Macro Voices MacroVoices #506 Mike Green: Volatility, High-Yield, Precious Metals & More
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Nov 13, 2025 
In a lively discussion, Mike Green, Chief Strategist at Simplify Asset Management, shares insights on market dynamics and volatility. He delves into the impact of passive investing on equities and examines the sustainability of recent market momentum. Green also highlights shifting trends in high-yield bonds and the factors driving the rally in precious metals. Additionally, he tackles geopolitical tensions with China and the implications for U.S.-China relations. With a focus on strategies for yield, he provides actionable advice for navigating today’s market landscape.
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Hedge Credit Spread Risk Before Buying High Yield
- Avoid plain high-yield exposure unless you can hedge credit-spread risk.
- Mike Green uses proprietary hedges to insulate high-yield exposure and would not invest in high yield without them.
Judge Yield By Payout Profile, Not Labels
- Consider the payout profile, not the product label, when chasing yield (e.g., covered-call ETFs mimic debt).
- Avoid misinterpreting high nominal yields on covered-call products since they carry downside equity risk without creditor protections.
Oil Cheaper; Natural Gas Highly Levered To AI
- Oil moved from historically expensive post-Ukraine to relatively cheap after demand destruction and oversupply.
- Natural gas is particularly underpriced and highly leveraged to data-center and AI power demand.