Macro Hive Conversations With Bilal Hafeez

Bilal Hafeez
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We talk economics and markets with leading policymakers and investors.

  1. Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams

    2 DAYS AGO

    Ep. 333: David Samra on Value Investing, AI Returns, and Bad Management Teams

    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.

    59 min
  2. Ep. 332: Miguel Gutierrez on Argentina's Transformation, Latin American Opportunities, and Private Market Arbitrage.

    30 OCT

    Ep. 332: Miguel Gutierrez on Argentina's Transformation, Latin American Opportunities, and Private Market Arbitrage.

    Miguel Gutiérrez is a Partner and Head of Private Markets, at The Rohatyn Group (TRG) - a global asset manager that specialises in emerging markets and real assets. Prior to joining TRG in October 2004, Miguel served as the Chairman and CEO of the Telefónica Group in Argentina and Chairman of Grupo Concesionario del Oeste S.A. He also served as the non-executive Chairman of YPF S.A. from April 2016 to December 2019. Earlier in his career, Miguel held numerous senior positions at J.P. Morgan, including Head of Global Emerging Markets Sales, Trading, and Research. In this podcast, we discuss:  Importance of upcoming Mexico's USMCA negotiations with US  US's new approach to Latin America  How private markets work in Latin America    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    47 min
  3. Ep. 331: Gordon Hanson on US Manufacturing Fetishisation, Job Loss, and the Middle Class

    23 OCT

    Ep. 331: Gordon Hanson on US Manufacturing Fetishisation, Job Loss, and the Middle Class

    Gordon Hanson is the Peter Wertheim Professor in Urban Policy at Harvard Kennedy School and Academic Dean for Strategy and Engagement at Harvard Kennedy School. He is best known for his research on the labour market consequences of globalisation, including pioneering work on the China trade shock. Hanson's current research addresses the causes and consequences of regional job loss, the effectiveness of place-based policies in alleviating regional economic distress, and how the energy transition will affect local labour markets. This work is part of the Reimagining the Economy project at the Kennedy School, which Hanson co-directs with Dani Rodrik. In this podcast we discuss America's historical obsession with manufacturing from the Industrial Revolution to today, manufacturing job losses and their impact on non-college workers, how traditional economics fails to measure human flourishing beyond consumption, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    34 min
  4. Ep. 330: Paul Cavey on US-China Trade War, Japan Politics and Taiwan Imbalances

    16 OCT

    Ep. 330: Paul Cavey on US-China Trade War, Japan Politics and Taiwan Imbalances

    Paul Cavey is a China-focused Asia economist with twenty-five years of experience covering the region. He runs East Asia Econ. Previously, he was a macro strategist in the global bond team at Wellington Management, head of China economics at Macquarie Securities and chief China economist at the Economist Intelligence Unit. In this podcast we discuss US-Chine trade war escalation, state of China's economy and Japanification, PBoC's next move, and much more.   Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    56 min
  5. Ep. 329: Shiloh Bates on CLO Risks, Private Credit and Macro Read-Through

    10 OCT

    Ep. 329: Shiloh Bates on CLO Risks, Private Credit and Macro Read-Through

    Shiloh Bates is a Partner and Chief Investment Officer. Prior to that, he was a Managing Director at Benefit Street Partners. During his 20-year career, Mr. Bates has worked for several CLO managers and has been one of the largest investors in CLO securities. He wrote the book, CLO Investing with a focus on CLO Equity and BB Notes. He is also the host of the CLO Investor Podcast. In this podcast we discuss private credit boom, growth in covenant-lite loans, industry concentration in CLOs, and much more.   Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    35 min
  6. Ep. 328: Diane Coyle on GDP, Digital Gaps and Invisible AI Economy

    2 OCT

    Ep. 328: Diane Coyle on GDP, Digital Gaps and Invisible AI Economy

    Diane Coyle is the Bennett Professor of Public Policy at the University of Cambridge. She is the Research Director at the Bennett School of Public Policy. Diane's latest book is 'The Measure of Progress: Counting What Really Matters'. Her own research focuses on productivity, the digital economy and AI policy, and economic measurement. She has been writing about the effects of digital technologies since her first book, 'The Weightless World', in 1997.  Diane is currently a member of the UK Government's Industrial Strategy Council, the New Towns Taskforce, and advises the Competition and Markets Authority. She has served previously in a number of public service roles including as Vice Chair of the BBC Trust, member of the Competition Commission, and of the Natural Capital Committee. Diane was awarded a DBE in 2023 for her contribution to economics and public policy. In this podcast we discuss the inadequacy of GDP measurement, missing the digital economy; dealing with free digital services, how to measure productivity in services, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    25 min
  7. Ep. 327: Ryan Hass on China's Patient Power Play, and US-China Relations

    25 SEPT

    Ep. 327: Ryan Hass on China's Patient Power Play, and US-China Relations

    Ryan Hass is director of the John L. Thornton China Center and the Chen-Fu and Cecilia Yen Koo Chair in Taiwan Studies at Brookings. He is also a senior fellow in the Center for Asia Policy Studies. Ryan focuses his research and analysis on enhancing policy development on the pressing political, economic, and security challenges facing the United States in East Asia. Before Brookings, Ryan served as the director for China, Taiwan and Mongolia at the National Security Council (NSC) staff. Prior to joining the NSC, Ryan served as a Foreign Service Officer in US Embassy Beijing. Ryan is the author of 'Stronger: Adapting America's China Strategy in an Age of Competitive Interdependence'. In this podcast we discuss China's strategic worldview and 'rightful place' in world, US-China relations, China playing hardball with Europe, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    31 min
  8. Ep. 326: Jon Turek on Fed Cuts, Recession Risks and Political Risks

    18 SEPT

    Ep. 326: Jon Turek on Fed Cuts, Recession Risks and Political Risks

    Jon Turek is the founder and CEO of JST Advisors, a hedge fund advisory service that publishes a weekly research note with global macro trade ideas. JST Advisors works closely with hedge funds on developing asymmetric macro trade ideas and market themes. Outside of JST Advisors, Jon worked as a portfolio manager at Brevan Howard and as an analyst at Moore capital. In this podcast we discuss whether the US labour market normalising or signalling recession, how much will Fed end up easing, impact of AI capex on US growth, and much more.    Follow us here for more amazing insights: https://macrohive.com/home-prime/ https://twitter.com/Macro_Hive https://www.linkedin.com/company/macro-hive

    41 min
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