Global macro investing is one of the most complex styles of allocating capital, as the data sets one has at their fingertips is just so large: non-farm payrolls, currency volatility, even high-frequency foot traffic. In this interview, Amlan Roy, head of global macro research at State Street Global Advisors, speaks to Real Vision CEO about how incorporating demographics within one’s macro framework can help find the signal in the noise and give investors an edge. Roy discusses how demographic patterns map onto common macro data, such as growth rates, discount rates, savings rates, as well as interest rates, the ultimate macro statistic. This is the second installment in Raoul’s multi-part exploration into how demographics affects global economics and finance. Filmed on September 14, 2020. For Raoul’s first interview with chief investment officer Fredrik Nerbrand, click here: https://www.realvision.com/shows/the-big-picture/videos/demographics-i-pensions-in-crisis.