“My view continues to be economic expansion until further notice, but recession risk remains.
I’d currently estimate recession probability over the next six months to be around 10-25%.”
-Nicholas Reece

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 A deep-dive macro discussion with Nicholas Reece and Darius Dale

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Financial Market Outlook
Is A Big Rotation Underway
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Nicholas Reece joined the firm in 2012. He is a Senior Financial Analyst and Portfolio Manager at Merk Investments. Nick focuses on macroeconomic research and private wealth management, regularly publishing reports on the U.S. business cycle and equity market. Prior to joining Merk Investments, he gained experience working on capital markets deals with Paul Hastings in Hong Kong, and with Atlantis Investment Management. Nick holds a B.A. in Economics from Trinity College and is a Chartered Financial Analyst (CFA) charterholder.


Darius Dale is a Managing Director and Partner at Hedgeye Risk Management where he co-heads the Global Macro team with CEO Keith McCullough. He is a core contributor to the firm’s economic outlook and associated investment strategy views. He joined the firm upon graduating Yale in 2009 and is a three-time recipient of the firm’s ‘Eye On’ trophy, awarded to the employee that demonstrates the most growth and/or excellence on the research team in any given year (2010, 2011, 2018). Darius’ expertise on markets and economies has led him to become a frequent on-air contributor to CNN Money, Fox Business, and Fox News, as well as an in-print contributor to Barron’s, the Wall Street Journal, and Bloomberg News. His heart for social service continues to this day as he is a founding member of Hedgeye Cares, an internal 501c3 organization designed to organize and direct the philanthropic efforts of the entire firm.

 An In The Trenches Webcast


Recession risk rising? Merk Investments portfolio manager Nicholas Reece discusses the current global growth outlook with Senior Macro analyst Darius Dale.