Épisodes

  • Macro & Volatility™ #31: Why "Higher Everything" Makes Sense

    Macro & Volatility™ #31: Why "Higher Everything" Makes Sense
    Jun 3 2026
    • Equity rally is broad, earnings-driven, and still not stretched
    • Markets can tolerate higher rates until speed becomes the risk
    • AI capex is creating a sustained, structural inflation floor
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    31 min
  • Macro & Volatility™ #30: Operation Epic Earnings

    Macro & Volatility™ #30: Operation Epic Earnings
    May 5 2026
    • Equity rally is fundamentally earnings-driven, not war “denial”
    • Excessive hedging mispriced the upside
    • Bonds are selling off because inflation is shifting from short-term to structural
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    26 min
  • Macro & Volatility™ #29: Foolin'

    Macro & Volatility™ #29: Foolin'
    Apr 1 2026
    • Convexity conundrum: diversifying assets didn’t work
    • Commodities are not tariffs and cannot be altered at the stroke of a pen
    • Tape bombs are having diminishing impact
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    24 min
  • Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?

    Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?
    Mar 4 2026
    • More about rotation than direction
    • Bonds are still not protecting
    • Implied correlation / VIX is at a record low
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    21 min
  • Macro & Volatility™ #27: Seismic Activity but No Real Fear

    Macro & Volatility™ #27: Seismic Activity but No Real Fear
    Feb 3 2026
    • Healthy correction in gold and silver
    • Higher nominal rates globally
    • Warsh’s impact on the MOVE and VIX
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    20 min
  • Macro & Volatility™ #26: "Love Vigilantes" - New Order

    Macro & Volatility™ #26: "Love Vigilantes" - New Order
    Dec 5 2025
    • Ready, Shoot, Aim Fed
    • Misunderstanding of Oracle CDS
    • Welcome back to the ‘90s
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    29 min
  • Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?

    Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?
    Oct 31 2025
    • Long Vol and long Delta
    • Paid to be long Correlation
    • Buy Everything!
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    24 min
  • Macro & Volatility™ #24: Certain things are true... for now!

    Macro & Volatility™ #24: Certain things are true... for now!
    Oct 6 2025
    • Risk-on sentiment is reinforced by accelerated global earnings
    • Markets go up... volatility goes up
    • The Magnificents’ P/E-to-expected growth is favorable — not true for the Everything Else
    • Cross-asset correlations are already historically high — a short hop to “1”
    • Gold is expected to move higher, driven by global populist monetary and fiscal stimulus
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    19 min