Meeting of Minds – May 2018

Published on: May 28th, 2018

This month Raoul and Julian share details from the recent meetings they’ve had with clients. Julian highlights some of the discussions from MI2 client meetings in the US North East, revealing where macro portfolio managers are investing their energies. Raoul releases the final part of his latest GMI report, which gives a peek into the world of some of the most famous investors who showed up at the world-renowned Global Macro Investor Round Table in early April.


  • GC
    Gerard C.
    6 June 2018 @ 12:53
    Thanks to both of you for putting in the legwork
  • AC
    Andrew C.
    4 June 2018 @ 06:13
    Great Discussion, but I find myself frustrated reviewing the charts, some of which are questionable….. The Crude Oil Demand China (pg-8) is very "iffy"; the entire ordinate axis has a range less than 10% of the absolute number, and only across 2 years. The roll-over is from 11.9 to 11.8 mm BBLS (less than 1%), I would put forward this graph shows noise. Also, please chart to allow easier direct comparison. A prime example on Page-9: "China Total imports" (on 2006-2018 time scale) immediately above with "China monthly storage” (from 2010-2018) could easily be plotted on same time scales. Then we can compare directly, - perhaps leave some charts half-blank, as I understand that data may be scarce/unavailable.
  • JM
    Jason M.
    3 June 2018 @ 15:42
    Excellent work gentlemen. I love this format.
  • RI
    R I.
    28 May 2018 @ 17:01
    Raoul & Julian - how would stagflation change your views? To quote Raoul, “the future of the global economy is not inflation and higher growth but lower growth and disinflation.” Isn’t that a rather simplistic conclusion for an increasingly complex macro environment with overtly loose monetary policy. Why not at least discuss the possibility of lower growth and higher inflation (i.e. stagflation)?
    • JB
      Julian B. | Contributor
      1 June 2018 @ 14:55
      Hi R I. As I've mentioned, I view the policy end game as rapid nominal GDP ie real growth plus inflation, with the objective of monetising the debt accumulated by all groups from govts to individuals. In an ideal world policy makers would like 2% ish inflation and high real growth of 3%. However, if the growth isn't achievable they go with higher inflation. So in that sense we could have a "stagflationary environment". But at the end of the day the objective is achieve 5%+ nominal GDP. Hope that helps?
  • CG
    Craig G.
    31 May 2018 @ 01:04
    Is there any way to trade the FX vol or the MOVE vol for retail investors?
  • PG
    Paul G.
    30 May 2018 @ 05:24
    may sound duh - but how would one register / take part in the Monax ICO? Is there an exchange that is offering it? I checked their website but can't see anywhere to register interest.
    • DW
      Daniel W.
      30 May 2018 @ 11:45
      "Token sale date TBA"
  • JC
    Jason C.
    30 May 2018 @ 00:09
    Really fresh and helpful macro insiders piece. Love the curated incorporation of feedback/thoughts/ideas from both personal and client meetings. Very insightful.
  • GS
    George S.
    29 May 2018 @ 11:17
    Bang! Fantastic issue!
  • WD
    Wim D.
    29 May 2018 @ 07:29
    Top one! Is there an actual trade idea for that ICO?
  • IO
    Igor O.
    28 May 2018 @ 18:33
    This one is a blockbuster!
    • IO
      Igor O.
      28 May 2018 @ 18:41
      Liked blockchain compared to the big bang. Hope to see more from this guy.
  • TA
    The A.
    28 May 2018 @ 18:27
    For all the gold bugs among us. We all have been waiting for the breakout of the Head and Shoulders bottom. The last months a lot have called for a breakout but sentiment was always too high (I use the daily sentiment index, it works very well for gold, for currencies, it doesn't work so well, so be careful when you use it) so the breakout didn't happen. What we are seeing now in gold is that it broke down from its trading range of 1310-1360. Sentiment is getting very bearish right now. Positioning is extremely low. The gold-silver ratio is at a crucial point that indicated big bottoms in gold over the last two decades. I'm looking for gold to go a little bit lower (1240 would be ideal). At this point, sentiment and positioning will be like at the beginning of 2016, we all know how great gold and the miners performed the following months. Julian's comment that compares the inflation situation right now to 2010-2011 provides the last missing piece. The fundamental reason why gold will break out this time. 2010-2011 was obviously an amazing time for gold and that is when Julian's company price model went straight up. The other time was 2016. And now, it will be in the coming months. I think gold is finally ready for the breakout, We are getting the positioning, sentiment, technicals, and now the fundamentals.

Mark Yusko

Morgan Creek Capital Management, Co- Founder, CEO, & CIO

Mark Yuskois the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management. He is also the Managing Partner of Morgan Creek Digital Assets. Morgan Creek Capital Management was founded in 2004 and currently manages close to $2 billion in discretionary and non-discretionary assets. Prior to founding Morgan Creek, Mr. Yusko was CIO and Founder of UNC Management Company (UNCMC), the Endowment investment office for the University of North Carolina at Chapel Hill. Before that, he was Senior Investment Director for the University of Notre Dame Investment Office.Mr. Yusko has been at the forefront of institutional investing throughout his career. An early investor in alternative asset classes at Notre Dame, he brought the Endowment Model of investing to UNC, which contributed to significant performance gains for the Endowment. The Endowment Model is the cornerstone philosophy of Morgan Creek, as is the mandate to Invest in Innovation. Mr. Yusko is again at the forefront of investing through Morgan Creek Digital Assets, which was formed in 2018. Morgan Creek Digital is an early stage investor in blockchain technology, digital currency and digital assets through the firm’s Venture Capital and Digital Asset Index Fund.Mr. Yusko received a BA with Honors from the University of Notre Dame and an MBA in Accounting and Finance from the University of Chicago.

Anthony Scaramucci

SkyBridge Capital, Founder & Co-Managing Partner

Prior to founding SkyBridge in 2005, Scaramucci co-founded investment partnership Oscar Capital Management, which was sold to Neuberger Berman, LLC in 2001. Earlier, he was a vice president in Private Wealth Management at Goldman Sachs & Co. In 2016, Scaramucci was ranked #85 in Worth Magazine’sPower 100: The 100 Most Powerful People in Global Finance. In 2011, he received Ernst & Young’s “Entrepreneur of the Year –New York” Award in the Financial Services category. Anthony is amember of the Council on Foreign Relations (CFR), vice chair of the Kennedy Center Corporate Fund Board, a board member of both The Brain Tumor Foundation and Business Executives for National Security (BENS), and a Trustee of the United States Olympic & Paralympic Foundation. He was a member of the New York City Financial Services Advisory Committee from 2007 to 2012. In November 2016, he was named to President-Elect Trump’s 16-person Presidential Transition Team Executive Committee. In June 2017, he wasnamed the Chief Strategy Officer of the EXIM Bank. He served as the White House Communications Director for a period in July 2017. Scaramucci, a native of Long Island, New York, holds a Bachelor of Arts degree in Economics from Tufts University and a Juris Doctor from Harvard Law School.

Michael Saylor

MicroStrategy, Co-Founder

Mr. Saylor is a technologist, entrepreneur, business executive, philanthropist, and best-selling author. He currently serves as Chairman of the Board of Directors and Chief Executive Office of MicroStrategy, Inc. (MSTR). Since co-founding the company at the age of 24, Mr. Saylor has built MicroStrategy into a global leader in business intelligence, mobile software, and cloud-based services. In 2012, he authoredThe Mobile Wave: How Mobile Intelligence Will Change Everything, which earned a spot onThe NewYork TimesBest Sellers list. Mr. Saylor attended the Massachusetts Institute of Technology, receiving an S.B. in Aeronautics and Astronautics and an S.B. in Science, Technology, and Society.

Alex Saunders

Nugget's News, Founder & CEO

Alex Saunders is the founder and CEO of Nugget’s News, a digital media company focused on all things crypto. Alex has been captivated by cryptocurrency since 2012 and in 2017 he began educating globally on the benefits of cryptocurrency and how to safely acquireit. Nugget’s News has been listed as a top-20 podcast by Business Insider, ShapeShift and Lifehacker and has over 120k YouTube subscribers with 9 million total views.Alex is also heavily focused on his cryptocurrency education platform Collective Shift which currently serves over 4,500 members. provides his unique perspectives by utilising his expertise in fundamental analysis, technical analysis and market sentiment. He is working towards his mission of making it easier for everyone to understand the financial world.

James Putra

TradeStation Crypto, Inc., Sr. Director of Product Strategy

James helped launch TradeStation Crypto’s offeringwhichutilizesa true online brokerage model that self-directed investors and traders have come to expect for equities, futures,and foreign currency markets. He is a reputed crypto asset specialist and blockchain thought leader focused on helping people find innovativeways to participate in this space. He is active in the blockchain community with speaking engagements, TV appearances and mentoring.James has over 15 years of experience in the Fintech industry.

Raoul Pal

Real Vision, Co-Founder & CEO

Raoul Pal is the Co-Founder and CEO of Real Vision, the world’s pre-eminent financial media platform, which helps members understand the complex world of finance, business, and the global economy. Real Vision members also have access to Real Vision Crypto, a cryptocurrency and digital assets video channelwatched by over 80,000 people.In addition, Raoul has been publishing Global Macro Investor since January 2005 to provide original, high quality, quantifiable and easily readable research for the global macro investment community hedge funds, family offices, pension funds and sovereign wealth funds. It draws on his considerable 31 years of experience in advising hedge funds and managing a global macro hedge fund. Global Macro Investor has one of the very best, proven track records of any newsletter in the industry, producing extremely positive returns in eight out of the last twelve years. He retired from managing client money at the age of 36 in 2004 and now lives in the tiny Caribbean island of Little Cayman in the Cayman Islands. Previously he co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul moved to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe. In this role, Raoul established strong relationships with many of the world’s pre-eminent hedge funds, learning from their styles and experiences. Other stop-off points on the way were NatWest Markets and HSBC, although hebegan his career by training traders in technical analysis.

Peter McCormack

What Bitcoin Did, Journalist

Peter McCormack is a full timejournalist/podcaster covering topics such as Freedom, Human Rights, Censorship and Bitcoin. Peter created and hosts the What Bitcoin Did Podcast, a twice-weekly Bitcoin podcast where he interviews experts in the world of Bitcoin development, privacy, investment and adoption. Launched in November of 2017, the podcast has grown to over 100 episodes with a guest list that is a testament to the diversity of knowledge and opinions that represent the broader Bitcoin community. Expanding his growing list of humaninterest recordings, documentaries and films Peter has recently launched theDefiancepodcast andDefianceTV.

Caitlin Long

Avanti Financial Group, Founder & CEO

22-year Wall Street veteran who has been active in bitcoin and blockchain since 2012. In 2018-20 she led the charge to make her native state of Wyoming an oasis for blockchain companies in the US, where she helped Wyoming enact 20 blockchain-enabling laws. From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president of Symbiont, an enterprise blockchain start-up. Caitlin ran Morgan Stanley’s pension solutions business (2007-2016), heldsenior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-1997). She is a graduate of Harvard Law School (JD, 1994), the Kennedy School of Government (MPP, 1994) and the University of Wyoming (BA, 1990).

Hunter Horsley

Bitwise Asset Management, CEO

Hunter Horsley is Chief Executive Officer of Bitwise Asset Management. Prior to Bitwise, he was a product manager at Facebook, working on advertiser products including the multibillion-dollar sponsored content ecosystem and ad breaks in videos. Before Facebook, Horlsey was a product manager at Instagram, responsible for multiple advertising products generating several hundred million dollars of revenue. He is a graduate of the Wharton School at the University of Pennsylvania, with a B.S. in economics. Recently, Horsley was named a member of Forbes’ 2019 “30 Under 30” list.

Luke Gromen

Forest For The Trees, Founder & President

Luke Gromen has 25 years of experience in equity research, equity research sales, and as a macro/thematic analyst.He is the founder and president of macro/thematic research firm FFTT, LLC, which he founded in early 2014 to address and leverage the opportunity he saw created by applying what clientsand former colleagues consistently described as a “unique ability to connect the dots” during a time when he saw an increasing “silo-ing” of perspectives occurring on Wall Street and in corporate America.FFTT caters to institutions and sophisticated individuals by aggregating a wide variety of macroeconomic, thematic and sector trends in an unconventional manner to identify investable developing economic bottlenecks for his clients.Prior to founding FFTT, Luke was a founding partner of Cleveland Research Company, where he worked from 2006-14.At CRC, Luke worked in sales and edited CRC’s flagship weekly thematic research summary piece (“Straight from the Source”)for the firm’s clients.Prior to that,Luke was a partner at Midwest Research, where he worked in equity research and sales from 1996-2006.While in sales, Luke was a founding editor of Midwest’s widely-read weekly thematic summary (“Heard in the Midwest”) for the firm’s clients, in whichhe aggregated and combined proprietary research from Midwest with inputs from other sources.Luke Gromen holds a BBA in Finance and Accounting from the University of Cincinnati and received his MBA from Case Western Reserve University.He earned the CFA designation in 2003.

Meltem Demirors

CoinShares, Chief Strategy Officer

Meltem Demirors is Chief Strategy Officer of CoinShares, an investment firm that manages billions in assets on behalf of a global investor base, and is a trusted partner to investors and entrepreneurs navigating the digital asset ecosystem. Meltemoversees the firm’s managed strategies group and its New York office and leads corporate development. Previously, she was part of the founding team of Digital Currency Group. As a veteran investor in the digital currency space, she has invested in over 250 companies in the ecosystem. Meltem is passionate about education and advocacy, and teaches the Oxford Blockchain Strategy Programme and co-chairs the WEF Cryptocurrency Council.