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Today’s guest was a key player on the George Soros team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM.
As Soros’s CIO, he was also dubbed as ‘The Man Who Broke the Bank of Japan’ by the Wall Street Journal, making approximately $3.5bn on the Abenomics trade from 2012-2015. In November 2024, he was selected as Trump's Treasury Secretary, overseeing US federal fiscal & monetary policy.
Scott is widely acknowledged to be one of the world’s most highly respected macro hedge fund managers, having founded Key Square Capital Management. He has also taught financial history at Yale and is a prominent philanthropist.
As the US Treasury Secretary he'll have responsibility for managing the US obligations and finances, including collecting taxes, managing the federal budget, enforcing fiscal laws & overseeing monetary policy.
In this episode, Scott explains the key ingredients in being a macro manager. He charts his journey, working with legendary investors such as Stan Druckenmiller and George Soros.
He opines on a range of key investment themes, including his thoughts on de-dollarisation, debt, commodities, the Ukraine rebuild, and AI. He also shares his analysis of the fast-evolving markets in both China and Japan.
Scott goes on to discuss risk, when and how he sizes positions, signposts that influence conviction, and dealing with information overload. A tour de force!
Originally recorded in September 2023.
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