Tag: Macro Investing

Winning Strategies in Macro Hedge Fund Investing: RV Capital and PinnBrook Capital

Winning Strategies in Macro Hedge Fund Investing: RV Capital and PinnBrook Capital

Throughout many of our past episodes on the Thematic Investors podcast, we have seen the differences in hedge fund investing strategies when East meets West. Given today’s trade and tariff environment, we wanted to expand the debate with two leading macro investors, pulling their insights on tariffs, U.S. exceptionalism, capital expenditures in areas like AI, and more.

We are honored to welcome Ronnie Roy, Founder and CEO of RV Capital, and Zach Kurz, Founder and CIO of PinnBrook Capital. In this episode, host Kieran Cavanna discusses the following topics with Ronnie and Zach:

  • What makes mapping the scavenger hunt of macro trends so exciting to these hedge fund investors today? 
  • For Zach, how did a Sunday discussion with Stanley Druckenmiller influence the future of his investing strategies? 
  • For Ronnie, how was he able to ride the wave of volatility by creating interest rate products during times of crisis? 
  • What do each of these investors believe about global tariffs, and why a recession never fully materialized, as reported earlier in 2025? 
  • Given the speed and complexity of AI, how are AI goals impacting macro hedge fund strategies and the CapEx story? What could labor market risks look like in 6-8 months? 
  • How will President Trump’s policies play out for the remainder of the year as it relates to China, Korea, India, and Japan? 
  • And more.

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About Zach Kurz:

Zach Kurz is the portfolio manager of PinnBrook Capital, a New York–based macro firm managing roughly $600 million in its macro strategy. His path runs from Princeton (economics and applied math) to an early stint at Morgan Stanley, then to Duquesne Capital under Stan Druckenmiller, where he absorbed a liquidity-first view of global markets. He helped launch PointState Capital in 2011, building out the macro business, and in 2020 started his own firm. Today, his approach blends macro with thematic equity investing grounded in that training.

About Ronnie Roy:

Ronnie Roy is the co-founder and portfolio manager of RV Capital in Singapore, an Asia-centric macro firm specializing in rates, FX, and credit that was launched in 2011 and now operates with a global footprint. After years in large institutions, he set out to manage his own capital and then external capital, drawing on a career spent across fixed income markets and co-founding RV. He started on India’s government bond desk in the early 1990s and went on to trade through major dislocations, including the Asian crisis and the LTCM collapse, experiences that shaped his risk framework and macro lens.

Thematic Investors: Scott Bessent a Global Macro Veteran on the Path Ahead

Thematic Investors: Scott Bessent a Global Macro Veteran on the Path Ahead

Legendary basketball coach Pat Riley was once quoted as saying, “Keep the main thing, the main thing”, which is a great tip for anyone wishing to enter the field of macro investing on the global stage. Everyone has similar data but the secret is how you interpret that intelligence in terms of risk, economic indicators, and even a bit of financial market history. 

In this latest installment of the Thematic Investors podcast, host Kieran Cavanna welcomes a guest who has successfully blended those aspects into becoming one of the great macro thinkers in the hedge fund world. Scott Bessent, Founder of Key Square Capital, has built his career from early investigative journalism roots to a financial analyst at Brown Brothers Harriman, to a Middle Eastern family office, and on to becoming the CIO of Soros Fund Management. Delve into a captivating discussion with Scott as he offers insights into global financial markets spanning Japan, China, Europe, and the United States, unveiling the future landscape for investors and emerging trends.

Further highlights from Scott include: 

  • how a Yale Career Advisory job posting, (complete with sofa bed) led him to reboot his career focus after being on the fence as a computer scientist or journalist.
  • his transfer to the London office of Soros Fund Management, and his big bet on the Quantum Fund.
  • a view of data analytics today and how his investment style is a mix of liberal arts, math, and Excel formulas.
  • his thoughts around the abuse of the “exorbitant privilege” in the United States, and what that means for national security and the future debt trajectory.
  • his run-in with Sam Bankman-Fried.
  • thoughts on artificial intelligence and whether it’s inflationary or deflationary, and how hyperscalers who are investing trillions in new data center projects may be working us towards an electricity shortage.
  • how the lead-up to the 2024 election is impacting financial markets and what sort of outcomes could occur if a Republican or Democrat becomes president.  
  • And more

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