Even in bear markets, when everyone is fearing recession, there is opportunity. Just ask Harris Kupperman, who believes now is the golden age for global macro guys who thrive amid volatility. And the founder and president of Praetorian Capital knows how to identify the cycles and idiosyncrasies that create outsized opportunities. In conversation with Stephen Clapham, the founder of Behind the Balance Sheet, Kupperman deconstructs event-driven strategies, explaining the advantages of investing in CEO change, bankruptcy emergence, and merger arbitrage. Event-driven strategies, he argues, are made for a rapidly changing world – particularly one that’s transitioning out of a “hocus pocus” bubble and nearing the end of globalization. Kupperman and Clapham also discuss the Federal Reserve, Google and Facebook, the companies he’s investing in, and a world where crude oil is $300 a barrel. Recorded on July 6, 2022.