Macroeconomic analysis and strategy

  • Macro Analysis Portal
  • Asset Allocation Report
  • Analytic Dashboard
  • Bespoke sessions/advisory
  • Group/Team seminars
  • Retained economic council
Focus & Scope
  • South Africa, US, Europe, Asia
  • Core horizon: 6 months-3 years
  • Credit/asset cycles, equity, rates, FX

Our Clients

asset & wealth managers • private equity funds • VC funds • property development funds • industrial firms • research institutions • credit bureaus • think tanks • HNWIs

Our DNA - good explanations, not fortune-telling

We exist because we believe that sound macroeconomic analysis is a valuable tool for executing investment and business strategy. 

We build strategically relevant macro advisory on these four pillars: 

  • study economic and financial history thoroughly through the lens of Austrian economic theory;
  • commit to fierce, irreverent, causal realism (good explanations), not mere correlations or extrapolations (fortune-telling);
  • build expectations from good explanations, not justifications from extrapolations;
  • be accountable for 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 the world in which they operate to orientate them correctly in the present, armed with the appropriate lessons from the past, to guide them into the future.

Only genuine understanding can inform macro strategy. Only good explanations – not mere correlations or extrapolations – confer genuine understanding. Only logic-based, 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.