Macro & Volatility™
Josh Silva and Michael Purves
Josh Silva of Passaic Partners and Michael Purves of Tallbacken Capital discuss the world of investing through the lens of cross-asset and derivative frameworks.The information, opinions and views expressed on this podcast are for informational purposes only and are not intended as investment advice. The opinions expressed may not align with Passaic Partners' views or its client strategies. Market forecasts are speculative and should not be the sole basis for investment decisions. Consult your financial and tax advisors before making any investments.
Episodes
Mentioned books
Mar 4, 2026 • 21min
Macro & Volatility™ #28: How has Operation Epic Fury affected the fear indices?
More about rotation than directionBonds are still not protectingImplied correlation / VIX is at a record low
Feb 3, 2026 • 20min
Macro & Volatility™ #27: Seismic Activity but No Real Fear
Healthy correction in gold and silverHigher nominal rates globallyWarsh’s impact on the MOVE and VIX
Dec 5, 2025 • 29min
Macro & Volatility™ #26: "Love Vigilantes" - New Order
Ready, Shoot, Aim FedMisunderstanding of Oracle CDSWelcome back to the ‘90s
Oct 31, 2025 • 24min
Macro & Volatility™ #25: Who’s Special in a K-shaped Economy?
Long Vol and long DeltaPaid to be long CorrelationBuy Everything!
Oct 6, 2025 • 19min
Macro & Volatility™ #24: Certain things are true... for now!
Risk-on sentiment is reinforced by accelerated global earningsMarkets go up... volatility goes upThe Magnificents’ P/E-to-expected growth is favorable — not true for the Everything ElseCross-asset correlations are already historically high — a short hop to “1”Gold is expected to move higher, driven by global populist monetary and fiscal stimulus
Aug 28, 2025 • 20min
Macro & Volatility™ #23: Bonds are Losing their Diversification Benefits
• Surprise — no surprises • Front end is clear • Back end is lost
Jul 1, 2025 • 17min
Macro & Volatility™ #22: Tempered Cross-Asset Volatility
US Dollar allergy & US Treasury curve illnessTipping point for US Dollar weaknessRisk appetite still going strong!
May 29, 2025 • 24min
Macro & Volatility™ #21: Re-shoring, Re-industrialization, De-globalization
The winners, the losers, and the in-betweensOld economy vs New economy CapExTrump has Made Europe Great Again (“MEGA”)US De-globalization is leading to Global De-correlation
May 1, 2025 • 11min
Macro & Volatility™ #20: 4000s without a Recession
Realized volatility did the heavy liftingTrade (“Cold”) War discountPace of news flow will slow
Mar 27, 2025 • 9min
Macro & Volatility™ #19: Beyond Liberation Day
What does Liberation Day mean for inflation?Bonds and the Fed are pointing to growth contraction and moderate stagflationTail-hedging didn’t workTrump Put is very different than the Fed Put
