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and learn how to become a better investor. I'm now at the top analysis of today's markets.

Mike Hal is really the pioneer of liquidity and understanding liquidity. I've gone down the

liquidity rabbit hole super deep myself and I really wanted to talk to Mike about some of my

ideas and here, here's ideas. I think it's incredibly important. I think most people don't fully

understand it and its implications. So let's sit down with Mike, dig in and find out how liquidity

is going to change everything. Macro investing is a journey. Join me, Ralph Hal. As I go on a journey

of discovery through the macro landscape, this is how I build my macro framework by talking

to the smartest people in the world. Mike, fantastic to get you back on ReelVision, but I think it's

the first time you and I have actually sat down and chatted. You're probably right,

I've been on ReelVision a few times, but I think this is the first occasion. So,

first and many ways. Really looking forward to this. I'd love for you just before just to give

people a bit of your journey, where you came from and what you're doing now, just to frame it

for people. Okay, well if we start from now and work backwards, cross-border capital is set up

as an advisory firm in the late 1990s, prior to that, I'd been head of research at a

a company called Bearings. You probably remember it hit the headlines and then prior to that,

another firm that hit the headline, Salomon Brothers. So, I pretty much started my career at Salomon

where I was a research director and in fact before finance or before Salomon, I was in academia.

And then I've made this transition, but I've been in finance for more years than I can remember

since the mid 80s, really. Yeah, I've been there since the very early 90s. So, I was James

...