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…

People in this episode

Guest: Dylan Smith

Topics covered

• macro framework
• hybrid portfolios
• private market investing
• long term perspective
• investment management

Keywords

• macro
• hybrid portfolios
• private market
• investment management
• long term returns

Mentioned in this episode

Organizations: ArcMacro, Tangents on Substack

More episodes of INVESTOLOGY

• There's Alpha in Simplification · June 12, 2026 · 47 min
• Your Macro newsfeed is ruining your Macro analysis [SGIM #5] · June 1, 2026 · 5 min
• Picking above-average managers delivers superior returns. Thank you Mercer! [The Skeptic's Guide to Investment Management #4] · April 7, 2026 · 9 min
• Equity performance triples when it goes private? Featuring Neuberger Berman [The Skeptic's Guide to Investment Management #3] · March 24, 2026 · 9 min
• Georgetown University's Unacademic Assumptions [The Skeptic's Guide to Investment Management #2] · March 10, 2026 · 8 min
• Guardian of the Models: Building for Auditability First, When Others Build for Velocity · February 23, 2026 · 5 min