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

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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.

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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.

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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.

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