss:

1. Neil's Wall Street "Origin Story"
2. The Four Pillars of Economic Analysis
3. The Real Income Squeeze
4. AI, RSUs, and State Tax Revenues
5. Pervasive Optimism and Reflexivity Risk
6. The Fed's "Path of Least Resistance"
7. The Warsh Nomination and Forward Guidance
8. Productivity Boom or Demand Story?
9. AI's Wealth Effect Beyond Accounting
10. The 2027 Fiscal Headwind
11. Substack vs. Institutional Research

Dr. Dirk Willer is a Managing Director and Global Head of Macro and Asset Allocation at Citi Research in New York. Prior to this role, Dirk headed global Emerging Market Strategy, where he and his teams were consistently ranked in the top three in the institutional investor surveys. Previously, Dirk worked at Omega Advisors and RHG Capital as a global macro strategist and portfolio manager, and at Swiss Bank as a fixed income strategist for Russia and Eastern Europe. Dirk holds a PhD and MSc in Economics from the London School of Economics. Dirk is also the author of an influential book on how to trade emerging market fixed income, published by Wiley in 2020, and of a book on global macro trading, released in 2026. In this podcast, we discuss:

1. Unlearning the QE Reflex
2. Trading "Close to the Fire"
3. The Nearest Neighbour Regime Framework
4. PMIs vs. "Noisy" Indicators
5. Yield Curve Inversions and Fed Lags
6. The "GMO" Bubble Methodology
7. Credit as the Equity Canary
8. The Four-Indicator Dollar Model
9. Fading Geopolitical Shocks
10. The Role of Human Judgment in AI 

Dylan is the founder of arcMacro, where he analyses macro and private markets. His previous roles include serving as an economist at Goldman Sachs and Rosenberg Research, and later as a private market consultant at McKinsey. In this podcast, we discuss:

1. The Hormuz Supply Shock
2. Stagflation as the New Base Case
3. AI Capex vs. Energy Headwinds
4. A Hawkish Fed Outlook
5. Canada's Productivity Pivot
6. The USMCA Trade Cloud
7. Private Market Maturation
8. Normalising Credit Defaults
9. AI's Private Market Future

Shawn Edwards is Bloomberg's Chief Technology Officer. Based in New York, he oversees the development of Bloomberg's global technology strategy. In 2017, Shawn was named in the top ten of the Institutional Investor Tech 40 – an annual ranking of financial industry technology leaders. Prior to joining Bloomberg in 2003, Shawn worked for Bear Stearns & Co., where he was a managing director in the company's fixed income trading group. He has also held positions at Mentor Graphics and IBM. In this podcast, we discuss:

1. Engineering Trust through "Entailment"
2. Automating "The Bloomberg Way"
3. ASKB: Reimagining the Terminal
4. Workflow-Specific AI Expansion
5. Actionable Alternative Data
6. Empowering Non-Programmers
7. Accelerating Data Onboarding
8. Competition vs. Domain Knowledge
9. A Cautious View on AGI 

Andrew Perry is the creator of Macro Pillars, a macro research product servicing a bespoke selection of global banks, hedge funds, and sophisticated investors. He has over 35+ years of experience in markets, including as a Portfolio Manager at Tudor Investment Corporation under Paul Tudor Jones, and later as a Managing Director and Portfolio Manager at Nomura. In this podcast, we discuss:

1. The Five Pillars of Global Macro
2. The Move Index: The Ultimate Indicator
3. Non-Traditional Liquidity and Market Plumbing
4. Australia's "Lucky Country" Crisis
5. From Supply Shock to Demand Shock
6. The Significance of "Critical Dates"
7. Risk Management and Emotional Resilience
8. US Equity Outperformance and Policy Makers

Tina Fordham is a Geostrategist, Author and Advisor to board and C-Suite leaders on a mission to transform how leaders navigate the changing global environment. Her signature theses on the Geopolitics Supercycle, PQ (Political Quotient) and Vox Populi Risk have entered the popular lexicon, while the tools developed by Fordham Global Foresight have demonstrated how geopolitics can be integrated into business strategy. 

Fordham was Wall Street's original Chief Global Political Analyst, spending 17 years at Citigroup. She created Eurasia Group's financial markets research business; was appointed to the United Nations' first HighLevel Panel on Women's Economic Empowerment; and has served as a Senior Advisor to the U.K. Prime Minister and 2-and 3-star Generals. 

Tina is a member of the International Advisory Boards of Columbia University's School of International and Public Affairs, her alma mater, and Cambridge University's Centre for Geopolitics. She hosts "The Navigator", produced in collaboration with the London Stock Exchange, and is a frequent guest on CNN, CNBC and Bloomberg. 

Her forthcoming book, Mad World: A Geostrategy Survival Guide for Business Leaders, will be published in July 2026 by Whitefox. In this podcast, we discuss:

1. The Geopolitics Super Cycle
2. The 1973-Scale Oil Shock
3. Europe's "Barely Controlled Panic"
4. The 2026 Greenland Maneuver
5. Venezuela and the Iran "Jujitsu" Move
6. China's "Silent" Advantage
7. The Rise of Middle Powers
8. Raising Your "PQ" (Political Quotient) 

You can follow Tina's work on X, LinkedIn, and the Fordham Global Foresight website. You can also contact Tina here,  

Phil is the founder of Suttle Economics – a leading research consultancy. Before that, he held senior roles at Tudor, the Institute of International Finance (IIF), JP Morgan, Barclays, the New York Fed and World Bank. He was educated at Oxford University and lives in the US. In the podcast, we talk about:

1. The Oil Price Shock and "Negative Supply Curve" Impact 
2. US Economic Stagnation and Population Seismic Shift
3. AI as a Short-Term Inflationary Impulse
4. The Fed's Potential Hawkish Pivot
5. European and Japanese Central Bank Outlooks
6. China's Resilience and the "Thucydides Trap"
7. Market Rotations and the "Safe Asset" Shift
8. US Midterms and Trade Tensions 

Nader is Argus' Middle East editor, based in Dubai. Argus is a leading independent provider of global energy and commodity market intelligence. Nader has more than 15 years of experience covering oil and gas in the region, and today heads up the company's Middle East and OPEC coverage. Prior to moving to Argus in 2015, Nader spent five years with the Middle East Economic Survey (MEES) weekly in Cyprus. In this podcast, we discuss:

1. Fragmented GCC Stances
2. Iran's Hormuz "Stranglehold"
3. The "Zero Enrichment" Stalemate
4. The Hormuz Transit Toll
5. US Naval Blockade Tactics
6. Downstream Infrastructure Damage
7. Returning Shut-in Production
8. Bypassing the Strait 

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:

1. The Billion-Barrel Supply Gap
2. Physical Insurance and Pipelines
3. The "Toll Booth" Strait
4. Sanctions as a Safety Valve
5. Wealth vs. Shortages
6. China's Strategic Resilience
7. The "Unilateral Taco" Scenario
8. Long-Term Energy Optionality 

Richard Schimel is the Co-Founder and Co-CIO of Cinctive Capital Management – a leading multi-strategy alternative asset manager. Rich has over 30 years of experience in the investment management industry.  Prior to Cinctive, Rich was Head of Aptigon Capital, a division of Citadel, where he served on the firm's Portfolio Committee. Before that, Rich founded and served as the CIO of Sterling Ridge Capital. Earlier in his career, Rich co-founded Diamondback Capital, where he co-managed the firm as well as portions of the firm's overall investment strategy. Before Diamondback, Rich began his buy-side career at SAC Capital, where he was a portfolio manager. In this podcast, we will discuss:

1. The "Sweet Spot" for Alpha
2. Silos vs. Collaborative Culture
3. Protecting the Left Tail
4. AI Beyond Tech: The Power Theme
5. The Pendulum Swing to Hedge Funds
6. Middle East: The New Financial Hub
7. The "Pattern Recognition" of Talent
8. Fed and Sector Outlook

Dr. Tyler Goodspeed chaired the White House Council of Economic Advisers from 202-21. During his tenure on the council, he also chaired the Economic Policy Committee at the Organisation for Economic Co-operation and Development (OECD).

From 2021 through 2023, Tyler was a Director and Chief Economist at Greenmantle, a New York and London-based macroeconomic and geopolitical consulting firm. The author of four books on economic history, Tyler holds a PhD in economics from Cambridge University and a PhD in history from Harvard University,

He is currently a Senior Fellow at the Adam Smith Institute in London and a member of the Geoeconomic Council of Advisers at the Center for Strategic and International Studies.  

All views are his own and not any of the organisations he is affiliated with. 

In this podcast, we discuss:

1. The "Boom-Bust" Myth 
2. Recessions as "Apophonies"
3. Expansions Do Not Die of Old Age
4. Policy Hubris
5. The 1785 Structural Break
6. Supply Shocks as Choke Points
7. Misnaming the 2001 Recession
8. The 2008 Energy and Mortgage Intersection
9. Impairment of Creative Destruction
10. Fidelity to Long-Run Trends 

Tomasz Nadrowski is a portfolio manager at the Amvest Terraden Critical Minerals Fund. He was a former Director at the World Economic Forum and Vice President of Business Development at AngloGold Ashanti, then the world's largest gold producer. Tomasz has spent over fifteen years managing commodity and mining equity portfolios for hedge funds and family offices across the U.S., Europe, and Asia. 

He is fluent in seven languages and a regular contributor to Oxford Analytica. He combines deep industry knowledge with a strategic understanding of how resources, markets, and power intersect in today's shifting geopolitical landscape. He is also the host of the podcast Tyranny Today. In this podcast, we discuss:

1. Geopolitics vs. the Commodity Cycle
2. China's VAT Rebate and Value-Added Strategy
3. Critical Choke Points: Rare Earths, Graphite, and Gallium
4. Regulatory Roadblocks and the Stigma of "Dirty" Mining
5. The Abdication of Western Capital Markets
6. Human Capital Gaps and the "Octogenarian Engineer" Problem
7. Geoeconomic Pricing: Disincentivising New Capacity
8. From "Just-in-Time" to "Just-in-Case" Production
9. Japan's "House of Brick" Model for Resilience
10. The Mineral War and the "Soul" of AI
11. A Shift Toward Oligopolistic Competition

Nader is Argus' Middle East editor, based in Dubai. Argus is a leading independent provider of global energy and commodity market intelligence. Nader has more than 15 years of experience covering oil and gas in the region, and today heads up the company's Middle East and OPEC coverage. Prior to moving to Argus in 2015, Nader spent five years with the Middle East Economic Survey (MEES) weekly in Cyprus. In this podcast, we discuss:

1. Inevitable Escalation with Iran 
2. Iran's Decentralised Resilience
3. The Rise of Mojtaba
4. Regional Retaliation Strategy
5. The Hormuz Choke Point
6. Modern Tanker War Risks
7. 8 Million Barrels Offline
8. Limits of the Global SPR
9. Sentiment-Driven Volatility
10. Houthi Autonomy and the Red Sea 

Alex has 20 years of experience at the intersection of finance and data. He has been a global macro investor at firms like Bridgewater Associates and a proprietary volatility trader at Lehman Brothers. Prior to his career as a data-driven speculator, Alex received an MBA from Stanford Business School, an MPhil in Economics (Game Theory) from the University of Oxford, and a BA (Hons) in Economics from McGill University. In this podcast, we discuss:

1. Fantasy Baseball to Prop Trading
2. Diversification as the "Free Lunch"
3. Gold vs. The Chinese Credit Bubble
4. Silver as the "Money that Generates Electricity"
5. The "Long API, Short Slides" Thesis
6. China's Sceptical Data
7. Copper vs. Iron Divergence
8. The Future of Systematic Investing 

Raphaël Gallardo is Chief Economist within the Cross-Asset team at Carmignac. Carmignac is a leading European investment management boutique established in 1989, with over EUR 40 bn in assets under management. Raphaël joined them in 2018. He started his career in 1997 at BNP Paribas, where he spent ten years as a Quantitative Analyst within the Risk Department, a Country-risk Economist, a Financial Engineer specialising in interest rate risk, and ultimately a cross-asset strategist. In 2007, he joined Axa IM as Head of Macroeconomic Research and moved to Rothschild & Cie Gestion in 2012 to occupy the same position. From 2013 to 2018, he was Cross-Asset Strategist at Ostrum Asset Management. Raphaël holds an Engineering Degree from École Nationale Supérieure des Mines de Paris. In this podcast, we discuss:

1. Austrian Economics Framework
2. Three "Wobbling" Bubbles
3. The "Sad" AI Bubble
4. Trump Risk Parity Portfolio
5. Spain's "Virtuous Circle"
6. France's Fiscal Existential Risk
7. Japan's Vicious Circle
8. China's Dual Economy
9. Death of the Risk-Free Asset
10. 2026–2027 Outlook 

Alex Gurevich is the founder of HonTe Investments. After earning a PhD in mathematics from the University of Chicago, he leveraged his passion for strategic gaming into a lucrative Wall Street career. He has been hailed by The Wall Street Journal as the star trader of J.P. Morgan, where he served as Managing Director in charge of global macro trading and, in 2020, was leading HonTe's macro strategy when he ranked second by net return according to BarclayHedge. Alex is the bestselling author of The Next Perfect Trade and The Trades of March 2020. In this podcast, we discuss: 

1. The 10-Year "Test of Time" Retrospective
2. The "Swim with the Tide" Framework  
3. Rethinking "Tight Stops" in Risk Management  
4. Strategies to Overcome Portfolio Paralysis  
5. Betting on the "Necessary" vs. "Sufficient"  
6. Japan's Search for the "Perfect Trade"  
7. The Case for the Fed Returning to 0%  
8. AI-Driven Technological Displacement  
9. Energy as the "Bottleneck" for AI Growth  
10. Evolving Views on Option Usage

Marc Elovitz is Global Head of Investment Management Regulatory at McDermott Will & Schulte – a leading global law firm. Marc advises private fund managers on running their businesses consistent with all relevant laws, regulations and legal requirements. Marc's cutting-edge work also covers the latest trends of interest to private funds, including blockchain technology and digital assets. He advises on the legal and regulatory considerations involving virtual and digital currency business initiatives and the blockchain technology behind them. In this podcast, we discuss:

1. From Litigation to Regulation
2. The Private Market Boom
3. "Project Crypto" and Regulatory Harmonisation
4. Beyond Digital Gold
5. The Yield Obstacle in Stablecoins
6. Future-Proofing Digital Assets
7. The Trust Factor in Private Equity
8. Solving the AI Explainability Crisis
9. The Delaware Governance Battle
10. Perspective through Fiction

Sean McGould – the founder/CEO of the Lighthouse Group – an approximately $17 billion investment management firm. Prior to Lighthouse, Sean was the Director of the Outside Trader Investment Program for Trout Trading Management Company. Before joining Trout, he worked for Price Waterhouse in auditing and corporate finance. In this podcast we discuss:  

1. The Multi-Strategy Investment Approach
2. The Selective "War for Talent" 
3. Adapting to Trump 2.0 Volatility 
4. Targeting Real Returns vs Gold 
5. AI: A Digital Tool, Not a Total Bubble 
6. Redefining Value in the Digital Age 
7. Japan's Shareholder Value Pivot 
8. Centralised Planning Risks in China 
9. Patience in Tight Credit Markets 
10. The 2026 Macro Outlook 

You can get more information on Sean's firm here 

The commentary contained in the above article/podcast does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs. 

Srividya Jandhyala is a professor of Management at ESSEC Business School in Singapore. Her research focuses on global strategy, geopolitics, and international business. She is the author of the best-selling book 'The Great Disruption: How Geopolitics is Changing Companies, Managers, and Work'. Before ESSEC, she was a Fung Global Fellow at Princeton University. She also served on the faculty of George Washington University in Washington, D.C., and she received her PhD in Management from the Wharton School at the University of Pennsylvania. In this podcast, we discuss:

1. Geopolitics as a Structural Headwind 
2. The End of the "Flat World" 
3. Why Corporate Nationality Trumps Product 
4. Lessons from Mining and Energy Sectors
5. The Jenga Tower of Global Friction
6. Sovereign AI and Geopolitical Tech
7. China's "Singapore" Playbook
8. The Erosion of the Rules-Based Order
9. Localization and the "Societal License" to Operate
10. The Shift from "Event-Based" Thinking 

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:  

• Trump's Bullish Paradox  
• Importance of China's SPR
• Why OPEC+ Hiked Production
• The "Oil on Water" Overhang  
• Venezuela and Iran
• 2026 Outlook  
• US Shale's H2 Roll-over
• Long term demand outlook 

Phil is the founder of Suttle Economics – a leading research consultancy. Before that, he held senior roles at Tudor, the Institute of International Finance (IIF), JP Morgan, Barclays, the New York Fed and World Bank. He was educated at Oxford University and lives in the US. In the podcast, we talk about: 

• US Labour Market Dissonance
• Trump's "Elizabeth Warren" Populism
• The Productivity Mystery
• Fed Under Pressure
• Sticky Inflation Through 2027
• Global Business Disruptions
• Extreme Oil Volatility
• Japan's Policy Pivot
• China's Sluggish Consumer
• European and UK Growth
• Historical Parallels to Populism 

Robert is Founder, Chief Investment Officer and the Managing Partner of the $5bn EM fund, Gramercy. He founded Gramercy in 1998. Robert has 36 years of investment experience dedicated to emerging markets with a specialization in distressed opportunistic credit strategies. He is a member of Gramercy's Management Team and is Co-Chair of the Risk Management Committee. In this podcast we discuss:

• EM in 2025: From Caution to FOMO
• EM vs DM: A Role Reversal Since COVID
• The Problem with EM Labels & Indices
• China: From 'Uninvestable' to Selective Opportunity
• Russia–Ukraine: Asymmetry, Reconstruction, and Market Blind Spots
• The Boom in EM Private Credit
• Where the Opportunities Are in EM Private Credit
• Mexico, NAFTA 2.0, and Geopolitics
• Venezuela and the 'Trump Corollary to the Monroe Doctrine'
• Fed Policy: The Only Conviction Is Lack of Conviction
• Portfolio Philosophy: Fighting FOMO and Overtrading

Jay Pelosky is the founder of TPW Advisory. He has over 35 years of buy-side and sell-side financial market experience. Before going independent, Jay was at Morgan Stanley, where he was ranked #1 by Institutional Investor in Global Equity Strategy and Global Asset Allocation Strategy. In this podcast, we discuss: 

1. Tripolar World (TPW) - regional integration in Asia, Europe, and Americas.
2. Global growth long cycle driven by spending on AI, defense, and climate across regions.
3. China-US AI competition
4. The shift from chip quality to power costs as the key AI competitive advantage.
5. Brazil and Spain's clean energy plays
6. Why 2025 is not like the 2000 dotcom bubble
7. Private credit opportunities
8. Attractive China tech valuations
9. China's five-year plan
10. Europe's potential
11. Countries pressuring institutions to invest domestically rather than in US markets. 

Ken Tropin is a legend in the macro space. He is the Chairman and the founder of Graham Capital Management (GCM) - $20bn fund. Ken founded GCM in 1994 and has grown the firm into an industry leading alternative investment manager focusing on global macro discretionary and quantitative hedge fund strategies. Prior to founding GCM, Ken had significant experience in the alternative investment industry, including five years (1989 to 1993) as President and Chief Executive Officer of John W. Henry & Company, Inc. and seven years (1982 to 1989) as Senior Vice President and Director of Managed Futures at Dean Witter Reynolds. In this podcast we discuss: 

• Investment philosophy 

• Differentiation from multi-strat funds 

• Talent recruitment strategy; NY office 

• Fed outlook  

• Term premium as underpriced  

• US deficit concerns and duration risk in long-end rates 

• AI and technology  

• Global central bank divergence  

• Inflation pressures 

• Private credit  

• Dollar view 

• Geopolitical risks 

• Robin Hood Foundation  

Sangeet Paul Choudary is the best-selling co-author of Platform Revolution and author of the new book Reshuffle. He has advised leadership teams at over 40 Fortune 500 companies—including Nestlé, ExxonMobil, Daimler, ING, and Booking.com—as well as pre-IPO tech firms. Sangeet currently serves as a Senior Fellow at the University of California, Berkeley, and has spoken at global forums such as the G20 Summit, World50 Summit, and the World Economic Forum.

David Dredge is the Chief Investment Officer of Convex Strategies, which is an agnostic value investor in volatility. David has over 30 years' experience managing risk across global markets. Prior to launching Convex Strategies, David served as a Managing Director and Portfolio Manager at Artradis Fund Management in Singapore, where he was responsible for the fixed income aspects of their volatility strategy. Earlier in his career, David built and ran Asian and Global EM trading businesses for RBS (ABN AMRO Group), Bankers Trust, and Bank of America. He currently sits on the Monetary Authority of Singapore Markets Committee (SFEMC). 

Marc Rubinstein is author of Net Interest – a leading weekly newsletter on the world of finance. Before this, Marc spent ten years at leading hedge fund Lansdowne Partners, where he was a partner and portfolio manager. This was after he spent time on the sell-side working for Barclays Investment Bank (BZW), Schroders and then Credit Suisse, where he was head of the European banks research team. In this podcast we discuss:.  

• AI bubble historical analogies 

• 1907 crisis and non-bank growth 

• Private credit risks 

• Fraud cycles and market corrections 

• Jane Street's technological edge 

• Exchanges commoditise trading 

• Banks adopt blockchain technology 

• Fintech challenges incumbents 

• AI disrupts entry-level finance jobs 

• Books mentioned: 1929 (Andrew Ross Sorkin), Land Trap (Mike Bird) 

Mark Farrington is a Global Macro and Geopolitical Strategist and author of the 'Watchtower Reports,' which cover topics ranging from geopolitical risk to Bank of Japan monetary policy to US dollar dynamics. He previously served as Managing Director and Portfolio Manager of the Macro Currency Group at Principal Global Investors, where he worked for fifteen years. Before that, he spent 17 years in the Asia-Pacific region, primarily with Bankers Trust. In this podcast, we discuss:

• US Embrace of Industrial Policy and Self-Sufficiency
• China's Supply Chain Strategy and Retaliation:
• Barriers to RMB Internationalisation
• China's Strategic Interest in Gold
• Enduring US Dollar Dominance
• Geopolitical Alpha and Experiential Learning
• Convergence of Allies on US Worldview
• Fragility and Vulnerability of Europe
• Financial Crisis Catalysts: Inflation and Volatility
• The Threat of Systemic Volatility
• Books mentioned: Theory of International Politics (Kenneth N. Waltz), The Black Swan (Nassim Nicholas Taleb), The Tipping Point (Malcolm Gladwell), Weaving the Net: Conditional Engagement with China (James Shinn), The Meiji Restoration (W.G. Beasley), The Anarchy: The Relentless Rise of the East India Company (William Dalrymple).

You can follow Mark's work here.

David Samra is a managing director of Artisan Partners – the $180bn global multi-asset investment platform. He is founding partner of the International Value Group, and portfolio manager of the Artisan International Value Fund, which he has managed since the portfolio's inception in September 2002. David has been nominated for the Morningstar International Stock Fund Manager of the Year Award six times. In this podcast, we discuss:

•           Economic Value Added (EVA) and what makes a good business versus a bad business
•            Principles of value investing
•           Finding undervalued securities through screening and cumulative knowledge
•           Good versus bad management teams
•           The erosion of competitive moats over time, particularly in consumer brands and technology
•           Deep dive into Arch Capital as a case study of a successful investment with unique competitive advantages
•           Shareholder activism as a tool for protecting investments and influencing management
•           Challenges of managing large amounts of capital and finding opportunities in current markets
•           AI investment, capital intensity in tech, and concerns about future returns on capital
•           Views on private markets

       Books mentioned: Quest for Value (Stewart), The Intelligent Investor (Graham), The Money Masters (Train), and Frederick and Frederica (Helprin).

You can follow David's work here.

Miguel Gutiérrez is a Partner and Head of Private Markets, at The Rohatyn Group (TRG) - a global asset manager that specialises in emerging markets and real assets. Prior to joining TRG in October 2004, Miguel served as the Chairman and CEO of the Telefónica Group in Argentina and Chairman of Grupo Concesionario del Oeste S.A. He also served as the non-executive Chairman of YPF S.A. from April 2016 to December 2019. Earlier in his career, Miguel held numerous senior positions at J.P. Morgan, including Head of Global Emerging Markets Sales, Trading, and Research. In this podcast, we discuss: 

• Importance of upcoming Mexico's USMCA negotiations with US 

• US's new approach to Latin America 

• How private markets work in Latin America 

Follow us here for more amazing insights:

https://macrohive.com/home-prime/

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https://www.linkedin.com/company/macro-hive

Gordon Hanson is the Peter Wertheim Professor in Urban Policy at Harvard Kennedy School and Academic Dean for Strategy and Engagement at Harvard Kennedy School. He is best known for his research on the labour market consequences of globalisation, including pioneering work on the China trade shock. Hanson's current research addresses the causes and consequences of regional job loss, the effectiveness of place-based policies in alleviating regional economic distress, and how the energy transition will affect local labour markets. This work is part of the Reimagining the Economy project at the Kennedy School, which Hanson co-directs with Dani Rodrik. In this podcast we discuss America's historical obsession with manufacturing from the Industrial Revolution to today, manufacturing job losses and their impact on non-college workers, how traditional economics fails to measure human flourishing beyond consumption, and much more. 

Follow us here for more amazing insights:

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Paul Cavey is a China-focused Asia economist with twenty-five years of experience covering the region. He runs East Asia Econ. Previously, he was a macro strategist in the global bond team at Wellington Management, head of China economics at Macquarie Securities and chief China economist at the Economist Intelligence Unit. In this podcast we discuss US-Chine trade war escalation, state of China's economy and Japanification, PBoC's next move, and much more.

Follow us here for more amazing insights:

https://macrohive.com/home-prime/

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https://www.linkedin.com/company/macro-hive

Shiloh Bates is a Partner and Chief Investment Officer. Prior to that, he was a Managing Director at Benefit Street Partners. During his 20-year career, Mr. Bates has worked for several CLO managers and has been one of the largest investors in CLO securities. He wrote the book, CLO Investing with a focus on CLO Equity and BB Notes. He is also the host of the CLO Investor Podcast. In this podcast we discuss private credit boom, growth in covenant-lite loans, industry concentration in CLOs, and much more.

Follow us here for more amazing insights:

https://macrohive.com/home-prime/

https://twitter.com/Macro_Hive

https://www.linkedin.com/company/macro-hive