The Macro Dirt Podcast Macro Dirt Podcast #64 with Brent Donnelly, President of Spectra Markets
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Sep 17, 2025 Brent Donnelly, President of Spectra Markets, shares his insights on the volatile world of FX, equities, gold, and the dollar. He revisits the Lehman Brothers collapse and its lessons for today’s traders. Brent explains why the dollar remains stable amidst Fed cuts and reflects on the dynamics of Europe and U.S. market dominance. The discussion shifts to the contrasting views on gold and Bitcoin as stores of value. He also opens up about trading psychology, personal relationships, and why politics should take a backseat in financial discussions.
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Lehman Trading Memory
- Brent recalled trading dollar/yen at Lehman during its collapse and using correlations to trade intraday moves.
- He warned employees not to double down on employer stock when the firm is failing.
Why The Dollar Isn’t Collapsing
- The consensus expects a weaker dollar into year-end but positioning has been light after a long range.
- US equity inflows and MSCI benchmark concentration keep dollar demand strong despite easing expectations.
Manage Trades With Timed Stoprules
- Use price and technicals to set clear invalidation levels and allow multiple attempts if the trade setup reappears.
- Limit losses on repeated attempts so you can risk small amounts multiple times for larger potential gains.