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Episode 204
Featuring James Aitken
Demetri Kofinas speaks with investor & macro-strategist James Aitken about investing in a post-Covid economy, as well as China’s capital markets crackdown & the disruptive implications of a digital RMB for Western investors and the USD.

In Episode 204 of Hidden Forces, Demetri Kofinas speaks with investor and macro-financial strategist James Aitken.

This is an over 2-hour-long conversation that ranges from a discussion about the oil industry and the impact of ESG mandates on prices, to the short-and-medium-term impacts of monetary & fiscal policy on inflation, to the post-Covid economy and opportunities for value investing.

In the overtime, James and Demetri pivot their discussion to Asia and the ongoing crackdown in Chinese capital markets, as well as the disruptive implications of China’s deployment of its digital currency electronic payments (DCEP) system and what it means for companies and investors doing business in China. They also discuss the impact that these drastic regulatory changes and disruptive technological innovations will have on American foreign policy and the future of the dollar.

You can access the episode overtime, as well as the transcript and rundown to this week’s episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Follow Demetri on Twitter at @Kofinas

Episode Recorded on 08/18/2021

James Aitken has worked in financial markets since January 1992, and for the past twenty two years has been based in London. From March 2002 until June 2006, he worked for AIG Financial Products (AIGFP) ostensibly helping his clients structure long-term macro-directional bets across all asset classes: in reality, he learned everything he could about the plumbing of the global financial system, because AIGFP touched every part of it. In August 2006 James joined UBS’ Institutional FX Sales desk in London, & started doing presentations on everything he’d learned at AIGFP: over the following two years, James educated investors worldwide on the inner workings of the global financial system, and also became a key advisor to central bank governors, central bank board members and central bank market operations teams around the world. He remains a trusted advisor of financial policy makers, worldwide. During the tumultuous 2007-2008 period, James helped many investors not lose money, and helped some investors make a fortune. At his clients urging, in early 2009 James established Aitken Advisors LLP, his one-man, macro-financial strategy firm.

James’ objective is to be less wrong: to provide a proportionate, sensible, well-researched, multi-asset framework for thinking about risk. Too many people still believe that ‘macro risk’ means ‘what could go wrong’: that overlooks the fact that the distribution of macro outcomes has always been symmetrical. Too often unasked is ‘what could go right?’ Because of his work from 2006 onwards, James will probably always be known as ‘the plumbing guy’, however over the past twelve years his one-man business has evolved: not only does he opine on what he considers to be the key macro-financial topics, across all markets and asset classes, but he also provides stock-specific recommendations. His loyal, long-standing client base includes every type of investor: sovereign wealth funds; pension funds; insurance funds; some of the world’s largest family offices; long-only investors; credit and fixed income investors; mutual funds; and hedge funds of every style, and every description.’

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