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About This Podcast
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.
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Recent Episodes
Macro & Volatility™ #31: Why "Higher Everything" Makes Sense
Equity 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
Macro & Volatility™ #30: Operation Epic Earnings
Equity 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
Macro & Volatility™ #29: Foolin'
Convexity conundrum: diversifying assets didn’t workCommodities are not tariffs and cannot be altered at the stroke of a penTape bombs are having diminishing impact
Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?
More about rotation than directionBonds are still not protectingImplied correlation / VIX is at a record low
Macro & Volatility™ #27: Seismic Activity but No Real Fear
Healthy correction in gold and silverHigher nominal rates globallyWarsh’s impact on the MOVE and VIX
Macro & Volatility™ #26: "Love Vigilantes" - New Order
Ready, Shoot, Aim FedMisunderstanding of Oracle CDSWelcome back to the ‘90s
Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?
Long Vol and long DeltaPaid to be long CorrelationBuy Everything!
Macro & Volatility™ #24: Certain things are true... for now!
Risk-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…
Macro & Volatility™ #23: Bonds are Losing their Diversification Benefits
• Surprise — no surprises • Front end is clear • Back end is lost
Macro & Volatility™ #22: Tempered Cross-Asset Volatility
US Dollar allergy & US Treasury curve illnessTipping point for US Dollar weaknessRisk appetite still going strong!
Macro & Volatility™ #21: Re-shoring, Re-industrialization, De-globalization
The winners, the losers, and the in-betweensOld economy vs New economy CapExTrump has Made Europe Great Again (“MEGA”)US De-globalization is leading to Global De-correlation
Macro & Volatility™ #20: 4000s without a Recession
Realized volatility did the heavy liftingTrade (“Cold”) War discountPace of news flow will slow
Macro & Volatility™ #19: Beyond Liberation Day
What does Liberation Day mean for inflation?Bonds and the Fed are pointing to growth contraction and moderate stagflationTail-hedging didn’t workTrump Put is very different than the Fed Put
Macro & Volatility™ #18: Deconstructing the Bond Bid
The bond market says ...What's driving the yields?The VIX continues to be higher for longer
Macro & Volatility™ #17: Insight into the Tele-tech Frenzy of the 90s and How it Applies to AI Today
CEO FOMO, 30 years later.Using lessons from the past to understand risk today.A key difference in valuations, then and now.
Macro & Volatility™ #17: Insight into the Tele-tech Frenzy of the 90s & How it Applies Today
CEO FOMO, 30 years later; Using lessons from the past to understand risk today;A key difference in valuations, then and now
Macro & Volatility™ #16: Trading the “Art of the Deal”
The US political risk premium. Market corrections could be violent. Upside may be limited by PE contraction; downside may be limited by two Trump puts.
Macro & Volatility™ #15: Bessent’s Job Won’t Be Easy
Rate volatility will likely be higher for longer. Elevated rate volatility means higher mortgage rates. High mortgage rates will contribute to higher inflation.
Macro & Volatility™ #14: Gold, Post-Election and Beyond
Fleeting competition for gold. Gold strength continues despite dollar range, elevated rates, and low vol. Silver can catch up.
Macro & Volatility™ #13: Options Markets are Pointing To ...
Options Markets point to risk-on with a higher VIX through year-end. In China, right tail is bid. The AI rotation may benefit China and, derivatively, Europe.
Frequently Asked Questions
Macro & Volatility™ has published 32 episodes since June 2024, covering topics in Business, Investing.
Macro & Volatility™ is currently highly active with new episodes monthly. Average episode length is 14m.
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