Hidden Forces

In Episode 165 of Hidden Forces, Demetri Kofinas speaks with Paul McNamara, an Investment Director at global asset manager GAM who serves as the company’s lead manager on hedge fund, emerging market bond and currency long-only strategies. The first half of this conversation focuses on the macro forces driving EM overall, including how the latest vaccines could affect the global recovery and the service and export sectors in emerging markets, the global debt picture and its impact on economic recovery, the resumption of trade, etc. The second half of our conversation focuses exclusively on one emerging market country in particular: Turkey. Turkey is a uniquely important country, not least because of its geostrategic positioning as a gateway between east and west, straddling multiple important theatres of conflict, diplomacy, and trade that matter greatly to all the major powers, including the United States. What happens to Turkey’s economy, the country’s ability to service its debts, and the value of its curre