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 Electricity"
The "Long API, Short Slides" Thesis
China's Sceptical Data
Copper vs. Iron Divergence
The Future of Systematic Investing

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 Macroeconomic Research and moved to Rothschild & Cie Gestion in 2012 to occupy the same position. From 2013 to 2018, he was Cross-Asset Strategist at Ostrum Asset Management. Raphaël holds an Engineering Degree from École Nationale Supérieure des Mines de Paris. In this podcast, we discuss:
Austrian Economics Framework
Three "Wobbling" Bubbles
The "Sad" AI Bubble
Trump Risk Parity Portfolio
Spain's "Virtuous Circle"
France's Fiscal Existential Risk
Japan's Vicious Circle
China's Dual Economy
Death of the Risk-Free Asset
2026–2027 Outlook

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 podcast, we discuss: 
The 10-Year "Test of Time" Retrospective
The "Swim with the Tide" Framework  
Rethinking "Tight Stops" in Risk Management  
Strategies to Overcome Portfolio Paralysis  
Betting on the "Necessary" vs. "Sufficient"  
Japan's Search for the "Perfect Trade"  
The Case for the Fed Returning to 0%  
AI-Driven Technological Displacement  
Energy as the "Bottleneck" for AI Growth  
Evolving Views on Option Usage

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 podcast, we discuss:
From Litigation to Regulation
The Private Market Boom
"Project Crypto" and Regulatory Harmonisation
Beyond Digital Gold
The Yield Obstacle in Stablecoins
Future-Proofing Digital Assets
The Trust Factor in Private Equity
Solving the AI Explainability Crisis
The Delaware Governance Battle
Perspective through Fiction

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 Bubble 
Redefining Value in the Digital Age 
Japan's Shareholder Value Pivot 
Centralised Planning Risks in China 
Patience in Tight Credit Markets 
The 2026 Macro Outlook 

You can get more information on Sean's firm here 

The commentary contained in the above article/podcast does not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs.