Building on repaired macro foundations.

Empirical • Heretical • Purposeful.


We use a qualitative-quantitative approach to macro analysis. We’re committed to empirical rigour, rare and innovative analytical insight, and building proprietary, predictive analytics. But macro data is subordinate to a coherent, realistic economic framework of the world. Our empiricism is grounded first in logical reason and causal-realism.


We reject the core tenets of Keynesianism and the modern Neoclassical stream, espousing instead the causal-realist tradition of the Classical Liberal and Austrian Schools while maintaining an open mind to new logically sound and realistic ideas. When the foundations of orthodoxy are faulty, heresy becomes a necessity.


We aim to craft macro analysis into meaningful narratives of reality from which clients can take real, purposeful action. We want to inculcate in our clients sharper macro thinking, improve their investment process, and shrink their blind spots. But our mission is also larger. We want to help expunge rotten economic ideas from public policy so that the global order is safer, just, and more prosperous for all.


Russell Lamberti

Managing director and chief strategist. Co-author of When Money Destroys Nations and contributing author for The Mises Institute.
Twitter: @RussLamberti

George Glynos

Director. Economist and macro advisor, managing director of ETM Capital, and co-founder of the ETM Group.

Quinten Bertenshaw

Director & Business Development. Managing director and co-founder of the ETM Group.

ETM Macro Advisors (Pty) Ltd is based in Cape Town, South Africa.

The ETM Group (Pty) Ltd is headquartered in Johannesburg, South Africa, with offices in Cape Town and New York. ETM Group companies are ETM Analytics, ETM Capital, and ETM Macro Advisors.

“It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.”

Adam Smith

“Men err in their productions, there is no deficiency of demand.”

David Ricardo

“Whoever wants peace among nations must seek to limit the state and its influence most strictly.”

Ludwig von Mises

“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.”

Friedrich Hayek

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