Welcome to The Macro Weekly. In this newsletter, you'll find the best investment insights of the past week. Thank you for being a reader.
Best of the Week
Investing in Interesting Times | Antti Illmanen, AQR
AQR’s Antti Illmanen, the author of Expected Returns, outlines what happened to asset prices before 2022 and what changed last year in this research piece. In the prior decade, expected returns were low, affecting financial markets in several ways, such as the shift to private markets. Fortunately, last year’s market declines offer investors higher expected returns going forward, particularly for bonds. I highly recommend this piece.
Legendary Investor Bill Gurley on Investing | Tim Ferriss Podcast
Tim Ferriss interviews renowned venture capitalist Bill Gurley. In this excellent podcast, Bill provides many insights into thinking about investments, making decisions, and understanding industries, among many others. He also offers a wealth of recommended resources.
Former Bridgewater Chief Investment Strategist Rebecca Patterson | Alpha Exchange Podcast
Former Bridgewater Chief Investment Strategist Rebecca Patterson joined the Alpha Exchange podcast to share how she rose in the industry and many stories from her time at JP Morgan, Bessemer Trust, and Bridgewater. It concludes with her thoughts on today’s financial markets. Currently, she is cautious on asset prices. Markets have priced in a return to lower inflation and Fed rate cuts. If this doesn’t occur, asset prices may have further to fall. Despite slowing growth and tight monetary policy, there are opportunities in countries further along the monetary policy cycle, such as Brazil.
Things on my Radar
(EU)phoria: Taking Profits | Diego Tremiterra of Lykeion
Charts of the Month - Jan '23 | Tim Purcell of Lykeion
Lakshman Achuthan: Immaculate Disinflation Debunked | MacroVoices Podcast
Michael Howell: Liquidity Is Back | Forward Guidance Podcast
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