Part Deux – Chris MacIntosh Talks With Worth Wray (Global Macro Strategist)

A great deal of human behaviour is unmistakably genetic.

Usain Bolt is clearly genetically disposed to outrunning drowsy cheetahs, while Michael Phelps is only part human with the other part clearly fish of some kind. Both have a physiological edge compounded by what I can only imagine must be a vomit inducing amount of punishing hard work.  But I suspect in order for it all to work they have a deep love and passion for their chosen profession.

While I’m not Buddhist, I think the Buddha summed it up nicely when he said:

“Your work is to discover your work and then with all your heart to give yourself to it.”

Passion is infectious and felt when talking to someone who clearly loves their work, and Worth Wray, the Chief economist and global macro strategist at STA Wealth Management, is definitely one such gent with such passion. No doubt this is why I enjoyed so much speaking with him.

Last week I published the first part of a conversation I had with Worth.

And today I have for you the second part of the recording where we dive into:

  • The type of world that Worth is positioning for right now.
  • The effect of robotics on emerging market economies and a really interesting impact that this could have on Japan – something I had not thought about at all and which has given me a lot to think about and research.
  • We spend quite a bit of time on China and discuss why the vote on the 1st of October is so important to the future of China and the renminbi and how this may play out. The ramifications and portfolio positioning going into and post this vote are I think worth considering.
  • We discuss the political changes coming across Europe and in the US and what this can mean to entire countries in a globally interconnected world.
  • We also discuss a theme which I’ve been banging the proverbial drum on here at Capitalist Exploits: the mechanics of increasing instability in markets due to both geopolitical as well as economic events unfolding right now as well as how companies are already preparing for a protectionist world.

Listen to it here and tell me what you think by leaving a comment on the blog (if you enjoyed it, please share it with your friends).

Direct download link (right-click and choose “Save As”)

– Chris

“The prospect for a global FX shock may seem unsettling, but we believe it’s exactly what global markets need to bring good assets back to reasonable prices.” — Worth Wray




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