Good explanations, not fortune-telling.

Explanatory • 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 seek good explanations.


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 strive 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 world is safer, just, and more prosperous.


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

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Thoughts on surviving and thriving amid global financial and economic distortion

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