Episode notes
To reach out to Alf: [email protected] (or Alfonso Peccatiello on BBG) To reach out to Brent: [email protected] (or Brent Donnelly on BBG) In this episode, Alf and Brent discuss the best risk/reward ways to position for the macro environment ahead of us. They then deep dive into option structures around gold, and the question of increasing sample size of trades to reduce PnL variance against the risk of downgrading your edge and expected value per trade when the sample size increases.
Podcast
The Macro Trading Floor
Alfonso Peccatiello & Brent Donnelly · Business · English
The Macro Trading Floor is a fun and actionable macro and markets podcast hosted by Alfonso Peccatiello and Brent Donnelly. If you are looking for banter, financial education, and actionable trade ideas this is the podcast for you!
More from The Macro Trading Floor All episodes →
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28 Aug 2026 · 36 min
On Bessent, Gold & Idiosyncratic Trades
Alf and Brent are back to discuss the Bessent buyback plan and its impact on markets. The duo focuses on gold, the long-end and the USD as potential release valves. The discussion then moves to two macro idiosyncratic ideas.
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9 Aug 2026 · 37 min
On Sizing Options, The Fed and The JPY
In this episode, Alf and Brent talk about the Fed's likely reaction function to incoming data and the Bessent/Japan accord on the JPY. The duo then discusses one of the trickiest questions for macro PMs: when to use options, and how to size them?
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31 Jul 2026 · 38 min
Warsh Woke Up The Bond Vigilantes
Alf and Brent discuss the significant market reaction to Warsh's press conference: the Fed handed over the keys to the bond market, and now Bond Vigilantes are in charge until data comes in to set the direction straight for everyone. How to handle such a market environment?
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10 Jul 2026 · 35 min
The Orange Variable
Brent and Alf discuss the n-th injection of the Orange Variable in markets: Trump decided to escalate again with Iran, and even suggested the ceasefire might be over altogether. The duo discusses how to approach these injections of uncertainty, and what are the best trading and risk management frameworks to deploy here.
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26 Jun 2026 · 31 min
The Rebasement Trade
Alf and Brent discuss the major market shifts since the Warsh press conference. Is this a big macro shift or just a mini-trend that will ultimately slow down or even reverse?
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15 May 2026 · 33 min
Process, Process, Process
To reach out to Alf: [email protected] (or Alfonso Peccatiello on BBG) To reach out to Brent: [email protected] (or Brent Donnelly on BBG) In this episode, Alf and Brent focus on various aspects of their investment/risk management process. They discuss several ideas and how to implement them according to their framework: when to use options? How to think about convexity?
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8 May 2026 · 34 min
Macro Investing In A Post-Hormuz World
To reach out to Alf: [email protected] To reach out to Brent: [email protected] Alf and Brent refresh their macro and trading frameworks on the basis of new info: the Iran/US MoU in negotiation phase, how the world might look like when Hormuz reopens, the Japanese FX intervention and more.
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17 Apr 2026 · 37 min
New All-Time Highs Are Here: Now What?
To reach out to Alf: [email protected] To reach out to Brent: [email protected] Alf and Brent discuss the framework for an Iran-US deal, and how to approach rates, currencies and equity markets for the foreseeable future.
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10 Apr 2026 · 33 min
Frameworks To Trade The Hormuz Crisis
To reach out to Alf: [email protected] To reach out to Brent: [email protected] Alf and Brent are back discussing frameworks to approach this market as a short-term oriented trader or as a long-term focused macro investor.
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20 Mar 2026 · 33 min
How To Trade Macro In A War
Alf and Brent reflect on correlations converging to 1 across asset classes, risk management practices in macro deleveraging events, and a game theory approach to how the war could unfold from here.
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