Alpine Macro

Alpine Macro was founded in October 2017 as an independent global investment research firm based in Montreal, Canada.

Our partners have worked together for decades. They had an opportunity to come together again to bring clarity, understanding, and insight to investors in today’s complex and unique investment environment. Alpine Macro’s mission is to make our clients money while saving them from reading the massive volume of mediocre “research” that generates more time consuming “noise” than value added “signal”.

Our Methodology

“Follow the Money” is a time-tested prescription for understanding what’s likely to happen in markets. Our methodology is based on the simple truth that changes in money, credit and liquidity conditions drive changes in financial markets. Central banks play a critical role in this process through their conduct of monetary policy. Our senior team includes five former central bankers who have extensive experience and understanding of central banks’ lens on the economy. This enables them to anticipate what the Fed and other key central banks will do before the market figures it out.

While conceptually simple, the application of a liquidity-based methodology for forecasting financial market trends is complex. The approach is part art, part science and must always be eclectic, practical, and grounded in experience. This is Alpine Macro’s sweet spot.

2020 is a case in point. In the first quarter of the year, the Covid-19 virus’ rapid spread caused panic in financial markets. At Alpine Macro, our understanding of how monetary and fiscal policy impact markets led us to warn clients early on that the massive increase in liquidity would cause a V-shaped recovery in both the stock market and the economy.

Another example came from our central banking experience. We understood that the Fed’s new regime of average inflation targeting would give a green light to speculators, leading to mania in asset prices. Our strategists have a lengthy history (going back to the 1990s) of studying financial manias, credit super cycles and how they eventually lead to panics and crashes.

Our Team

Alpine Macro’s team of strategists offers a unique and compelling value proposition for institutional investors. Over many years, they have developed a framework for analyzing economic and financial market trends that sophisticated investors around the world have come to rely on for actionable global asset allocation insight. Chen Zhao, Tony Boeckh, David Abramson, Yan Wang, Harvinder Kalirai, Mark McClellan and Caroline Miller have many decades of experience, much of it working together. They are supported by an experienced team of research analysts with expertise in all major asset classes and regional markets.

The research team has a combination of rigorous academic training, policy, and practical experience in understanding what drives the economy, financial markets, and policy makers’ reaction function to both. The financial system has become truly global and Alpine Macro’s strategists’ background, training, and experience is global.

For example, China has become the marginal driver of global growth, affecting commodity prices, currency valuation, and thus global inflation, interest rates, and equity markets. Alpine Macro has arguably the best China team anywhere to keep clients attuned to developments there which are a leading indicator for global growth and financial market trends.


Alpine Macro research is available to qualified investment professionals on a complimentary evaluation basis. If you’d like to request trial access, please complete the form below.