Alex Gurevich, CIO of Honte Investments, joins Jack Farley to share his learnings from running a large macro hedge fund during the gut-wrenching volatility of March 2020. Using time-date transcripts and charts from his new book, “The Trades of March 2020: A Shield against Uncertainty,” Gurevich tells of the epic mispricings and gut-wrenching drawdowns that sent shockwaves through the global financial world.

Gurevich provides insight on institutional macro products such as Eurodollar options, oil futures, currency swaps, and much more. Gurevich looks forward and tells Farley his current outlook on Fed Fund Futures, long-term bonds, as well as risk-assets (“beta”) such as equities and commodities.

Alex Gurevich on Twitter: @agurevich23
Jack Farley’s Twitter: @JackFarley96
Blockworks Twitter: @Blockworks_

Link to Blockworks’ newsletter: https://blockworks.co/newsletter/

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Timestamps

00:00 Introduction
13:55 January 2020
16:50 The Fateful Contract
29:47 A Victory Parade
34:57 Liquidity Issues Emerge in Early March 2020
41:57 The Loss Of Innocence
51:27 The Dark Days - Liquidity Continues to Deteriorate
57:36 The Age Of Wonder
59:50 Oil Goes Negative
1:05:30 Current Market Views
1:15:09 Outlook on the Yield Curve
1:15:44 Risk Assets In 2022
1:23:26 The U.S. Dollar