Anna Raytcheva on Trading Regime Changes, Reflation and Crypto
Macro Hive Conversations With Bilal Hafeez
Release Date: 07/30/2021
Macro Hive Conversations With Bilal Hafeez
Darrell Duffie is a leading expert on bond markets. He is the Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University. He has been on the finance faculty at Stanford since receiving his Ph.D. from Stanford in 1984. He is author of several books, including ‘Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity’. He presented at the 2023 Jackson Hole Symposium. This podcast covers: key events that impacted Treasury market functioning from GFC to COVID, the growth of Treasury market vs stagnant...
info_outline Ep. 208: David Dredge on Inflation, Underpriced Risks and Sharpe Ratio FlawsMacro Hive Conversations With Bilal Hafeez
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...
info_outline Ep. 207: Dave DeWalt on Cyber Warfare, Attacks on US Election, and AIMacro Hive Conversations With Bilal Hafeez
Dave DeWalt is Founder, CEO, and Managing Director of NightDragon, an investment and advisory firm focused on growth and late-stage cybersecurity, safety, security, and privacy companies. Before NightDragon, Dave helped create more than $20 billion in shareholder value during his 15-plus years as President and CEO of Documentum, McAfee, and FireEye. That includes driving the most successful cybersecurity IPO ever in 2013 and leading the largest all-cash deal in technology history in 2010. Dave has also served on the US National Security Telecommunications Advisory Council for the past four US...
info_outline Ep. 206: Nigel Toon on How AI Thinks and How We Can Control ItMacro Hive Conversations With Bilal Hafeez
This podcast is sponsored by (). Nigel Toon is the founder of Graphcore, which builds unique IPU chips designed for AI. He sits as a Non-Executive Director on the board of the UK Research and Innovation Council and has sat on the UK Prime Minister’s Business Council. He has been ranked #1 on Business Insider’s UK Tech 100 and named as one of the ‘Top 100 entrepreneurs in the UK’ by the Financial Times. He is the author of the best-selling book ‘’. This podcast covers: comparing chips: CPU vs GPU vs IPU, data vs information, big data and neural networks, and much...
info_outline Ep. 205: Gary Gerstle on Unprecedented Trump, Unrecognised Biden, and Unusual TimesMacro Hive Conversations With Bilal Hafeez
Gary Gerstle is the Paul Mellon Professor of American History Emeritus and Paul Mellon Director of Research at the University of Cambridge. He is the author and editor of more than ten books, including two prize-winners, American Crucible: Race and Nation in the Twentieth Century (2017) and Liberty and Coercion: The Paradox of American Government from the Founding to the Present (2015). His most recent book, The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era (2022), was chosen as a Best Book of 2022 by the Financial Times and Prospect Magazine. He has also...
info_outline Ep. 204: Claudia Sahm on Inflation Risks, Fed Cuts, and RecessionMacro Hive Conversations With Bilal Hafeez
Claudia Sahm is a well-known, highly regarded, Washington-based expert on monetary and fiscal policy and forecasting. She has advised decision-makers at the Federal Reserve, White House, and Congress. She created a widely used and highly accurate recession indicator, the Sahm rule. Sahm is the founder of Stay-at-Home Macro (SAHM) Consulting. Previously, she was a section chief at the Federal Reserve and a senior economist at the Council of Economic Advisers. Sahm holds a Ph.D. in Economics from the University of Michigan. This podcast covers: whether US fiscal policy worked and whether it...
info_outline Ep. 203: Melanie Mitchell on Can Artificial Intelligence Beat Human ThinkingMacro Hive Conversations With Bilal Hafeez
Melanie Mitchell is one of the leading AI researchers in the world. She is Professor at the Santa Fe Institute. Her current research focuses on conceptual abstraction and analogy-making in artificial intelligence systems. Melanie is the author or editor of six books and numerous scholarly papers in the fields of artificial intelligence, cognitive science, and complex systems. Her most recent book is entitled ‘Artificial Intelligence: A Guide for Thinking Humans’. This episode’s podcast covers: evolution of AI from cybernetics to neural networks and deep learning, how big (labelled) data...
info_outline Ep. 202: Alberto Gallo on Trump, Fiscal Risks, and Market OutlookMacro Hive Conversations With Bilal Hafeez
Alberto Gallo is Chief Investment Officer and Co-founder at Andromeda Capital Management. Prior to that, Alberto initiated and ran the Global Credit Opportunities fund at Algebris Investments. Previously, he ran macro credit research at RBS in London, and served in senior research roles at Goldman Sachs in New York, Bear Stearns in New York and London, and Merrill Lynch in London. In this podcast we discuss: the market being too focused on rate cuts, the importance of the new fiscal regime, inflation risks, and much more. Charts mentioned can be found Follow us here...
info_outline Ep. 201: Henry Ritchotte on Managing Banks, Start-Ups, and the New Investment EraMacro Hive Conversations With Bilal Hafeez
Henry Ritchotte is the Founder of RitMir Ventures, investing in financial services businesses with a focus on regulatory- and technology-driven business models. Before that, Henry served as Chief Digital Officer of Deutsche Bank, creating the blueprint for a digital challenger bank within Deutsche Bank. Previously, Henry was Chief Operating Officer and a member of the Management Board and Group Executive Committee at Deutsche Bank. This episode's podcast covers: dealing with the 2008 financial crisis, running a bank through the eyes of a COO, why European banks haven’t toppled US banks, and...
info_outline Ep. 200: Julia Azari on Trump’s Dictatorial Powers, Biden’s Unpopularity, and US ElectionsMacro Hive Conversations With Bilal Hafeez
Julia Azari is Professor in the Department of Political Science at Marquette University. She holds a Ph.D in political science from Yale University. Her research focuses on the American presidency, American political parties, political communication, and American political development. She is the author of ‘Delivering the People's Message: The Changing Politics of the Presidential Mandate’. She is a regular contributor to FiveThirtyEight.com, Politico, and The Washington Post. This episode covers: what led to Presidential powers in foreign and domestic policy, the impact of the George W...
info_outlineThis episode is supported by private equity platform Moonfare.
Anna founded Sonya Capital Management in December 2016. Prior to that, Anna spent over twenty years at Citigroup, where she oversaw a multi-billion dollar balance sheet and large teams of traders as the Head of the Strategic Trading Desk, Co-Head of Risk Treasury and Head of the Agency MBS trading desk. Anna traded through eight central bank tightening and easing cycles and a few financial crises, such as the Asian financial crisis, the Dot-com bubble and the Global Financial crisis. When she left Citigroup, the WSJ featured her as ‘Citigroup's last proprietary trader’. She graduated with honours from Princeton University with a degree in Mathematics. In this podcast we discuss:
- Difference between trading on the sell-side versus at own fund
- Framework used to invest in markets
- How to use flow information to validate views
- The value of machine learning
- How to identify market regime changes
- The impact of risk transfers on market volatility
- How bubbles can be rational
- The difference between high-frequency trading and macro
- Views on the current reflation theme
- Two major risks: US tax changes and China decoupling
- Market to watch - yen
- Views on crypto markets
- Books that influenced Anna: The Second Machine Age (Brynjolfsson, Mcafee), Thinking, Fast and Slow (Kahneman)