Forward Guidance How the World’s Biggest Macro Hedge Funds Are Using AI | Jan Szilagyi
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Apr 15, 2026 
Jan Szilagyi, CEO of Reflexivity and former global macro investor who worked with Stanley Druckenmiller, explains how AI is changing macro investing. He discusses AI-driven idea generation, solving small-sample macro problems, execution and trading agents. Conversations cover niche datasets, preventing hallucinations with code-first outputs, and whether AI compresses or expands alpha.
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LLMs Enable Multidimensional Market Synthesis
- Large language models provide multidimensional synthesis, letting traders rapidly explore many scenario branches from one prompt.
- Jan left macro to build Reflexivity because LLMs can connect abundant data and produce faster, broader causal reasoning than linear human analysis.
Expand Your Sample By Defining Similarity
- Use AI to expand effective sample size by defining similarity across countries or episodes rather than relying on single-country N.
- Reflexivity lets managers build cross-country datasets and surface analogous crises to boost statistical confidence.
Knowledge Graphs Turn LLMs Into Market Radar
- Combining an LLM reasoning layer with a proprietary knowledge graph produces both fast answers to known unknowns and discovery of unknown unknowns.
- The graph traces ripple effects across linked data so the system can surface blind spots peers might miss.