Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams
Macro Hive Conversations With Bilal Hafeez
Release Date: 11/06/2025
Ep. 356: Tina Fordham on the Geopolitics Super Cycle, Iran’s Oil Shock, and Trump’s Global Impact
Macro Hive Conversations With Bilal Hafeez
Tina Fordham is a Geostrategist, Author and Advisor to board and C-Suite leaders on a mission to transform how leaders navigate the changing global environment. Her signature theses on the Geopolitics Supercycle, PQ (Political Quotient) and Vox Populi Risk have entered the popular lexicon, while the tools developed by Fordham Global Foresight have demonstrated how geopolitics can be integrated into business strategy. Fordham was Wall Street’s original Chief Global Political Analyst, spending 17 years at Citigroup. She created Eurasia Group’s financial markets...
info_outline
Ep. 355: Phil Suttle on Oil Market Shocks, Inflationary AI, and the Fed's Hawkish Pivot
Macro Hive Conversations With Bilal Hafeez
Phil is the founder of Suttle Economics – a leading research consultancy. Before that, he held senior roles at Tudor, the Institute of International Finance (IIF), JP Morgan, Barclays, the New York Fed and World Bank. He was educated at Oxford University and lives in the US. In the podcast, we talk about: The Oil Price Shock and "Negative Supply Curve" Impact US Economic Stagnation and Population Seismic Shift AI as a Short-Term Inflationary Impulse The Fed’s Potential Hawkish Pivot European and Japanese Central Bank Outlooks...
info_outline
Ep. 354: Nader Itayim on Iran’s Hormuz Stranglehold, GCC Tensions, and the Oil Market’s Recovery
Macro Hive Conversations With Bilal Hafeez
Nader is Argus' Middle East editor, based in Dubai. Argus is a leading independent provider of global energy and commodity market intelligence. Nader has more than 15 years of experience covering oil and gas in the region, and today heads up the company's Middle East and OPEC coverage. Prior to moving to Argus in 2015, Nader spent five years with the Middle East Economic Survey (MEES) weekly in Cyprus. In this podcast, we discuss: Fragmented GCC Stances Iran’s Hormuz "Stranglehold" The "Zero Enrichment" Stalemate The Hormuz Transit Toll US Naval Blockade Tactics Downstream...
info_outline
Ep. 353: Rory Johnston on the Hormuz Ceasefire, Oil Supply Losses, and Navigating Energy Security
Macro Hive Conversations With Bilal Hafeez
Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss: The Billion-Barrel Supply Gap Physical Insurance and Pipelines The "Toll Booth" Strait Sanctions as a Safety Valve Wealth vs. Shortages China’s Strategic...
info_outline
Ep. 352: Richard Schimel on Platform Evolution, Collaborative Culture, and Navigating Market Risks
Macro Hive Conversations With Bilal Hafeez
Richard Schimel is the Co-Founder and Co-CIO of Cinctive Capital Management – a leading multi-strategy alternative asset manager. Rich has over 30 years of experience in the investment management industry. Prior to Cinctive, Rich was Head of Aptigon Capital, a division of Citadel, where he served on the firm’s Portfolio Committee. Before that, Rich founded and served as the CIO of Sterling Ridge Capital. Earlier in his career, Rich co-founded Diamondback Capital, where he co-managed the firm as well as portions of the firm’s overall...
info_outline
Ep. 351: Tyler Goodspeed on Recession Myths, the Reality of Economic Shocks, and Policy Hubris
Macro Hive Conversations With Bilal Hafeez
Dr. Tyler Goodspeed chaired the White House Council of Economic Advisers from 202-21. During his tenure on the council, he also chaired the Economic Policy Committee at the Organisation for Economic Co-operation and Development (OECD). From 2021 through 2023, Tyler was a Director and Chief Economist at Greenmantle, a New York and London-based macroeconomic and geopolitical consulting firm. The author of four books on economic history, Tyler holds a PhD in economics from Cambridge University and a PhD in history from Harvard University, He is currently a Senior Fellow at the Adam Smith...
info_outline
Ep. 350: Tomasz Nadrowski on China’s Mineral War, Western Supply Chain Gaps, and Global Resilience
Macro Hive Conversations With Bilal Hafeez
Tomasz Nadrowski is a portfolio manager at the Amvest Terraden Critical Minerals Fund. He was a former Director at the World Economic Forum and Vice President of Business Development at AngloGold Ashanti, then the world’s largest gold producer. Tomasz has spent over fifteen years managing commodity and mining equity portfolios for hedge funds and family offices across the U.S., Europe, and Asia. He is fluent in seven languages and a regular contributor to Oxford Analytica. He combines deep industry knowledge with a strategic understanding...
info_outline
Ep. 349: Nader Itayim on Iran’s Regional War, the Hormuz Choke Point, and Global Energy Disruption
Macro Hive Conversations With Bilal Hafeez
Nader is Argus' Middle East editor, based in Dubai. Argus is a leading independent provider of global energy and commodity market intelligence. Nader has more than 15 years of experience covering oil and gas in the region, and today heads up the company's Middle East and OPEC coverage. Prior to moving to Argus in 2015, Nader spent five years with the Middle East Economic Survey (MEES) weekly in Cyprus. In this podcast, we discuss: Inevitable Escalation with Iran Iran's Decentralised Resilience The Rise of Mojtaba Regional Retaliation Strategy The...
info_outline
Ep. 348: Alex Campbell on Commodity Diversification, AI strategies, and the Moneyball Approach
Macro Hive Conversations With Bilal Hafeez
Alex has 20 years of experience at the intersection of finance and data. He has been a global macro investor at firms like Bridgewater Associates and a proprietary volatility trader at Lehman Brothers. Prior to his career as a data-driven speculator, Alex received an MBA from Stanford Business School, an MPhil in Economics (Game Theory) from the University of Oxford, and a BA (Hons) in Economics from McGill University. In this podcast, we discuss: Fantasy Baseball to Prop Trading Diversification as the “Free Lunch” Gold vs. The Chinese Credit Bubble Silver as the “Money that Generates...
info_outline
Ep. 347: Raphaël Gallardo on Austrian Economics, Wobbling AI Bubbles, and Trump Risk Parity
Macro Hive Conversations With Bilal Hafeez
Raphaël Gallardo is Chief Economist within the Cross-Asset team at Carmignac. Carmignac is a leading European investment management boutique established in 1989, with over EUR 40 bn in assets under management. Raphaël joined them in 2018. He started his career in 1997 at BNP Paribas, where he spent ten years as a Quantitative Analyst within the Risk Department, a Country-risk Economist, a Financial Engineer specialising in interest rate risk, and ultimately a cross-asset strategist. In 2007, he joined Axa IM as Head of...
info_outlineDavid 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.