Monetary Matters with Jack Farley From Treasury Minister of Argentina to Macro Hedge Fund Manager | Nicolás Dujovne of Tenac Asset Management
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Mar 25, 2025 
Nicolás Dujovne, CIO and founder of Tenac Asset Management, reveals his journey from serving as Argentina's Treasury Minister to becoming a hedge fund manager. He discusses how macroeconomic insights shape investment strategies in emerging markets, emphasizing both the growth potential and risks involved. Dujovne also highlights the importance of understanding international finance institutions like the IMF, as these insights can significantly impact returns. Additionally, he shares thoughts on the evolution of investment practices post-pandemic and election forecasting dynamics.
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LATAM Macro Focus
- Latin America has a rich history of macroeconomic instability, including hyperinflation in the 80s and 90s.
- This volatility led to a focus on macroeconomics among Latin American economists, unlike their microeconomics-focused US/European counterparts.
Minister to Manager
- Nicolás Dujovne transitioned from Argentina's Treasury Minister to founding Tenac Asset Management in 2020.
- His prior experience included chief economist at Grupo Galicia, giving him exposure to financial markets.
Capital Raising Challenges
- Raising initial capital was challenging for Tenac, despite the founders' high profiles.
- Early investors were family offices familiar with Dujovne and his partners, trusting their intellectual capacity.