Alpine Macro was founded in October 2017 as an independent global investment research firm based in Montreal, Canada. The company focuses on top-down analysis of major secular and cyclical trends in the global economy and financial markets, providing forecasts on major moves in asset prices and recommendations on asset allocation and investment strategy.
The principals, Chen Zhao, Tony Boeckh, David Abramson, Yan Wang and Harvinder Kalirai, have many decades of experience in analyzing the global economy and financial markets.
They are supported by an experienced team of analysts with expertise in all major asset classes and regional markets.
Our Research Philosophy and Framework
Our research ignores the daily noise of news and deluge of sell-side and other short-term research and focuses squarely on both the cyclical and secular trends in the world economy, and the evolving conditions that drive financial markets. Our research philosophy and framework are built on four key pillars.
Money, Credit and Liquidity
Money and credit are the arteries of all modern economies. As such, expansion and contraction of money and credit are often, but not always, the primary cause behind business cycle and asset market fluctuations.
Alpine Macro’s research is based on our strategists’ long history of developing and monitoring various indicators on global liquidity, money and credit, and their impact.
Economic activity always fluctuates from its central tendency, as do financial markets. At times, both markets and the underlying economy deviate extensively from equilibria, setting the stage for reversion to the mean.
This mean reversion process always triggers explosive market moves, and Alpine Macro’s research is aimed at identifying price extremes early and, therefore helping clients profit from the subsequent move back to equilibrium.
Free market capitalism is a volatile and self-correcting system in which boom-bust cycles and crises in credit markets are inherent.
History has shown that a financial or economic crisis and market collapse always reach a “riot point” where major changes in policy take place. This is the spot where investors need to take a position to profit from impending turning points in the marketplace.
History rarely repeats itself, but it rhymes.
Alpine Macro strategists draw on decades of market cycles and policy experience to assess historical parallels to current market and economic forces to properly assess what is, or is not, relevant to potential action in policy and price moves in financial markets.
Why Alpine Macro?
Alpine Macro aims to be the leading global macroeconomic research firm. Our core value is to provide provocative insights that challenge consensus views, and actionable investment advice to help clients make better asset allocation decisions.
Our editors have academically sound training and many decades of practical market and policy making experience, with well-known track records. This is the basis of our unique, internally developed approach.
“At Alpine Macro, we have brought together some of world’s brightest and most successful Strategists with decades of combined experience with global financial markets. Our team is dedicated to producing the most insightful, relevant and provocative independent investment research you can find.”
– Chen Zhao, Co-founder & Chief Global Strategist
In The News
December 26, 2019
CGTN’s Sean Callebs talked to Yan Wang, chief emerging markets and China strategist at Alpine Macro, to give his views on Hong Kong’s unrest and how it impacted the city’s economy in 2019.
June 12, 2019
Chen Zhao, known for his prescient bets against tech stocks in 1998 and in favor of U.S. equities in March 2009, says it’s time to buy riskier assets on the prospect of a U.S.-China trade deal.
May 21, 2019
Yan Wang, chief emerging markets and China strategist at Alpine Macro, examines China’s approach to a trade war with the United States. He speaks on “Bloomberg Daybreak: Americas.“