A macro framework for hybrid portfolios
About this episode
The episode discusses a macro framework for hybrid portfolios with insights from Dylan Smith on private market investing.
It’s great to be back on the podcasting seat! Watch it on YouTube or listen on every podcast app . This podcast is about gathering investment management intelligence. It’s not an investment podcast where we discuss macro itself. Yet macro matters. This was a rare opportunity to understand how it works for sophisticated hybrid investors, and what goes on behind the scenes by talking to Dylan Smith from ArcMacro ( Tangents on Substack). A few selected quotes from our conversation Macro for private market investors If you have in mind private market performance, […] it's long term and returns are driven by slightly different things, although they are affected by macro. We've re-looked at the economics toolkit. We've kept most of it, but we've shifted the focus to say, okay, we've got to be a lot more long term. We've got to be a lot more structural. That’s Dylan key differentiator. He’s serving private market LPs. But I think his framework is applicable to anyone with a longer term perspective. Signal vs. Noise - 2026 version Every time someone meets me for the first time, it's, "Oh, you're an economist. What a great time to be an economist," like, "There's so much chaos in the…
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