Brevan Howard

Oh, do you?

He worked at Brevan Howard for a couple of years as a portfolio manager.

Oh, did you work at Brevan Howard?

Yes, I did.

Oh, you did.

Didn't really work out for him as a portfolio manager, and he went on to Jefferies and became their chief market strategist, and really was excellent.

And obviously we used to see him quite frequently.

He used to come to Brevan Howard and, and speak to us, and we got his daily notes, which were excellent, really, really excellent.

'Cause right now they've had a very small focus, which is just those crypto hedge funds, but the big business for a company like Ripple is going into the regular hedge funds because it's a bigger potential universe.

And so on Tuesday, Ripple Prime announced it will provide prime brokerage clearing and financial services to where hedge fund Brevan Howard, right? There's their first big, um, foray into, you know, the traditional more hedge funds themselves.

So I think that's a good development.

And again, people say like, well-

Okay.

'Cause I will argue that it's much, much different if Brevan Howard, the hedge fund, owns the margin debt than if Joe down the block owns margined up

I, I, I would agree.

I, I mean-

Previously, I was at the Bank of Italy forecasting committee of the ECB, chief economist, uh, of Barclays Capital and, uh, chief strategies of a number of leading edge funds.

Last one was for 10 years at Brevan Howard.

And again, in tw- 2018, I started, I founded, uh, LB Macro.

Wonderful.

Yeah.

You know, um, certainly where I was at Brevan Howard, we had really, really extremely competent economists.

Um, it, you know, the chief economist in the US was an ex-Fed staffer.

Um, we had, uh, you know, a UK economist went on to join the Bank of England's Monetary Policy Committee.

There's the, to go against the house view, that's number one, and number two, you've got so much there, you've still gotta make your own opinion that decides if you can find it.

So how do you get round it? What do you do?

So for me, m- myself, um, you know, I, I left Brevan Howard, you know, almost 10 years ago.

Um, and now I do my own research.

Um, and I think that's where a lot of the capital, the new fundraises will come from late stage.

So, um, actually, Omar, who was at Dragonfly before, just went to Brevan, and his job title, I saw on Twitter, is Head of Growth Investments.

Yep.

That's right.

He is the founder and CEO of Damp Spring.

He is a veteran of firms like Salomon Brothers, Bridgewater Associates, and Brevan Howard.

In this episode, we get Andy's take on where we are in the markets and the economy.

And as it relates to the markets, he explains that growth expectations are too high for pretty much every asset class and why markets are vulnerable for disappointment ahead.

Um, and then lastly, um, when you're thinking about my sort of timeframe, the, um, positioning of an-- investor positioning is important as well as, as the money and the, all the th- first three things are drivers of asset prices, but without a understanding of what's, um, both what's priced and how positions are, um, those might not be useful without that overlay.

So that's the four pillars of my framework.

Um, it's something I've learned and then perfected over the years working for Bridgewater Associates and then Brevan Howard, and then at, since then at Damp Spring.

It's really been the latter half of my career that I've spent my time in macro, and that's the framework I've built up.