MacroReal Invest

Macro Real Estate Podcast
Macro Real Estate Podcast
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Global Macro & Real Estate Investment Analysis Welcome to the official English-language channel of Macro Real Estate. We provide institutional-grade analysis on the intersection of global macroeconomics, real estate markets, and strategic investing. Led by founder Zoltan Szelyes and partner Olafur Margeirsson, this channel delivers deep dives into the economic forces shaping today’s investment landscape. Our experts bring decades of experience to help you navigate: Global Macro and Investment Trends: Analysis of interest rates, inflation, and monetary policy. Real Estate Investing: Insights

  1. 5h ago

    Paris Riots, Private Credit Crisis and German Real Estate | Martin Tixier & Zoltan Szelyes

    Martin Tixier joins me again from Paris for an on-the-ground view of the unrest spreading across Europe and what it means for investors.

  2. Aug 26

    One Hour of Macro Episode 2: Japan Macro Myths Debunked with Takuji Okubo

    Japan is one of the most misunderstood economies in global macro. In this episode of One Hour of Macro, hosts Zoltan Szelyes and Martin Tixier talk with Takuji Okubo, founder of Japan Macro Advisors and a veteran Japan economist with three decades of experience across Goldman Sachs, Merrill Lynch, and Société Générale. They break down why Japan's headline 250% debt-to-GDP ratio overstates its fiscal risk, how the Bank of Japan's (BOJ) equity ETF holdings have offset bond losses from quantitative easing, why Japan's interest burden is the lowest among heavily indebted G7 nations, and what the GPIF's shift back toward yen assets could mean for global capital flows and the yen's long-term trajectory.

    One Hour of Macro Episode 2: Japan Macro Myths Debunked with Takuji Okubo

  3. Aug 19

    Rising Yields: A Threat to Europe's Real Estate Recovery?

    Bond yields are moving up again. Are they creating upward pressure on real estate cap rates? In this episode of Macro Real Invest, Zoltan sits down with Olaf Margeirsson, Partner at Macro Real Estate and former Global Head of Real Estate Research at Credit Suisse and Zurich and Head of European Real Estate Research UBS, to unpack what's really behind the pressure on yields and what it means for the recovery.

    Rising Yields: A Threat to Europe's Real Estate Recovery?

  4. Aug 12

    Panda Diplomacy

    In this episode of Macro Real Invest, Zoltan and Martin Tixier break down the biggest global macro stories moving markets right now: China's social stability policy and Yuan internationalization, Japan's yield curve and Bank of Japan balance sheet strategy, rising dispersion in US high yield credit, private credit risk in the FinTech sector, panda bonds, and Nicolai Tangen's warning about Norway's sovereign wealth fund.

    Panda Diplomacy

  5. Aug 5

    How to manage downside risks in Global Macro (discussion with Jonathan Haas)

    In this episode of Macro Real Invest, Zoltan speaks with Jonathan Haas, Founder of Altius Capital, about the case for liquid futures, global macro investing, options, volatility, liquidity, and institutional risk management.Drawing on his experience across Morgan Stanley, Blackstone, and the Royal Bank of Canada, Jonathan explains why he transitioned from private real estate and private credit to building a liquid, futures-based global macro strategy at Altius Capital.In this conversation, we discuss:The challenges facing private credit and private real estate in a higher-rate environmentLiquidity risk in private credit funds and real estate vehiclesHow interest rates affect real estate valuations, refinancing, and private-market returnsWhy liquid and potentially uncorrelated strategies can complement private-market allocationsGlobal macro investing across equity indices, currencies, commodities, and interest ratesThe role of futures and options in portfolio constructionVolatility mean reversion and option-premium strategiesSelling options as an “insurance premium” strategyApplying credit-underwriting discipline to liquid marketsFundamental analysis, technical analysis, and market dislocationsDownside protection, drawdown management, and capital preservationA recent example involving gold, options, and market volatilityJonathan also discusses how a credit-investing mindset shapes his approach to risk. The conversation explores why limiting drawdowns and preserving capital may be essential to long-term compounding—particularly during periods of market stress and changing macroeconomic conditions.This interview is for educational and informational purposes only. It does not constitute investment advice, an offer, or a recommendation to buy or sell any financial product. Past performance is not indicative of future results.Subscribe to Macro Real Invest for interviews and insights on real estate investing, private credit, liquid alternatives, global macro, hedge funds, and institutional portfolio construction.Learn more about Jonathan Haas and Altius Capital:00:00 Introduction05:13 The fallout of private credit09:00 What is Altius Capital and strategies applied13:25 How to protect downside in volatile markets21:42 Why should real estate and private market investors look at Global Macro25:14 The importance of skin in the game28:47 Example of a recent trade (playing gold vola)34:08 How to get in touch with Jonathan

    How to manage downside risks in Global Macro (discussion with Jonathan Haas)

  6. Jul 28

    One Hour of Macro (with Louis-Vincent Gave as special guest)

    This is the first video of the series "one hour of macro", in which Martin Tixier and Zoltan Szelyes discuss investment relevant topics with macro top-shots. In this exclusive macro interview, Louis-Vincent Gave, CEO of Gavekal Research, joins Zoltan Szelyes and Martin Tixier to break down the massive shifts happening in global markets. From the "Bondzilla" bond crisis in Japan to the de-westernization of Chinese supply chains, Louis explains why the old investment playbooks are failing.Discover why the 60/40 portfolio is dead, why energy and gold are the new essential diversifiers, and if we are witnessing the end of US Stock Market exceptionalism. ✅ Top 3 Takeaways for Investors: Watch Japan: If the GPIF starts selling US Treasuries to buy JGBs, global yields have a long way to go up. Diversify Beyond Tech: With 40% of the S&P 500 in Tech, the index is no longer a "diversified" bet. Hardware is King: Both in the US and China, hardware is crushing software in the AI era. 📌 What You Will Learn in This Episode: China deep dive: Is China Investable? Why China is currently a "raging bargain" with the world’s lowest cost of labor, energy, and capital. The "Bondzilla" Effect: How the Japanese Ministry of Finance and GPIF are forcing a global bond market sell-off. The Death of Diversification: Why US Treasuries no longer protect your portfolio during equity drawdowns. Emerging Markets Alpha: Why Brazil, Mexico, and Chile are outperforming Western bond markets The New 60/20/20 Portfolio: Why you should reallocate from bonds into energy and metals to survive the "Inflationary Bust" quadrant.

    One Hour of Macro (with Louis-Vincent Gave as special guest)

  7. Jun 5

    The Sicilian Expedition

    In this episode, Zoltan sits down again with macro strategist Martin Tixier to unpack a month full of major shifts across global markets. From rising geopolitical tensions and energy constraints to cracks forming in credit markets, the discussion explores whether we are entering a new phase of the cycle.Martin draws parallels to historical events like the Sicilian Expedition to frame today’s geopolitical and economic risks, while both speakers dive into the real implications for inflation, liquidity, and asset prices. They also explore what’s happening beneath the surface in private credit, why certain parts of the market are starting to show stress, and whether current valuations—especially in tech and AI—are sustainable.On the real estate side, Zoltan shares insights from across Europe, highlighting where opportunities still exist despite a prolonged downturn, and which regions and sectors are better positioned going forward. He also sees value in US multifamily market right now. The conversation also covers:The risk of a second wave of inflationWhy credit markets may be turningLiquidity signals from Bitcoin and IPO activityThe refinancing wall ahead in real estate and creditInvestment positioning in a late-cycle environmentThis is a deep-dive discussion for investors trying to navigate an increasingly complex macro landscape.

    The Sicilian Expedition

  8. Apr 22

    Crossing the Rubicon

    In 49 BC, Julius Caesar crossed the Rubicon, a decision that made the fall of the Roman Republic inevitable. Today, the global financial system might face its own "point of no return". The "Buy the Dip" era is meeting a wall of reality. In this episode, Martin Tixier and Zoltan Szelyes breaks down three structural shifts that the market is dangerously ignoring:1. The Strait of Hormuz: A $6 Trillion ThreatWe are currently "Crossing the Rubicon" in global energy supply. With a 98% correlation between energy and world GDP, a prolonged standoff in the Strait of Hormuz isn't just a headline—it’s a potential 5-6% contraction of the global economy. Why is the Nasdaq hitting all-time highs while a supply shock of this magnitude looms?2. The Luxury Pivot: Bags vs. BedroomsThe "Birkin Bag Bubble" hasn't just leaked—it has burst. We discuss the death of the secondary market premium for physical luxury goods and the massive structural shift toward "Luxury Experiences." High-net-worth capital is rotating out of Hermès and Gucci and into luxury hospitality and boutique hotels. If you’re holding discretionary retail, you need to hear this. Hospitality can benefit. 3. Japan’s: The choice between two bed options Japan is the world’s largest creditor, and the "Rising Sun" is setting. With Japanese 10-year yields jumping 60+ basis points, the Bank of Japan is trapped in a "catch me if you can" game with German Bunds. They have two choices: let the bond market crash or sacrifice the Yen. We explore the massive repatriation risk as Japane

    Crossing the Rubicon
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About

Global Macro & Real Estate Investment Analysis Welcome to the official English-language channel of Macro Real Estate. We provide institutional-grade analysis on the intersection of global macroeconomics, real estate markets, and strategic investing. Led by founder Zoltan Szelyes and partner Olafur Margeirsson, this channel delivers deep dives into the economic forces shaping today’s investment landscape. Our experts bring decades of experience to help you navigate: Global Macro and Investment Trends: Analysis of interest rates, inflation, and monetary policy. Real Estate Investing: Insights

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