Andy Constan on Lessons From Bridgewater, Equity Valuations and Top Trades

03.18.2022 - By Macro Hive Conversations With Bilal Hafeez

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This podcast is sponsored by Masterworks, the first platform for buying and selling shares representing an investment in iconic artworks. They are making it possible to invest in multimillion-dollar works from artists like Banksy, Kaws, Basquiat, and many more. Andy Constan has spent the past 33 years investing and trading global markets. He’s worked at leading hedge funds Bridgewater Associates and Brevan Howard as Chief Strategist. Andy started his career at Salomon Brothers. He is the founder of Damped Spring Advisors. In this podcast we discuss: What Andy learned from Bridgewater and Brevan Howard, setting up all-weather portfolios, the problem with bonds, and how to outperform the market. Andy further talked about using flow and position data and macro news, the impact of mortgage convexity hedging on bonds, what is next for the Fed, and whether equities are overvalued. Finally, he discussed his views on inflation, his favourite trades, and the books that influenced him the most: Reminiscences of a Stock Operator (Lefevre), The Handbook of Fixed Income Securities (Fabozzi), Options, Futures, and Other Derivatives (Hull), Principles: Life and Work (Dalio) and Liar’s Poker (Lewis). For great macro and investment insights from some of the world's most seasoned researchers, visit macrohive.com.  

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