Sound explanations, not fortune-telling.

Analytical Philosophy

For us, the only credible basis for using economic analysis as a tool for investment and business strategy is the following:

  1. The analysis is built on a consistent, causal-realist analytical framework;
  2. The analysis describes and explains present reality well; and
  3. Present reality is quantitatively and qualitatively compared to relevant historical periods to produce reasoned strategic insights.

Analytical Framework

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.

Our Mission

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.

The Macro Outsider

Thoughts on surviving and thriving amid global financial and economic distortion