brgmacro

A subscription publication on macroeconomics and financial markets.

A monthly read on the macro picture and on relative preferences across asset classes, alongside full and transparent reporting of my own portfolio: what I hold, what I trade, and why.

It is not advice and it is not portfolio management. It is research: readers decide for themselves, alone or with their own adviser.

Enrico Bregolin. Close to ten years in institutional markets across four different jobs: FX and rates sales, structuring, fixed income fund management and finally multi-asset fund management. Bocconi graduate.

Today I operate independently, running a cross-asset macro strategy on my own capital, and I produce financial research as a self-employed professional. I do not manage anyone else’s money and I do not provide investment services.

Results achieved in previous professional roles are not, and will not be, presented as the results of this publication, which has no performance history of its own.

Most macro research stops at the opinion. You read a view, and what happens next is your problem: whether the writer put money behind it, what became of the last one, and how any of it turns into a portfolio.

There is a phrase this industry overuses: “I put my money where my mouth is”. The difference here is that you can check.

When I open a position it is published — instrument, direction, weight and reasoning — in an append-only record, with the date and time it went out. And there it stays: nothing is quietly revised later, no position disappears because it went badly, and the full history is part of what subscribers see. It is not a model portfolio: it is the account I trade, with my own capital.

The way of investing I practised for years — discretionary, cross-asset, built around risk rather than around a benchmark — is in practice reserved for those with access to institutional management. Not because it is too complicated: because nobody explains it and nobody shows it.

And there is one thing you cannot do inside a fund, however much you might want to: show the book. On your own, you can.

Here it is explained and shown, with no intermediary, to people who invest for themselves. No retrocessions, no product to distribute, no payment from issuers, brokers or platforms: the only revenue is the subscription.

There is more to it than the writing. The record is not a PDF: it is machine-readable. Connect your brokerage account to your AI assistant, give it the research, and for the first time three things sit in the same place: what you hold, what I have published, and what markets are doing right now. You can then ask as many questions as you want, at whatever level of detail suits you, and your assistant will help you understand how the three affect one another. In a bank, a whole chain of people is paid to do this: sales, traders, risk, compliance. Here you pay for one thing: seeing what a portfolio manager does with his own money. The assistant you probably already have does the rest.

How it works, and what it makes possible →

Every position goes out with the date and time, and stays.

There is one more thing, and you do not pay for it.

I wrote a free, open-source tool that takes the weight of a position — from my register, or from any other source that publishes an instrument and a weight — and scales it to the portfolio size you give it.

You run it, with your own account and your own credentials. I have no access at all: I cannot see your portfolio, and I could not trade in your place even if I wanted to. And it sends orders nowhere: it prepares figures, which you then review and confirm in your own broker, one at a time.

It works with any source, not only mine, and anyone can use it, subscriber or not. If you never use it, the research is identical.

How it works, and what it makes possible →

order-sizer on GitHub →

One subscription, identical for every reader.

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info@brgmacro.com

For questions about the publication or the tool. Questions about the research I answer publicly, to everyone at once.