How to manage downside risks in Global Macro (discussion with Jonathan Haas)

In this episode of Macro Real Invest, Zoltan speaks with Jonathan Haas, Founder of Altius Capital, about the case for liquid futures, global macro investing, options, volatility, liquidity, and institutional risk management.Drawing on his experience across Morgan Stanley, Blackstone, and the Royal Bank of Canada, Jonathan explains why he transitioned from private real estate and private credit to building a liquid, futures-based global macro strategy at Altius Capital.In this conversation, we discuss:The challenges facing private credit and private real estate in a higher-rate environmentLiquidity risk in private credit funds and real estate vehiclesHow interest rates affect real estate valuations, refinancing, and private-market returnsWhy liquid and potentially uncorrelated strategies can complement private-market allocationsGlobal macro investing across equity indices, currencies, commodities, and interest ratesThe role of futures and options in portfolio constructionVolatility mean reversion and option-premium strategiesSelling options as an “insurance premium” strategyApplying credit-underwriting discipline to liquid marketsFundamental analysis, technical analysis, and market dislocationsDownside protection, drawdown management, and capital preservationA recent example involving gold, options, and market volatilityJonathan also discusses how a credit-investing mindset shapes his approach to risk. The conversation explores why limiting drawdowns and preserving capital may be essential to long-term compounding—particularly during periods of market stress and changing macroeconomic conditions.This interview is for educational and informational purposes only. It does not constitute investment advice, an offer, or a recommendation to buy or sell any financial product. Past performance is not indicative of future results.Subscribe to Macro Real Invest for interviews and insights on real estate investing, private credit, liquid alternatives, global macro, hedge funds, and institutional portfolio construction.Learn more about Jonathan Haas and Altius Capital:00:00 Introduction05:13 The fallout of private credit09:00 What is Altius Capital and strategies applied13:25 How to protect downside in volatile markets21:42 Why should real estate and private market investors look at Global Macro25:14 The importance of skin in the game28:47 Example of a recent trade (playing gold vola)34:08 How to get in touch with Jonathan