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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. 346: Alex Gurevich on US Return to Zero Rates, AI Productivity, and Managing Portfolio Paralysis show art Ep. 346: Alex Gurevich on US Return to Zero Rates, AI Productivity, and Managing Portfolio Paralysis

Macro Hive Conversations With Bilal Hafeez

Alex Gurevich is the founder of HonTe Investments. After earning a PhD in mathematics from the University of Chicago, he leveraged his passion for strategic gaming into a lucrative Wall Street career. He has been hailed by The Wall Street Journal as the star trader of J.P. Morgan, where he served as Managing Director in charge of global macro trading and, in 2020, was leading HonTe’s macro strategy when he ranked second by net return according to BarclayHedge. Alex is the bestselling author of The Next Perfect Trade and The Trades of March 2020. In this...

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Macro Hive Conversations With Bilal Hafeez

Marc Elovitz is Global Head of Investment Management Regulatory at McDermott Will & Schulte – a leading global law firm. Marc advises private fund managers on running their businesses consistent with all relevant laws, regulations and legal requirements. Marc’s cutting-edge work also covers the latest trends of interest to private funds, including blockchain technology and digital assets. He advises on the legal and regulatory considerations involving virtual and digital currency business initiatives and the blockchain technology behind them. In this...

info_outline Ep. 344: Sean McGould on Multi-Strategy Investing, Trump 2.0, and the AI ‘Digital Tool’ Era show art Ep. 344: Sean McGould on Multi-Strategy Investing, Trump 2.0, and the AI ‘Digital Tool’ Era

Macro Hive Conversations With Bilal Hafeez

Sean McGould – the founder/CEO of the Lighthouse Group – an approximately $17 billion investment management firm. Prior to Lighthouse, Sean was the Director of the Outside Trader Investment Program for Trout Trading Management Company. Before joining Trout, he worked for Price Waterhouse in auditing and corporate finance. In this podcast we discuss:   The Multi-Strategy Investment Approach The Selective "War for Talent"  Adapting to Trump 2.0 Volatility  Targeting Real Returns vs Gold  AI: A Digital Tool, Not a Total...

info_outline Ep. 343: Srividya Jandhyala on Changing Corporate Behaviour to Geopolitical Risks, and ‘The Great Disruption’ show art Ep. 343: Srividya Jandhyala on Changing Corporate Behaviour to Geopolitical Risks, and ‘The Great Disruption’

Macro Hive Conversations With Bilal Hafeez

Srividya Jandhyala is a professor of Management at ESSEC Business School in Singapore. Her research focuses on global strategy, geopolitics, and international business. She is the author of the best-selling book ‘The Great Disruption: How Geopolitics is Changing Companies, Managers, and Work’. Before ESSEC, she was a Fung Global Fellow at Princeton University. She also served on the faculty of George Washington University in Washington, D.C., and she received her PhD in Management from the Wharton School at the University of Pennsylvania. In this podcast, we...

info_outline Ep. 342: Rory Johnston on Trump’s Bullish Impact on Oil Markets, and the Bearish Risks Ahead show art Ep. 342: Rory Johnston on Trump’s Bullish Impact on Oil Markets, and the Bearish Risks Ahead

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:   Trump’s Bullish Paradox   Importance of China's SPR Why OPEC+ Hiked Production The "Oil on Water" Overhang   Venezuela and Iran 2026...

info_outline Ep. 341: Phil Suttle on Trump’s Populism, the Productivity Mystery, and Global Disruption show art Ep. 341: Phil Suttle on Trump’s Populism, the Productivity Mystery, and Global Disruption

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:  US Labour Market Dissonance Trump’s "Elizabeth Warren" Populism The Productivity Mystery Fed Under Pressure Sticky Inflation Through 2027 Global Business Disruptions Extreme Oil Volatility Japan’s Policy Pivot...

info_outline Ep. 340: Robert Koenigsberger on EM Cycles, China’s Turnaround, and the New Era of Private Credit show art Ep. 340: Robert Koenigsberger on EM Cycles, China’s Turnaround, and the New Era of Private Credit

Macro Hive Conversations With Bilal Hafeez

Robert is Founder, Chief Investment Officer and the Managing Partner of the $5bn EM fund, Gramercy. He founded Gramercy in 1998. Robert has 36 years of investment experience dedicated to emerging markets with a specialization in distressed opportunistic credit strategies. He is a member of Gramercy’s Management Team and is Co-Chair of the Risk Management Committee. In this podcast we discuss: EM in 2025: From Caution to FOMO EM vs DM: A Role Reversal Since COVID The Problem with EM Labels & Indices China: From...

info_outline Ep. 339: Jay Pelosky on Tech Bubble (or Not), China vs. US, Clean Energy Plays show art Ep. 339: Jay Pelosky on Tech Bubble (or Not), China vs. US, Clean Energy Plays

Macro Hive Conversations With Bilal Hafeez

Jay Pelosky is the founder of TPW Advisory. He has over 35 years of buy-side and sell-side financial market experience. Before going independent, Jay was at Morgan Stanley, where he was ranked #1 by Institutional Investor in Global Equity Strategy and Global Asset Allocation Strategy. In this podcast, we discuss:  Tripolar World (TPW) - regional integration in Asia, Europe, and Americas. Global growth long cycle driven by spending on AI, defense, and climate across regions. China-US AI competition The shift from chip quality to...

info_outline Ep. 338: Ken Tropin on Talent Recruitment, Fed Risks, and Biggest Underpriced Trade show art Ep. 338: Ken Tropin on Talent Recruitment, Fed Risks, and Biggest Underpriced Trade

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Ken Tropin is a legend in the macro space. He is the Chairman and the founder of Graham Capital Management (GCM) - $20bn fund. Ken founded GCM in 1994 and has grown the firm into an industry leading alternative investment manager focusing on global macro discretionary and quantitative hedge fund strategies. Prior to founding GCM, Ken had significant experience in the alternative investment industry, including five years (1989 to 1993) as President and Chief Executive Officer of John W. Henry & Company, Inc. and seven years...

info_outline Ep. 337: Sangeet Paul Choudary on What Everyone Is Getting Wrong on AI show art Ep. 337: Sangeet Paul Choudary on What Everyone Is Getting Wrong on AI

Macro Hive Conversations With Bilal Hafeez

Sangeet Paul Choudary is the best-selling co-author of Platform Revolution and author of the new book Reshuffle. He has advised leadership teams at over 40 Fortune 500 companies—including Nestlé, ExxonMobil, Daimler, ING, and Booking.com—as well as pre-IPO tech firms. Sangeet currently serves as a Senior Fellow at the University of California, Berkeley, and has spoken at global forums such as the G20 Summit, World50 Summit, and the World Economic Forum.

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David 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.