Masters in Business Risk and Reward with Marek Capital Co-Founder Matt Cherwin
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Mar 13, 2026 
Matt Cherwin, Co-founder and CIO of Marek Capital with decades in spread markets and securitized products. He discusses system-level shocks like repo and pandemic stress, the MCCLR framework (money, capital, credit, liquidity, regulation), why private-credit and trading specialists are resurging, using AI for research and tooling, and how policy and liquidity dynamics shape trading opportunities.
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Engine Room Revelation From 2019 Repo Spike
- Matt Cherwin describes moving from trading desks into the CIO/treasurer role and feeling like he entered the financial system's "engine room."
- The 2019 repo spike and then the pandemic revealed hidden plumbing and gave him an "aha" moment about system-wide gearing and fragility.
MCCLR Lens Explains Market Disaggregation
- Cherwin's MCCLR lens frames markets as driven by Money, Capital, Credit, Liquidity, and Regulation.
- Applying MCCLR lets Merrick map who supplies credit, who trades, and where disaggregation creates exploitable gaps.
Backdoor Glass-Steagall Through Market Disaggregation
- He argues the financial system has effectively re-segregated functions: GSIBs, private credit firms, and proprietary trading firms each perform distinct roles.
- That disaggregation creates mispriced overlap and unbridged gaps Merrick targets.