Show overview
Macro & Volatility™ has been publishing since 2024, and across the 2 years since has built a catalogue of 31 episodes. That works out to roughly 7 hours of audio in total. Releases follow a monthly cadence.
Episodes typically run ten to twenty minutes — most land between 10 min and 20 min — though episode length varies meaningfully from one episode to the next. None of the episodes are flagged explicit by the publisher. It is catalogued as a EN-language Business show.
The show is actively publishing — the most recent episode landed 1 weeks ago, with 4 episodes already out so far this year. The busiest year was 2024, with 15 episodes published. Published by Josh Silva and Michael Purves.
From the publisher
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.
Latest Episodes
View all 31 episodesMacro & Volatility™ #30: Operation Epic Earnings
Ep 29Macro & 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
Ep 28Macro & 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
Ep 27Macro & Volatility™ #27: Seismic Activity but No Real Fear
Healthy correction in gold and silverHigher nominal rates globallyWarsh’s impact on the MOVE and VIX
Ep 26Macro & Volatility™ #26: "Love Vigilantes" - New Order
Ready, Shoot, Aim FedMisunderstanding of Oracle CDSWelcome back to the ‘90s
Ep 25Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?
Long Vol and long DeltaPaid to be long CorrelationBuy Everything!
Ep 24Macro & 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 correlations are already historically high — a short hop to “1”Gold is expected to move higher, driven by global populist monetary and fiscal stimulus
Ep 23Macro & Volatility™ #23: Bonds are Losing their Diversification Benefits
• Surprise — no surprises • Front end is clear • Back end is lost
Ep 22Macro & Volatility™ #22: Tempered Cross-Asset Volatility
US Dollar allergy & US Treasury curve illnessTipping point for US Dollar weaknessRisk appetite still going strong!
Ep 21Macro & 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
Ep 20Macro & Volatility™ #20: 4000s without a Recession
Realized volatility did the heavy liftingTrade (“Cold”) War discountPace of news flow will slow
Ep 19Macro & 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
Ep 18Macro & Volatility™ #18: Deconstructing the Bond Bid
The bond market says ...What's driving the yields?The VIX continues to be higher for longer
Ep 17Macro & 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
Ep 16Macro & 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.
Ep 15Macro & 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.
Ep 14Macro & 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.
Ep 13Macro & 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.
Ep 12Macro & Volatility™ #12: Was the end of 2023 Qualifying for the end of 2024?
The Fed is data driven, is the bond market?What usually calms the market?What will calm this market?