Making Markets George Robertson: The End of Monetary Policy - [Making Markets, EP.16]
Feb 9, 2024
George Robertson, a highly interesting and contrarian investor, discusses his colorful career, the diminishing power of the Federal Reserve, and provocative claims on the market for US treasuries. He highlights the loss of the Fed's reaction function, the outcomes of their asset purchases, and the impact of massive government spending. Robertson also explores the role of sentiment and macroeconomics, concerns about market rigging, and shares insights on the current sentiment cycle and market manipulation.
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Early Wall Street Education
- George Robertson describes starting as a secretary for Henry Kaufman and learning flow-of-funds analysis early in his career.
- He credits that experience for a grounded understanding of liquidity, assets, and liabilities that shaped his investing view.
Trading Lessons From John Mulhern
- Robertson recounts working for John Mulhern where trading was intuitive and extreme, including wild weekly shocks.
- He uses those stories to explain how trading instincts and tactical flow understanding develop under pressure.
Pick Sentiment Or Macro
- Robertson divides markets into sentiment regimes and macro regimes and warns they behave differently.
- He says traders should choose to specialize: be a sentiment trader or a macro/portfolio manager, not both.