The macro trader discusses his book and what to make of central bank policies.
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Colin Lancaster, global head of macro/fixed income at Schonfeld Strategic Partner Fund, joins the podcast to discuss his book Fed Up! Success, Excess and Crisis Through the Eyes of a Hedge Fund Macro Trader.
The book spans the period from October 2019 to June 2020 and includes the height of the coronavirus crisis. This features heavily into the conversation. We also discuss the Federal Reserve and his view of current markets.
- What went into him writing the book? What was the impetus? (3:50);
- Macro investing and the need to be a diversifier and disaster hedge (7:38);
- What is he most concerned about right now in markets? (12:07);
- What does an investor do in this market, especially with the Fed continuing to hold rates near zero? (14:30);
- The Fed’s experiment is “dangerous” and the central bank has “very little credibility” when it comes to inflation (18:55);
- Background on the guest (23:49);
- The Fed’s role in creating and fostering wealth inequality is significant, despite its good intentions (27:48);
- How to go about fixing this? Does the Fed perhaps have too much autonomy? (31:30);
- The book is technically a novel and has quite a few characters. Are these fictional or based on real people? (36:28);
- Alternative data; some ideas of what to look for (40:35).