The Four Pillars of Macro - And What They Say About This Market | Andy Constan

Excess Returns · Oct 9, 2025 · 1h 7m

Andy Constan returns to Excess Returns to break down today’s macro environment using his Four-Pillar Framework — growth, inflation, risk premia, and flows. Drawing on lessons from his time at Bridgewater and Brevan Howard, Andy explains how he blends systematic and discretionary approaches to form a clearer picture of markets. He discusses the AI-driven CapEx boom, the economic effects of tariffs, Fed independence under Trump, and why the current setup could produce extreme outcomes in either direction.

Topics covered:

Systematic vs. discretionary macro investing

Andy’s Four-Pillar Framework…