In this episode of Pro to Pro, Darius Dale and Michael Every, Global Strategist at Rabobank, explore the logic behind Trump-era neo-mercantilism. Michael explains that the push for tariffs, supply chain reshoring, and trade realignment reflects a deliberate “grand macro strategy” aimed at rebuilding U.S. industrial capacity and reducing dependence on foreign capital.
In this episode of 42 Macro's Pro to Pro, Darius Dale and Jeff Booth, author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, discuss the breakdown of our inflationary, debt-driven economic system and how exponential technological deflation, especially from AI, reveals its fragility. Jeff theorizes that free markets naturally produce deflation, but central banks suppress it through unsustainable credit expansion and currency debasement.
In this episode, Darius Dale and David Levenson explore the mechanics behind market structure, focusing on balance sheet duration, mortgage volatility, and policy interference. Levenson outlines a two-body system—mortgage and equity volatility—that governs global finance through liquidity gaps and regulatory distortions.
In this episode of Pro to Pro Live, 42 Macro's Darius Dale and Hugh Hendry explore the hidden forces driving global markets. Hugh breaks down the Eurodollar system’s role in asset inflation, arguing that Japan—not the Fed—is the true source of global liquidity. He warns of a potential yen collapse and market dislocations driven by shifting collateral dynamics. They discuss the Fed’s recent policy shifts, with Hugh contending that rate cuts were aimed at preventing a refinancing boom rather than fighting inflation. Looking ahead, he sees a major market reset as U.S. policy shifts toward fiscal conservatism and protectionism, potentially triggering a deep asset price correction. The discussion highlights the need for investors to challenge consensus views and prepare for an era of heightened volatility.
In this episode, Darius Dale and Brent Kochuba of SpotGamma discuss the increasing role of options-driven leverage in market structure, the rise of zero-day options (0DTE), and their impact on short-term volatility. Brent highlights how short-term flows and derivatives positioning are driving extreme price dislocations, often distorting market reactions to news events like CPI reports and earnings releases.
In this episode, 42 Macro's Darius Dale and Raoul Pal of Real Vision discuss the rapid acceleration of AI, the exponential age, and the implications of these transformative technologies on financial markets and society. Raoul outlines how AI’s intelligence is doubling yearly, pushing humanity toward artificial superintelligence within five years, fundamentally reshaping industries, labor markets, and global economic structures. They explore the shift from a capital vs. labor dynamic to a humanist vs. transhumanist political divide, emphasizing the deflationary yet disruptive impact of AI and robotics. The conversation underscores the urgency of allocating to exponential assets like crypto and AI-driven investments while managing risk, as traditional portfolio strategies may become obsolete in this new era.
In this episode, 42 Macro's Darius Dale and Cem Karsan of Kai Volatility Advisors discuss market structure, interest rate dynamics, and innovative portfolio strategies for risk-adjusted returns. Cem introduces Kai Wealth, a non-correlated wealth advisory program that avoids traditional duration and credit risks, leveraging options-based yield stacking and multi-strategy hedge fund approaches to achieve superior risk-adjusted returns. They highlight structural risks in bonds and equities due to rising interest rates and inflation, emphasizing the need for investors to move beyond traditional 60/40 portfolios. The conversation underscores the importance of diversification and innovation in navigating today’s complex market environment.
In this episode, 42 Macro's Darius Dale hosts Joel Shulman and Ava Ados of ERShares to discuss their innovative approach to democratizing private equity investments. They introduce XOVR, their flagship ETF, which combines entrepreneurial public companies with private equity exposure, including companies like SpaceX, offering daily liquidity and no minimum investment requirements. Joel and Ava emphasize their proprietary model, the Entrepreneur Factor, which identifies entrepreneurial companies driving alpha. The conversation highlights their mission to provide retail investors with access to private equity markets traditionally reserved for accredited investors, aligning with the broader trend of bridging public and private investment opportunities.
In this episode, 42 Macro's Darius Dale and Luke Gromen of Forest for the Trees discuss the U.S. fiscal crisis, exploring the implications of growing deficits, rising interest expenses, and the potential for systemic changes. Luke highlights the unsustainable dynamics of U.S. debt, emphasizing the role of the dollar as a key lever in global markets and the risks of attempting fiscal austerity without addressing dollar strength. They also examine potential solutions, such as dollar devaluation, revaluation of U.S. gold reserves, and strategic use of inflation to stabilize the fiscal trajectory. The conversation underscores the urgency of addressing structural challenges and the importance of preparing for significant market and policy shifts.
Peter leads the team that is responsible for the development, management and oversight of Bleakley’s investment management program, managing the investment committee, and setting the firm’s overall investment philosophy, global investment outlook and asset allocation decisions. Peter also is the portfolio manager of a global macro multi-asset strategy and one focused on global income.
In this episode, 42 Macro's Darius Dale and Bob Elliott of Unlimited Funds discuss the macroeconomic environment, fiscal dominance, and the implications of monetary and fiscal easing in a resilient U.S. economy. Bob highlights the challenges of navigating high asset valuations alongside strong economic momentum fueled by expansionary fiscal policy and the Federal Reserve’s dovish stance. They explore the risks of inflationary pressures, labor market dynamics, and the bond market’s mispricing of structural nominal growth. The conversation also emphasizes the importance of pragmatic, data-driven investment strategies and Unlimited Funds’ mission to democratize access to hedge fund-style returns for retail investors.
In this episode, 42 Macro's Darius Dale and Andrew Fischer of QuAIL Technologies explore the transformative potential of AI in investment management and financial services. Andrew shares insights on how AI is revolutionizing workflows by consolidating data, generating actionable insights, and reducing time-intensive processes for financial professionals. They discuss the evolving role of AI in portfolio construction, market research, and client communication, emphasizing its ability to empower professionals rather than replace them. The conversation highlights AI’s current capabilities, future potential, and its profound impact on optimizing investment decision-making and client outcomes.
In this episode, 42 Macro's Darius Dale and Nadine Terman of Solstein Capital discuss macroeconomic themes, investment strategies, and risk management in the current market environment. Nadine emphasizes the importance of balancing macro overlays with micro-level investment ideas and highlights strategies for navigating sticky inflation, resilient U.S. economic growth, and liquidity dynamics. She also explores opportunities in underpriced inflationary assets, international markets, and idiosyncratic trades, stressing the value of asymmetry and portfolio diversification. The conversation underscores the need for disciplined, process-driven investing to capitalize on market opportunities while managing risk effectively.
Beth Kindig has over ten years of experience in competitive analysis and product analysis in the tech industry dating back to 2011. Considering tech growth stocks took off after the financial crisis, she is an experienced professional in every sense of the word. Her tech conference appearances date back to 2014 and her analysis began garnering press in the same year. Beth uses a unique methodology to carefully form a thesis and this has placed Beth on the map as one of the best tech analysts in the market.
In this episode, 42 Macro's Darius Dale and Scott Diddel of Diddel and Diddel Wealth Accumulation Strategies explore strategies for effective tax planning, retirement planning, and wealth preservation. Scott emphasizes the importance of understanding tax implications on investments and introduces the concept of a Life Insurance Retirement Plan (LERP) as a tax-efficient strategy for long-term wealth growth. They discuss the challenges of inflation, historical tax trends, and the need for proactive financial planning to ensure financial security. The conversation underscores the value of integrating tax-free growth strategies into traditional investment approaches to maximize retained wealth.
In this episode, 42 Macro's Darius Dale and Benjamin Brey of Deductive Capital explore global macro risks, U.S. fiscal policy, and structural changes in financial markets. Ben highlights the fragilities in the financial system, including the impact of high deficits, the increasing risk of a bear steepener, and misaligned bond valuations. They discuss China’s economic struggles, the challenges of maintaining positive real interest rates, and the importance of managing fragility in portfolios through convexity and risk protection strategies. The conversation underscores the need for a proactive approach to navigate today’s complex macro environment.
In this episode, 42 Macro's Darius Dale and Kris Sidial of Ambrus Group discuss the growing prevalence of short volatility trades and their implications for market dynamics. Kris highlights the overcrowding in short vol positions, driven by structured products, yield-seeking strategies, and hedge fund AUM growth, and emphasizes the potential for these trades to unwind within the next 12 months. They also explore the evolving volatility landscape, including the impact of dealer activity, behavioral market dynamics, and the challenges of tail risk hedging, stressing the importance of process-driven strategies over prediction for effective risk management.
In this episode, Darius Dale of 42 Macro conducts an extended Q&A session focused on market regimes, risk management, and portfolio construction. Darius provides a deep dive into 42 Macro’s Global Macro Risk Matrix, Macro Weather Model, and discretionary risk management tools, emphasizing their use in helping clients align with evolving market conditions. He discusses the current reflationary regime, the potential for a phase transition to risk-off inflation, and the critical importance of observational processes over predictions for managing risk and generating consistent returns.
In this episode, 42 Macro's Darius Dale and David Hunter of Contrarian Macro Advisors discuss market cycles, sentiment, and the path to a potential melt-up in equity markets. David outlines his bullish target of S&P 7,000, driven by sentiment shifts, sidelined cash re-entering markets, and parabolic price action as skepticism fades. They also explore macro risks, including massive global leverage and policy errors, which David believes could lead to a global bust following the melt-up. Both emphasize the importance of understanding cross-market indicators and managing risk in a complex, sentiment-driven environment.
In this episode, 42 Macro's Darius Dale and Dylan LeClair of UTXO Management discuss Bitcoin’s structural trends, market dynamics, and macroeconomic implications. Dylan emphasizes Bitcoin as a “monetary singularity,” highlighting its supply-demand imbalances, institutional adoption through ETFs, and resilience in market cycles. They explore the evolving structure of Bitcoin’s derivatives market, the impact of sovereign debt dynamics on Bitcoin’s long-term value, and corporate strategies like MicroStrategy’s speculative attack on fiat.