Senior Macro Strategist and Investment Professional
More than four decades across global markets, from options trading on the American Stock Exchange and mortgage-backed securities at Drexel Burnham Lambert to global macro investing and institutional digital assets.
Throughout his career, Paul Brodsky has focused on a fundamental question: What is money worth, and how does its changing value shape markets?
Paul Brodsky
Paul Brodsky is an investment professional with more than four decades of experience across derivatives, mortgage-backed securities, global macro investing, asset allocation, and digital assets.
He is currently a Partner at Pantera Capital, where his work focuses on macroeconomic analysis and asset allocation within digital asset markets.
Over the course of his career, Brodsky has founded and managed investment firms, advised institutional and private investors, and written extensively on monetary policy, sovereign credit, inflation, liquidity, asset valuation, and the global financial system.
Brodsky holds a BSE in engineering and an MA in philosophy from the University of Pennsylvania. His background combines quantitative market analysis with a broader examination of monetary systems, credit, and the forces that influence long-term asset values.
His investment approach has been shaped by experience across multiple market cycles, from the development of modern derivatives and structured credit markets to the global financial crisis, unconventional monetary policy, and the emergence of digital assets as an institutional asset class.
A quantitative foundation for market analysis, derivatives, risk, and the mechanics that shape financial systems.
A broader examination of monetary systems, credit, and the forces that influence long-term asset values.
Early-career experience in options, mortgage-backed securities, derivatives, and fixed-income arbitrage provided a foundation for understanding the mechanics of credit markets, structured products, leverage, liquidity, and risk across changing market environments.
MARKET STRUCTURE · CREDIT · RISKBrodsky's macro work focuses on the interaction among monetary policy, sovereign credit, liquidity, inflation, interest rates, currencies, and global asset valuations.
MONEY · CREDIT · LIQUIDITYHis approach to asset allocation emphasizes monetary conditions, relative valuation, liquidity, risk management, and the preservation of capital across economic and market cycles.
VALUATION · LIQUIDITY · CAPITALBrodsky applies experience from traditional markets and global macro investing to digital asset valuation, portfolio construction, volatility, asset allocation, and institutional risk management.
VALUATION · VOLATILITY · ALLOCATIONFinancial markets change constantly, but the forces that drive long-term asset values are often rooted in the same fundamental variables: money, credit, liquidity, leverage, and investor behavior.
Brodsky's work examines how changes in monetary systems and credit conditions influence the pricing of financial assets. Rather than viewing individual markets in isolation, his approach considers the relationships among currencies, interest rates, sovereign balance sheets, commodities, equities, credit, and digital assets.
This framework is designed to identify how capital is being valued, where structural risks may be accumulating, and how portfolios can adapt as economic and monetary conditions evolve.
The objective is not simply to forecast the next market move.
It is to understand the environment in which investment decisions are being made and to evaluate risk and opportunity within that broader context.
From derivatives and structured credit to global macro strategy and institutional digital assets.
Brodsky began his career in the early 1980s, gaining experience in options trading on the American Stock Exchange before moving into mortgage-backed securities and derivatives at Drexel Burnham Lambert.
This work provided an early foundation in structured credit, fixed-income markets, derivatives, and the relationship among leverage, liquidity, credit conditions, and asset values.
He later founded Spyglass Capital, where he managed strategies focused on mortgage-backed securities and derivatives arbitrage. The experience would become particularly relevant as leverage and structural risks accumulated across U.S. housing and credit markets.
Brodsky founded and managed Spyglass Capital with a focus on mortgage-backed securities and derivatives arbitrage.
Amid growing concerns about leverage and structural risk in U.S. housing and credit markets, he returned the majority of the firm's capital to investors ahead of the global financial crisis.
Following his work in structured credit, Brodsky expanded his investment focus into global macro strategy, examining the relationships among monetary policy, liquidity, credit conditions, currencies, interest rates, and global asset valuations.
He later co-founded QB Asset Management, where his work centered on macroeconomic research and investment strategy.
In 2013, the business became part of Kopernik Global Investors.
Brodsky subsequently founded Macro Allocation Inc., focusing on independent macroeconomic research, asset allocation, monetary analysis, and long-term capital preservation.
His research during this period examined the consequences of unconventional monetary policy, sovereign balance-sheet expansion, inflation, currency valuation, and structural changes within the global monetary system.
Co-founded to focus on macroeconomic research and investment strategy.
Founded to focus on independent macroeconomic research, monetary analysis, asset allocation, and long-term capital preservation.
As digital assets developed into an increasingly institutional market, Brodsky brought his background in derivatives, monetary analysis, asset allocation, and global macro investing to the asset class.
He founded PostModern Partners to pursue actively managed strategies in digital asset markets, with an emphasis on volatility, macroeconomic conditions, portfolio construction, and risk management.
In 2023, Brodsky rejoined Pantera Capital as a Partner.
His work at Pantera focuses on macroeconomic analysis, asset allocation, and the application of traditional market frameworks to the evolving digital asset landscape.
Founded as an investment firm focused on actively managed digital asset and volatility strategies.
Partner focused on macroeconomic analysis and asset allocation within digital asset markets.
Applies experience from traditional markets, monetary analysis, derivatives, and global macro investing to the valuation, allocation, and risk management of digital assets.
Investment opportunities change. The responsibility to manage risk does not.
Brodsky's career has been shaped by the view that successful investing requires more than identifying potential returns. It requires understanding the conditions under which those returns are being generated and recognizing when risk may be systematically mispriced.
His investment philosophy emphasizes monetary conditions, market structure, liquidity, valuation, and capital preservation.
In 2006, amid growing concerns about leverage and structural risk in U.S. housing and credit markets, Brodsky returned the majority of Spyglass Capital to investors.
THE DECISION PRECEDED THE GLOBAL FINANCIAL CRISISThe decision reflected a risk-management approach that would remain central to his investment philosophy.
MARKET STRUCTURE · LIQUIDITY · VALUATIONFrom structured credit and the global financial crisis to unconventional monetary policy and digital assets, Brodsky has worked across periods of significant change in financial markets.
DISCIPLINE · FLEXIBILITY · CAPITAL PRESERVATIONHis approach emphasizes understanding the monetary environment, identifying structural risks, maintaining discipline around valuation, and preserving the flexibility to adjust as market conditions evolve.
Throughout his career, Brodsky has written and spoken extensively on monetary policy, sovereign credit, inflation, global liquidity, asset valuation, and the evolution of the international monetary system.
His research examines how changes in money and credit affect currencies, interest rates, commodities, financial assets, and long-term portfolio allocation.
Published through Macro Allocation Inc., The MAI Letter explored macroeconomic conditions, monetary policy, financial markets, currency valuation, and long-term capital allocation.
Brodsky's research has focused on the relationship among money, credit, sovereign balance sheets, inflation, liquidity, currencies, and asset prices across market cycles.
His more recent work applies traditional macroeconomic and valuation frameworks to digital assets, examining their role within changing monetary systems and institutional portfolios.
Brodsky has contributed to public discussions on global macroeconomics, monetary policy, financial markets, asset allocation, and digital assets through interviews, published commentary, conferences, and long-form research.
Outside of investment management, Brodsky has remained involved in financial education, public speaking, and charitable initiatives.
Research, interviews, and public commentary can make complex monetary and financial-market issues more accessible to investors and broader audiences.
Brodsky has supported Wall Street Rides FAR, a financial-industry cycling event benefiting autism research and related charitable initiatives.
Through research, interviews, and public commentary, Brodsky has sought to make complex monetary and financial-market issues more accessible to investors and broader audiences.
Brodsky has spoken at investment conferences, family office forums, and financial-industry events on global macroeconomics, monetary policy, risk management, asset allocation, and digital assets.
Monetary policy, liquidity, inflation, interest rates, currencies, sovereign credit, and global capital flows.
The evolution of money, central bank policy, sovereign balance sheets, currency valuation, and changes in the global monetary architecture.
Portfolio construction, capital preservation, relative valuation, liquidity, and risk management across market cycles.
Institutional adoption, valuation frameworks, volatility, portfolio allocation, risk management, and the relationship between digital assets and the broader monetary system.
Began his career in options trading on the American Stock Exchange and later worked in mortgage-backed securities and derivatives at Drexel Burnham Lambert.
Founded and managed Spyglass Capital, focusing on mortgage-backed securities and derivatives arbitrage.
Returned the majority of Spyglass Capital to investors ahead of the global financial crisis.
Expanded his investment and research focus into global macro strategy, monetary policy, and asset allocation.
Co-founded QB Asset Management, focusing on macroeconomic research and investment strategy.
QB Asset Management became part of Kopernik Global Investors.
Founded Macro Allocation Inc. to focus on independent macroeconomic research, monetary analysis, and asset allocation.
Founded PostModern Partners, bringing a macroeconomic and risk-management framework to actively managed digital asset strategies.
Rejoined Pantera Capital as a Partner, focusing on macroeconomic analysis and asset allocation within digital asset markets.
A career in markets is ultimately a record of decisions, research, and ideas tested against changing conditions.
Selected interviews, research papers, market commentary, podcasts, and conference appearances provide additional context on Brodsky's views across monetary policy, global macroeconomics, financial markets, asset allocation, and digital assets.
Selected long-form research and market commentary on monetary policy, global macroeconomics, asset valuation, and financial markets.
Conversations covering monetary policy, global markets, risk, asset allocation, and digital assets.
Conference appearances, panels, podcasts, and institutional discussions.
Paul Brodsky is a macro strategist and investment professional with more than four decades of experience across traditional and digital asset markets. He is currently a Partner at Pantera Capital.