male silhouette.The inaugural episode of MacroVoices INSIDE THE INVESTMENT COMMITTEE featuring Julian Brigden, Juliette Declercq and Alex Gurevich takes you inside the process professional fund managers and their advisers use to source and vet macro trading strategies. 

  • Inside the Investment Committee (IIC) is a brand new podcast format for very advanced traders and investors. The concept is to take you inside the investment committee of a hedge fund, so that you can experience the conversation between a professional hedge fund manager and his advisors and consultants, as they discuss and evaluate new macro trading strategies.
  • The inaugural episode focuses on a trade Julian Brigden first recommended to his institutional clients on July 7th, 2016. The recommended trade was to short fixed income generally, through the 5-year inflation breakevens for sophisticated fixed income traders, and through outright shorts on 5-yr and 10-yr USTs for other traders
  • Julian pitches his trade idea to the critical ears of fund manager Alex Gurevich and fellow institutional adviser Juliette Declercq, and they have plenty of comments to challenge Julian’s thinking.
  • The rationale for putting the original trade on back in the summer of 2016 is discussed first, then the conversation continues to how the UST market has evolved in the 3 years since, and where the opportunities lie today for new trades. On that point, there’s plenty of disagreement between panelists
  • Finally, Alex Gurevich gives a quick income to the pairs trade involving both the Euro currency and USTs which he’ll be pitching to the panel in episode #2.
  • This is the first “new concept” podcast on the MacroVoices Podcast Network, and listener feedback and suggestions are welcome on how to improve the format

We strongly recommend that you download the chart book that accompanies this episode, as Erik and the panelists will refer to it throughout the interview. Registered users here at MacroVoices.com 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, you will see the download link(s) and will be able to download the PDF document(s).

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Julian Brigden

Julian Brigden is the Co-Founder and President of Macro Intelligence 2 Partners. Julian has over 25 years of experience in financial markets and has held positions in market and policy focused consulting to hedge funds and banks as well as in FICC sales. Julian spent five years at Medley Global Advisors from 1999 to 2004, a leading macro policy intelligence firm, as the Managing Director of the G7 Client Team providing timely trading recommendations. From 2004 to 2011, he served as North American Head of Hedge Fund Sales at Crédit Agricole. He has worked in London, Zurich, New York and Vail at UBS, Lehman Brothers, HSBC, Drexel, Credit Suisse, and Salomon Brother in foreign exchange and precious metals.

As a global macro strategist, and not a journalist or economist by training, Julian’s primary focus is exploiting trading opportunities inherent in macroeconomic and policy related developments. He is particularly skilled at exploring correlations in the economy and financial markets which are vital to a vast array of investment decision makers. Julian has been featured on Bloomberg, CNBC, the New York Times, Wall Street Journal and in Barron’s among other for the firm's research on EM, liquidity, QE, Bubbles, and global Fx.

Juliette Declercq

JDI research focuses on providing timely and exclusively trade-driven market strategy on global assets and risk (FX, EM, Fixed Income, commodities and equities). Juliette Declercq is the main analyst. With a strong macroeconomic background and 17 years of experience in strategy and proprietary trading (JPMorgan & Morgan Stanley and at 2 hedge funds Idalion and Stone Milliner), Juliette has spent most of her career advising some of today’s most successful portfolio managers. Juliette Declercq has a proven ability to turn a vast amount of information (macro, geopolitical, technical, statistical and psychology analysis) into high impact & good risk reward trade ideas (cross-product and cross-asset). Whilst being aware of all macro trends and studying them in depth, Juliette believes that psychology plays as big a part in driving asset prices in the time frame hedge fund portfolio managers are pressured to deliver returns nowadays. As such, she spends as much time gauging consensus and the likely way it will swing from one narrative to the other than on the macro story itself. This process allows for consistent and precise market timing. JDI research provides regular roadmaps for traders to navigate markets successfully and timely updates on game changers. The service does not stop at the regular roadmap, we also offer a daily and customised presence to premium clients to ensure continuous and timely thoughts and trade ideas to portfolio managers.

Alex Gurevich

Alex Gurevich is Founder and Chief Investment Officer of HonTe Investments. He has been involved in trading for over 20 years and is considered one of the world’s preeminent macro traders. He has held various roles on Wall Street which included managing derivative franchise businesses and running the global macro portfolio at JP Morgan. More recently, Alex has been managing his personal wealth through his family office. He is author of The Next Perfect Trade, which thoughtfully articulates his portfolio strategy and was published in the fall of 2015. Alex was born and raised in St. Petersburg, Russia and earned his PhD in mathematics from the University of Chicago.

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