James Fishback: Inside The “Head Of Macro” Dispute That Has Captivated The Hedge Fund World

May 23, 2024

James Fishback discusses his dispute with Greenlight Capital, emphasizing his role in macro returns. The podcast delves into job roles, running macro investing, and defining responsibilities. It also explores the dynamics of decision-making in hedge funds and the importance of truth and transparency in a competitive environment.

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Introduction

00:00 • 6min

Navigating Promotions and Recognition in the Finance Industry

05:53 • 18min

Exploring Macro Investing and Decision-Making in Hedge Funds

23:50 • 2min

The Dynamics of Decision-Making in a Hedge Fund

25:25 • 6min

Uncovering the Truth Behind the 'Head of Macro' Dispute

31:04 • 16min

Navigating Attribution and Recognition in a Competitive Landscape

46:50 • 2min

Navigating a Hedge Fund Controversy

48:50 • 8min

Navigating Independence and Investment in Starting a Hedge Fund

56:59 • 17min

Debating the Impact of Rising Interest Rates

01:14:10 • 10min

The Disparity in Economic Indicators and Real American Experiences

01:24:29 • 24min

Analysis of Long-End Yields and Reckless Fiscal Spending Impact

01:48:32 • 2min

Investment Philosophy and Stock Preference

01:50:07 • 4min

Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.

Views expressed by James Fishback in this interview are solely his own and do not necessarily reflect the views of Jack Farley, Forward Guidance, Blockworks, or any other associated parties.

Although the title “head of macro” plays a central role in this ongoing legal dispute, James Fishback notes in this interview that his complaint also concerns his role in Greenlight’s macro returns during his employment. Recorded the evening of May 22, 2024.

James Fishback vs. Greenlight Capital: https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rGPZD1CfIoZE/v0

Greenlight Capital vs. James Fishback:

https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/r61keEZ5nJ1k/v0

Follow James Fishback on Twitter https://x.com/j_fishback

Follow VanEck on Twitter https://twitter.com/vaneck_us

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Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance

Follow Blockworks on Twitter https://twitter.com/Blockworks_

Timestamps:

(00:00) Introduction

(06:08) Job Offer And Title

(12:31) When Did James First Consider Himself To Be The Head of Macro?

(20:21) Greenlight's Two Loans To Fishback (Totaling $337,346.12 Before Accrued Interest, Totaling $345,698.65 After Accrued Interest)

(23:48) Van Eck Ad

(24:28) How To Define "Running Macro Investing"

(31:04) Written Evidence Of Greenlight Employees Referring To James As The "Head Of Macro"

(50:15) James Considers David Einhorn's "Tweet Heard Round The World" an "Insult" And "A Lie"

(56:52) Fishback: "I've Always Had The Itch To Be Entrepreneurial"

(58:04) James' Resignation From Greenlight In Early August 2023

(01:02:23) Fishback: A Billionaire Demanding That A Public University Take Down Content From A Student Organization Is A "Flagrant Violation Of The First Amendment"

(01:03:23) Political Differences Between James Fishback And David Einhorn

(01:10:17) James Fishback's Market Views: The Fed's "Lemonhead Problem"

(01:14:07) Fishback: Fixed-Rate Liabilities And Floating-Rate Assets Means Fed's Interest Rate Hikes Have Actually Been Net Stimulative

(01:19:17) Higher For Longer

(01:27:05) Why James Thinks Donald Trump Will Win The 2024 Presidential Election

(01:35:08) James' Bullish View On USD / JPY (Taking Advantage of Forward Curve)

(01:42:12) Fishback's View Of U.S. Stock Market, AI, And Microsoft

(01:46:37) Options & Path Dependency

(01:48:29) View On Long-Term Bonds (Duration)

Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.