Macro Hive Conversations With Bilal Hafeez

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss:  
Trump's Bullish Paradox  
Importance of China's SPR
Why OPEC+ Hiked Production
The "Oil on Water" Overhang  
Venezuela and Iran
2026 Outlook  
US Shale's H2 Roll-over
Long term demand outlook

Phil is the founder of Suttle Economics – a leading research consultancy. Before that, he held senior roles at Tudor, the Institute of International Finance (IIF), JP Morgan, Barclays, the New York Fed and World Bank. He was educated at Oxford University and lives in the US. In the podcast, we talk about: 

US Labour Market Dissonance
Trump's "Elizabeth Warren" Populism
The Productivity Mystery
Fed Under Pressure
Sticky Inflation Through 2027
Global Business Disruptions
Extreme Oil Volatility
Japan's Policy Pivot
China's Sluggish Consumer
European and UK Growth
Historical Parallels to Populism

Robert is Founder, Chief Investment Officer and the Managing Partner of the $5bn EM fund, Gramercy. He founded Gramercy in 1998. Robert has 36 years of investment experience dedicated to emerging markets with a specialization in distressed opportunistic credit strategies. He is a member of Gramercy's Management Team and is Co-Chair of the Risk Management Committee. In this podcast we discuss:
EM in 2025: From Caution to FOMO
EM vs DM: A Role Reversal Since COVID
The Problem with EM Labels & Indices
China: From 'Uninvestable' to Selective Opportunity
Russia–Ukraine: Asymmetry, Reconstruction, and Market Blind Spots
The Boom in EM Private Credit
Where the Opportunities Are in EM Private Credit
Mexico, NAFTA 2.0, and Geopolitics
Venezuela and the 'Trump Corollary to the Monroe Doctrine'
Fed Policy: The Only Conviction Is Lack of Conviction
Portfolio Philosophy: Fighting FOMO and Overtrading

Jay Pelosky is the founder of TPW Advisory. He has over 35 years of buy-side and sell-side financial market experience. Before going independent, Jay was at Morgan Stanley, where he was ranked #1 by Institutional Investor in Global Equity Strategy and Global Asset Allocation Strategy. In this podcast, we discuss: 
Tripolar World (TPW) - regional integration in Asia, Europe, and Americas.
Global growth long cycle driven by spending on AI, defense, and climate across regions.
China-US AI competition
The shift from chip quality to power costs as the key AI competitive advantage.
Brazil and Spain's clean energy plays
Why 2025 is not like the 2000 dotcom bubble
Private credit opportunities
Attractive China tech valuations
China's five-year plan
Europe's potential
Countries pressuring institutions to invest domestically rather than in US markets.

Ken Tropin is a legend in the macro space. He is the Chairman and the founder of Graham Capital Management (GCM) - $20bn fund. Ken founded GCM in 1994 and has grown the firm into an industry leading alternative investment manager focusing on global macro discretionary and quantitative hedge fund strategies. Prior to founding GCM, Ken had significant experience in the alternative investment industry, including five years (1989 to 1993) as President and Chief Executive Officer of John W. Henry & Company, Inc. and seven years (1982 to 1989) as Senior Vice President and Director of Managed Futures at Dean Witter Reynolds. In this podcast we discuss: 

Investment philosophy 


Differentiation from multi-strat funds 


Talent recruitment strategy; NY office 


Fed outlook  


Term premium as underpriced  


US deficit concerns and duration risk in long-end rates 


AI and technology  


Global central bank divergence  


Inflation pressures 


Private credit  


Dollar view 


Geopolitical risks 


Robin Hood Foundation