Podcast
Macro & Volatility™
Hosted by Josh Silva and Michael Purves · EN
Josh Silva of Passaic Partners and Michael Purves of Tallbacken Capital discuss the world of investing through the lens of cross-asset and derivative frameworks.
The information, opinions and views expressed on this podcast are for informational purposes only and are not intended as investment advice. The opinions expressed may not align with Passaic Partners' views or its client strategies. Market forecasts are speculative and should not be the sole basis for investment decisions. Consult your financial and tax advisors before making any investments.
12episodes
Episodes
Newest firstAll episodes
Macro & Volatility™ #31: Why "Higher Everything" Makes Sense
Yesterday00:30:43Tap to summarizeEquity rally is broad, earnings-driven, and still not stretchedMarkets can tolerate higher rates until speed becomes the riskAI capex is creating a sustained, structural inflation floor
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Macro & Volatility™ #30: Operation Epic Earnings
May 500:25:50Tap to summarizeEquity rally is fundamentally earnings-driven, not war “denial”Excessive hedging mispriced the upsideBonds are selling off because inflation is shifting from short-term to structural
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Macro & Volatility™ #29: Foolin'
Apr 100:23:50Tap to summarizeConvexity conundrum: diversifying assets didn’t workCommodities are not tariffs and cannot be altered at the stroke of a penTape bombs are having diminishing impact
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Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?
Mar 400:21:27Tap to summarizeMore about rotation than directionBonds are still not protectingImplied correlation / VIX is at a record low
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Macro & Volatility™ #27: Seismic Activity but No Real Fear
Feb 300:19:53Tap to summarizeHealthy correction in gold and silverHigher nominal rates globallyWarsh’s impact on the MOVE and VIX
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Macro & Volatility™ #26: "Love Vigilantes" - New Order
Dec 500:29:21Tap to summarizeReady, Shoot, Aim FedMisunderstanding of Oracle CDSWelcome back to the ‘90s
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Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?
Oct 3100:23:37Tap to summarizeLong Vol and long DeltaPaid to be long CorrelationBuy Everything!
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Macro & Volatility™ #24: Certain things are true... for now!
Oct 600:19:10Tap to summarizeRisk-on sentiment is reinforced by accelerated global earningsMarkets go up... volatility goes upThe Magnificents’ P/E-to-expected growth is favorable — not true for the Everything ElseCross-asset correlations are already historically high — a short hop to “1”Gold is expected to move higher, driven by global populist monetary and fiscal stimulus
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Macro & Volatility™ #23: Bonds are Losing their Diversification Benefits
Aug 2800:19:54Tap to summarize• Surprise — no surprises • Front end is clear • Back end is lost
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Macro & Volatility™ #22: Tempered Cross-Asset Volatility
Jul 100:16:39Tap to summarizeUS Dollar allergy & US Treasury curve illnessTipping point for US Dollar weaknessRisk appetite still going strong!
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