Conversations between Raoul and Alex on Real Vision are always incredibly rewarding. They both come with probabilistic macro frameworks, and they love talking about where they could be wrong as well as where they could be right. Alex's role as a macro hedge fund manager is to make sense of all the input and distill it to trades that best express his probabilistic outcomes while minimizing the risk and maximizing the reward. Easier said than done in this complex world! This interview is an opportunity to listen and learn as Raoul and Alex deconstruct their thinking to reach some very interesting trade ideas for the next few years. Bring a pen and paper; you'll need to note so much in this amazing conversation. Recorded on May 11th, 2022.