About Us
Our Story
The principals, Chen Zhao, Tony Boeckh, David Abramson, Yan Wang, Harvinder Kalirai and Mark McClellan, 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.
Mean Reversion
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.
Riot Point
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.
Historical Parallels
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

Yan Wang
CGTN
Yan Wang discusses Hong Kong’s protests and how it affects economy in 2019
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.

Chen Zhao
Bloomberg
Contrarian Strategist Says Buy Risk as Trump to Reach China Deal
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.

Yan Wang
Bloomberg
U.S., China Dealing in Trade Posturing Tactics, Alpine Macro’s Wang Says
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.“

Chen Zhao
Financial Times
Stop worrying about Chinese debt
December 4, 2017
Worries about credit expansion and a looming ‘Minsky moment’ are overblown
Press Releases

Harvinder Kalirai
Business Wire
Veteran Financial Market Strategist Joins Alpine Macro as Partner
January 31, 2019
Harvinder Kalirai to head new Fixed Income and Currency Strategy Service

Yan Wang
Business Wire
Alpine Macro Adds China/Asia Expert Yan Wang to Growing Research Team
January 23, 2018
Wang to head Emerging Markets and China research

Alpine Macro
Business Wire
Economic and Financial Market Research Veterans Launch New Independent Research Firm
November 29, 2017
Alpine Macro to Provide Global Investors With ‘A Unique Mind on the Markets’