Filia HeadshotErik Townsend welcomes Francesco Filia to MacroVoices. Erik and Francesco discuss:

  • Measuring the equity bubble
  • Measuring the bond bubble
  • What could be the catalyst be for the reversal?
  • Fake market narrative
  • Chasing narratives and global growth
  • Positive feedback loops
  • ETFs and their impact on the markets
  • Systemic risks from funds not just banks
  • Considerations on European junk bonds
  • S&P values vs. share buybacks
  • Risks to the market from the short VOL trade

SPECIAL POSTGAME GUEST: The Macro Tourist Kevin Muir discussing bonds, inflation and the coming collapse of the short VIX trade. 

 We strongly recommend that you download the chart book that accompanies this interview, and Erik and Francesco will refer to it throughout the interview. Registered users here at already received the download link in your research roundup e-mail. If you haven’t already registered, click the red “Subscribe for FREE” button on the top right side of the home page, and register.  Once logged in, click “Research Library” and Guest Publications near the top of the page. From there you can download the PDF.

Get embed code for this episode | For other embed code options click here | Download the MP3 File | Download the podcast transcript:   pdf Here (607 KB)


Francesco heads all portfolio management and research related activities at Fasanara. He also spearheads the identification and implementation of all relevant portfolio tail hedging strategies.

Prior to co-founding Fasanara, Francesco was Managing Director and EMEA Head of the MidCaps & Principal Investors group at Bank of America Merrill Lynch. In his role, Francesco directed Bank of America Merrill Lynch operations across Europe, Middle East and Africa with responsibilities on multi- strategy, multi-assets portfolio solutions.

Prior to joining Merrill Lynch in 2000, Francesco was a research analyst at JP Morgan Securities where he published several research white papers covering areas such as derivatives modeling and fixed income / volatility strategies. Francesco is a graduate of Bocconi University in Milan and a scholar of Erasmus Universiteit Rotterdam.