Macroeconomic analysis and strategy

  • Macro Research Portal
  • Asset Allocation
  • Private podcasts
  • Bespoke client presentations
  • Group/Team seminars
  • Economic council
Focus & Scope
  • South Africa, US, Europe, Asia
  • Core horizon: 6 months-3 years
  • Credit/asset cycles, equity, rates, FX

Our Clients

fund managers • private equity • venture capital • industrial firms •
research institutions • credit bureaus • think tanks • family offices • HNWIs

Our DNA - good explanations, not fortune-telling

We exist because macroeconomic clarity is essential for investment and business strategy.

We build accurate macro analysis on four pillars: 

  • Austrian School: studying economic and financial history thoroughly through the lens of Austrian economic theory;
  • Good Explanations: uncompromising causal realism (explanations), not mere correlations or extrapolations (fortune-telling);
  • Forming Expectations: forming expectations from good explanations, not justifications from extrapolations;
  • Client Accountability: examine past insights through repeat client servicing (subscription) and interrogation (face-to-face sessions).

The era of black-box econometric forecasts is thankfully over. Strategically relevant analysis gives capital allocators systematic, logical explanations about their world, orientates them in the present, and arms them with the appropriate lessons from the past to guide them into the future.

Only genuine understanding can inform macro strategy. Only good explanations – not correlations or extrapolations – confer genuine understanding. Only realist, time-tested theory applied with rigorous study produces good explanations.


Russell Lamberti

Managing director and head of research.

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. ETM Group companies are ETM Analytics, ETM Capital, and ETM Macro Advisors.