In this episode, I talk with Edward Misrahi. Edward is the CIO and Founder of Ronit Capital – a leading emerging markets focused hedge fund. He founded the fund in 2013, before that he was a founding partner of Eton Park Capital. Edward started his career at Goldman Sachs – where amongst other things he worked in the famous Risk Arbitrage group and later become a partner. In this podcast we discuss:
- The 1994 Mexico crisis and learning how to buy distressed assets
- The 1997-1998 Asia/Russia/LTCM crisis and the importance of correlations
- The problem with hedging and importance of thinking of gross positions
- How to think about the US factor when trading EM markets
- The three ingredients of EM crises
- Be careful of overweighting politics
- Decluttering the investment process
- COVID’s decoupling of markets and the economy
- Market risks still remain
- Which EM markets look good
Macro Hive Conversations With Bilal Hafeez