5th may 2022 / ANTHONY CHEUNG

MACRO INVESTING EXPLAINED

In this video, Anthony is joined by Mike Singleton, the founder and senior analyst at Invictus Research. Mike previously worked at Broad Run Investment Management, a private investment firm where he was responsible for leading investments of over $100mln in client capital.

Prior to that, he held investment management roles at Main Street Capital and T.Rowe Price. He is also a CFA charterholder and a member of the CFA Society of Washington, DC.


- Introduction (00:00)
- What do most investors struggle (2:05)
- Growth and inflation framework (3:50)
- The importance of the business cycle (5:17)
- The four economic regimes (6:15)
- Growth cycle and its implications (7:05)
- The relationship between markets and the economy (11:29)
- Equity sector performance over different economic regimes (14:54)
- Equity style factors (17:05)
- Investment risk spectrum (18:11)
- The importance of monetary policy (19:16)
- Confirmation from asset markets (21:52)
- Lessons from Stan Druckenmiller (24:18)
- The growth cycle drives trends (25:26)
- Why analyse positioning and sentiment? (26:58)
- Typical day in tracking markets for Mike (27:46)
- Thoughts on crypto (30:48)
- Where is the market in the four regimes? (33:59)

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