The world economy and financial market are at a crucial crossroad:
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A new Cold War pitting the United States and Europe against China and Russia has begun in earnest. Cold War II will be economically more devastating than Cold War I given the globalization of manufacturing and the capital market over the past two decades.
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Political polarization, especially among developed countries, is becoming more extreme. Reflecting changes in generational values and the inability of governments to address persistent wealth and income gaps, this phenomenon has become a major threat to political and policy stability.
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A series of negative supply shocks (eg, COVID, Russia-Ukraine conflict) have upended the received wisdom about inflation, complicating both monetary policy and asset allocation decisions at a time of elevated asset valuation.
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Retail investors, empowered by social media, are becoming a major and disruptive force in financial markets. The coming face-off between Wall Street and Main Street is already changing fundamental market dynamics.
Unbound is a global forum for honest dialogue about markets, economic, and politics. Our mission is to provide (1) unfiltered and critical analysis of the changing global landscape and (2) accurate predictions about major macro themes. Our approach is global, top-down, and actionable. We are not afraid to take on consensus; we are only afraid of being wrong.
About UNBOUND
David Woo
In September 2020, I predicted that the US presidential election would be much closer than expected and the results contested
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In November 2019, I predicted that a US-China trade deal was coming soon and that Boris Johnson would win a decisive victory in the UK general election​
In 2017, I was one of few on Wall Street who did not lose faith in the passage of tax reform
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In September 2016, I predicted that Trump would win the presidential race and that Treasury yields and the USD would rise afterward
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In April 2015, I predicted China was soon to devalue the renminbi and that this would slow down the normalization of monetary policy in the US
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In 2013, I was the first Wall Street analyst to ever initiate coverage of Bitcoin
​The team
John Hopkinson
John grew up in Weardale, UK, where his father taught history at the local comprehensive school. John is gifted in math and received his PhD in Mathematics at the Massachusetts Institute of Technology. At a meditation class in graduate school he learned that his mind's natural state is what other people try to achieve through meditation. He see the world as it is, rather than how people want him to think it is. This is perhaps how he ended up on Wall Street, making a career looking for opportunities generated by volatility. He worked at Goldman Sachs (FX sales strategist), Bank of America (Head of quantitative FX research) and at Laurion Capital (equity quant researcher). John is focused on how different people might be motivated to buy or sell at different times and has developed a quantitative approach for anticipating behavior of market participants. His weekly column More buyers or sellers identifies short-term opportunities of popular stocks on the move (or that are about to be).
Agathe Biscayart
Investor Relations. Agathe is a highly accomplished Senior Director with extensive experience in Foreign Exchange (FX) and Derivatives sales at 2 major leading banking institutions RBS and Bank of America. With over two decades of expertise, she has excelled in FX and Derivatives Structuring & Sales crafting bespoke currency solutions for a wide range of professional clients. Agathe's latest role focused on generating innovative FX and hybrid-themed ideas globally covering Hedge Fund priority accounts. Educationally, Agathe holds a PhD-level degree from the University of Paris – La Sorbonne specializing in Financial Markets and Investment Banking, alongside a Master's degree in Economics and Science of Management, all attained with high distinction. Fluent in multiple languages, including French and English, she brings a multicultural perspective to her work, complemented by her volunteer leadership experiences and diverse interests spanning from Dance, yoga coaching to cultural / women leadership workshops.
Born in Pittsburgh; grew up in Taiwan​; educated in the US; worked and lived in Europe for 10 years; present home: Israel
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My Chinese heritage instilled in me a love for history
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America taught me to cherish freedom of expression
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In Europe I learned to place my trust in reason and facts
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Israel shows me ideas are sometimes worth fighting for​
TRACK RECORD
PRODUCT OF GLOBALIZATION
Head of Global Interest Rates, Foreign Exchange, Emerging Markets Fixed Income Strategy & Economics Research, Bank of America, New York (2010-20)
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Head of Global Foreign Exchange Strategy, Barclays Capital, London (2004-10)
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Head of Local Markets Strategy for Central Europe, Middle East and Africa, Citigroup, London (2000-04)
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Economist, International Monetary Fund, Washington (1996 - 2000)
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Ph.D. in Economics, Columbia University, New York, NY (1991-96)
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B.S in Mathematics, Tufts University, Medford, MA (1986-90)
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Northfield Mount Hermon School, Northfield, MA (1983-86)
HISTORY
Daniel TENENGAUZER
Danny was born and raised in Rio de Janeiro, Brazil. His family moved to Israel, where he finished high school and later graduated in Economics and International Relations at the Hebrew University in Jerusalem. He also holds an MA in Economics and European Studies from the Hebrew University and an MSc in Finance and Economics at the London School of Economics and Political Science. For the past 25 years Danny has been building Emerging Markets fixed income portfolios first at Goldman Sachs, then Bank of America Merrill Lynch and later in two hedge funds. More recently he reshaped BNY Mellon’s global flow and positioning database, where he was ranked Euromoney #1 FX Research in 2020, 2021 and 2022. Danny owns a Pilates Studio in NYC with his wife and is working on his instructor certification.
Scott Foster
Scott Foster is a journalist and research analyst who writes about technology and other topics for Asia Times and Japanese equities for LightStream Research in Tokyo. He also contributes a quarterly Asia Letter to Strategic News Service (SNS) and is a member of the Advisory Board of the Future in Review (FiRe) technology conference, where he is an occasional speaker. He is the author of Stealth Japan: The Surprise Success of the World's First InfoMerc Economy (FiReBooks, 2016). Scott worked for American and European investment banks in Japan and Korea for more than 25 years. Among other positions, he was senior technology analyst at Lehman Brothers Japan and head of research at Merrill Lynch Korea. He has also served as an interpreter for foreign investors visiting Japan. Scott received a BA from Stanford University (1976) and an MA from the Johns Hopkins University School of Advanced International Studies (1982). He holds a teacher's certificate (Shihan) from the Tozan-ryu school of Shakuhachi (Japanese vertical bamboo flute) music and a second degree black belt from the Karate-no-Michi World Federation (KWF). He is a permanent resident of Japan.
Paul Kallender
Paul is a Senior Researcher at Keio Research Institute, specializing in defense and technology. His most recent work includes “From Basic Law to the Multi-Domain Defense Force: Ten Years of Transformation in Japan’s Space Program” - a chapter in Handbook of Japanese Security, (ed. Leszek Buszynki, Japan Documents, 2023) - and the upcoming "Hiding in Plain Sight: Japan and Defense Transformation" with Christopher W. Hughes. Paul previously worked as a journalist covering technology and defense. His work has appeared in Space News, Electronic Engineering Times, Defense News, IDG New Service, Forbes and the BBC. Kallender has an MS in Journalism from Columbia Graduate School of Journalism, where he won the Horgan Prize for Science Journalism for his investigation of the darker secrets behind then-New York Mayor Rudy Giuliani spraying the city with Malathion. He later earned a PhD in Political Science from Keio University’s School of Media and Governance.
