Welcome To Macro Ops

Alex here.

Our team has 3 primary directives:

  1. Assist you in reaping profits from global markets
  2. Train you in the art of market speculation
  3. Provide you with a solid community of diehard traders and investors

Directive #1: Assist You In Profiting From Global Markets

We’re global macro traders. That means we go anywhere and trade anything. Stocks, futures, bonds, currencies, foreign, domestic… it doesn’t matter. If there’s positive asymmetry, we’re there. The goal is outsized profits for you and the rest of our team.

Let’s get you briefed on the current investment theme we’re tracking: Populism and Europe’s False Trend. The following article will explain the situation and how you can profit:

Click Here To Get The Rundown On Our Current Target!

Our other free research can be found on the Global Intel page. And if you’re interested in our premium research, you can check out the Macro Intelligence Report (MIR) by clicking here.

Directive #2: Train You In The Art Of Market Speculation

We want to teach you everything we know about markets.

Our Investment Handbook is a good place to start. It covers our entire trading strategy from start to finish. Follow the link below and enter your email to get it delivered straight to your inbox.

Click Here Get Access To The Macro Ops Handbook!

You can review our other free educational materials on our Training page here. And for more special reports like our Handbook, head over to this page.

We also created 2 premium video courses that cover global macro investing and price action. To get access to those, click here.

Directive #3: Provide You With A Solid Community

The Macro Ops community is filled with diverse traders from around the world, all sharing investment ideas, trade theory, and boots-on-the-ground research. The bigger this network grows, the more we all learn and profit. To join our community and become an Operator, sign up below. We’ll also send you our Friday Macro Musings every week — a quick bulleted email of interesting market thoughts, charts, and articles we’ve come across in our research.

And if you’re interested in taking your trading to the next level, check out the Macro Ops Hub. The Hub includes:

  • A growing and evolving set of global macro tools and resources
  • Direct access to the Macro Ops team and our years of experience in the hedge fund world
  • A front row seat to every trade we make in both our model portfolios
  • Entrance to the Comm Center, an elite private forum with Operators from around the world
  • And a key to the trader’s Vault which includes all our training material alongside our two trading courses

To learn more about the Hub, click here.

If you have more questions about who we are and what we do at Macro Ops, be sure to visit our F.A.Q. page here.

Finally, don’t hesitate to shoot me a note at alex@macro-ops.com if you need anything else.

Welcome to Macro Ops.

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James R. Keene — The Man Jesse Livermore Called The Greatest Trader Of Them All

While digging into old articles about James R. Keene for a piece I’m writing I came across this nugget that I have to share — it’s so good. For those of you not familiar with Keene, he is one of the most successful market operators of the late 19th century. Jesse Livermore, when talking about the trading legends of his day, called Keene the “greatest of them all”. The man made and lost fortunes many times over and lived a life full of color.

Here’s the article, written by Robertus Love in The Princeton Union on July 11, 1907.



Just now those who take an interest in turf matters are hearing much about the winnings of James R Keene’s horses. It is the horses that win, not the horseman. Mr. Keene seldom bets a dollar. He is not a sport. Neither on the turf nor on the stock market does he gamble. He is a speculator on the market and a sportsman on the turf. Between a speculator and a plunger the gulf is quite as wide as that between a sportsman and a sport. These distinctions should be borne in mind by any one who cares to know the character of James R. Keene.

Both as speculator and sportsman Mr. Keene’s reputation clicked into the top notch at least a quarter of a century ago. It is a question whether his cash or his colts have brought him the wider distinction.

Born in London sixty-eight years ago, of a father who also was a native of England, Keene nevertheless is really an American. His ancestors back of his father lived in Virginia for several generations. Moreover, when the father failed in business abroad the family came to America, settling in California when young James was only about fourteen.

The boy got a job taking care of cows and mules at a military post. He worked at various occupations until he grew up, when he studied law. For a time he taught school. Then he edited a country newspaper at a place called Horsetown, in northern California. The name of the town probably had no particular influence upon Mr. Keene’s career. The late Charles A. Dana, who used to read the Keene editorials, maintained to the last that for style, force and lucidity the pen of no English writer since the days of Charles Lamb surpassed that of Keene when he edited the Horsetown sheet at a salary of $20 a week.

Had Literary Ambitions.  

Keene, according to Joaquin Miller, who also frequented that part of California in those days, had literary ambitions. But as Shasta county journalism was not a money making institution he shortly stepped off this stepping stone to the literary life, and America lost a Charles Lamb. Keene, it is said, peddled milk, clerked around here and there and finally found himself in the mining camp of Virginia City, Nev. In some unrecorded manner he managed to get together a stake of $10,000. About this time Miss Sarah Daingerfield, a Virginia belle, visited her brother, a United States judge. Keene met her and fell In love. But Judge Daingerfield scorned the young man who had descended upon San Francisco and become a curbstone broker. “An upstart curbstone broker,” sneered the judge.  “Huh!'”

Nevertheless Keene loved well. Love and luck ran together. Keene soon increased his cash to $175,000, married the girl and set up housekeeping on a lavish scale. By the time he had doubled his fortune a crash came, and in one day he was wiped out to the basement, so that he was compelled to part with his splendid household furnishings. “Go get a job now, Jim,” his friends all advised. “That’s all you can do.”

Nobody had any confidence in Keene’s speculative ability—that is, nobody but himself. He believed that he could make good. He kept to the curbstone and hoed a mighty hard row until he met Senator Felton of California. The senator had a seat in the San Francisco Stock Exchange. He liked Keene. When Felton became assistant United States treasurer he gave Keene his seat on the exchange, to be paid for at whatever it might be worth when the young man was able to pay.

A few months later Keene paid Felton several times the value of the seat at the time he acquired it, but he was making money so rapidly that the outlay was not felt. By 1876 James R. Keene had made several millions — some say $6,000,000 — by speculating in mining stocks during the “Bonanza” period. Then his health failed and he determined on a trip to Europe.

When Keene reached New York the Wall street atmosphere so charmed him that he did not go to Europe for fifteen years. He stayed in Wall street and speculated. One of the most familiar stories of the street is to the effect that somebody remarked to Jay Gould, then the wizard of Wall street.

“They say Jim Keene, the California millionaire, is coming to New York in a palace car.”

“All right,” returned Gould. “I’ll send him back in a box car.”

Jay Gould After His Scalp.

Those were the days of the individual speculator. This is the day of combinations. Keene went it alone, used his judgment and made large winnings. But Jay Gould was after his scalp. By the year 1884 Keene’s fortune had more than doubled. Then he got into a combination against his own judgment to corner the world’s wheat market. Just when it seemed that all was ready for the big rake off Jay Gould and others sprang a coup that came near shipping Keene back by the box car route. There is still in the street the tradition of a forged telegram which split the corner and smashed Keene to smithereens. When he crawled out from under the avalanche he was about a million and a half in debt. Everything went, including one of Rosa Bonheur’s masterpieces, “Sheep,” which was the pride of Keene’s household. A little later a gentleman now well known in New York journalism had occasion to call at Jay Gould’s residence on Fifth avenue. Gould pointed to a magnificent oil painting on the wall.

“See there,” he said exultantly. “There hangs the scalp of James R. Keene.”

The painting was Rosa Bonheur’s “Sheep.” Gould had bought it at a fabulous price from the man who bid it In at the Keene sale. Gould gloated over it. As a work of art it meant little or nothing to the wizard, but as his badge of victory it was to him a trophy as satisfactory as is the dripping scalp of a paleface to an Indian chief. Wall street sometimes makes men so.

But Keene, when he heard of this incident, did not faint. Referring to the manipulations by which he had been cleaned out, he said:

“This has taught me caution, and the lesson will be worth while. I will still walk Wall street when every man of the band that has plotted my ruin and worked it will be either dead or bankrupt.”

Still Walks Wall Street.

Jay Gould has been dead these many years. Keene still walks Wall street, having paid off all his debts and made several fortunes since 1884. But for some years Keene was not so much of a figure in the street. Again they said that he was down and out, just as they had said it when he first lost his money in San Francisco. He became during those years more of a promoter than an independent operator. Having eaten of bitter bread in the wheat corner, Keene took up something to sweeten existence. He boomed sugar for the Havemeyers. Incidentally he boomed it for Keene, sweetening his tooth to the extent of some $2,000,000.

Then Keene bit off a large chew of tobacco, but not larger than he could chew. Practically the same ring that had tripped him up in the wheat bin tried to strangle him with tobacco juice, but Keene was keeping his own counsel then. He had grown cautious. He rushed 75,000 shares of tobacco into the market, the price dropped from 156 to 115. The ring lost and Keene won a million and a half in a day.

“Give a man rope enough and he will hang himself,” says a wise one. Keene took a lot of rope—American Cordage—and added a few more millions to his pile, incidentally stringing up a few of his enemies.

By that time, which was a matter of nine or ten years ago, James R. Keene had succeeded in convincing Wall street that if he ever returned to California he could go in his own private palace car or in an airship if he preferred to take that risk. There have been ups and downs since, but never an out, though it is understood that Mr. Keene lost largely by the failure of his son-in-law’s firm, Talbot J. Taylor & Co, about four years ago. But the Keene family larder was secure in any event. Many years ago a silent partner, Mrs. Keene, persuaded her husband to give her half of his earnings. When Mr. Keene made a million Mrs. Keene was half a million richer. As the silent partner did not speculate, the money remained in the family.

His First Big Horse Victory.

Mr. Keene is known as a man of indomitable energy. “He could get rich in a desert if any one could,” says an intimate associate. This recalls a story in connection with the first big horseflesh victory of Keene’s career. His horse Foxhall won the Grand Prix at Paris in 1881. Twenty years earlier Keene had been at his Horsetown stage, and one of his acquaintances In the California country was Dan Gaitland. When Foxhall won the Grand Prix, Dan was still prospecting up in Grant county, Ore., not far north of Horsetown. He heard the news and rushed into the presence of Tom Merry, another acquaintance of the California Keene.

“Tom,” said Dan, “did yez hear phwat Jim Keene done las’ Sundah?”

“And what was that?”

“The papers sez he bate the divil out iv the frog eaters wit’ a horse named Foxyhall.”

“Well,” said Tom, “from what I remember about Jim he’s a mighty hard man to keep down.”

“Roight ye be,” rejoined Dan. “Ye cud putt Jim Keene aboard a ship an’ send him to say, an’ if the ship wuz wrecked on a desert oisland Jim ‘uld be walkin’ around, he wud, an’ the nex’ day he’d be sellin’ maps iv the place to all the natives.”

Mr. Keene has owned some of the greatest horses on the turf. This season his colt Peter Pan earned $52,000 in four races in less than thirty days. He owned Domino, over whose Kentucky grave he erected a hand some marble shaft. Other great ones developed by Keene were Sysonby, Commando, Cap and Bells and Tommy Atkins.

Dearly Loves Horses.

Mr. Keene’s love for horses is his ruling passion. One day a horse fancier whom Keene had met in Kentucky called to see the great financier in his New York offices. Half a dozen men were in the anteroom. The Kentuckian finally requested the young man to tell Mr. Keene that Bill Scully of Kentucky had dropped in to say “Howdy.” Scully started away, but as soon as the millionaire heard that he had called the door flew open, and Keene rushed out into the hall, yelling:

“Hey, Bill! Here, Scully!”

When Scully was dragged into the inner sanctum he protested that he was taking up Mr. Keene’s time.

“Not by any means,” replied Keene. “I can talk stocks any day, but it isn’t often that I get to talk horse with a Kentuckian.

There is nothing saturnine about Keene. He likes his little joke. Not long ago he was reading a review of certain financial undertakings when he reached this sentence:

“It was then that the Rockefeller stocks came to the relief of these agitated, overcapitalized properties.”

“That’s a disguised way of saying that John D. poured oil on the troubled waters,” remarked Mr. Keene.

A country boy in Indiana wrote Mr. Keene that he wanted to make a fortune, but so many doors were closed to him that he didn’t know which one to open. “Open the one labeled ‘Push,'” wrote back the financier.

James R. Keene has one word of advice to all persons who evince a disposition to speculate:  “Don’t!”




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Depiction of the killing of Spartacus

The Macro Ops Hub

Above is a depiction of the killing of Spartacus. He’s the famous Thracian slave who dominated as a gladiator and eventually led a rebellion that nearly brought down the entire Roman Empire.

Impressive dude.

When I read of stories like Spartacus’; where a person rises from nothing and excels to amazing heights, I’m fascinated by the how.

The nature vs nurture debate has long been settled. Experts have clearly shown that achieving enormous success in the mastery of a craft (like killing Romans or playing the violin), has little to do with the embued qualities of the person, and everything to do with their environment and how they trained.

That’s why understanding the how is such an interesting question. If you can dissect a framework, then you can replicate it. If you can replicate it, you can apply it.


In Spartacus’ case, you can trace much of his success to the gladiator school where he trained. You have to be one of the best fighters in the world to become a champion gladiator and rebellion commander. And as we know, you aren’t born a great fighter, but rather become one through intense training.

Spartacus was lucky enough (remember he was a slave) to end up at the House of Vatia. Here he trained in the Ludi Gladiatorium (Gladiator School) of Batiatus in Capia — one of the most highly regarded schools in Rome.

It was under these auspices that Spartacus was exposed to not only one of the best gladiator training programs, but also to his fellow gladiators who stemmed from all over the known world, practicing numerous deadly fighting styles.

Combining these two environmental factors: quality instruction and multifarious training partners, created an environment that enabled Spartacus to rapidly evolve to the point where he nearly became the ruler of the known world…

Spartacus benefitted from having a Ludi advantage.

Since I’m a trader who lives to master the art of speculation, I asked the question: what is the trading equivalent to the Ludi Gladiatorium of Batiatus in Capia?

The answer, without a doubt, is Commodity Corp (or CC as it used to be called).

For those of you unfamiliar with CC, I suggest you read this Fortune article from 1981 and then pick up a copy of Mallaby’s book More Money Than God.

CC was a trading operation founded by Helmut Weymar and Amos Hostetter in 1977 in Princeton, N.J. The firm was established to raise money to trade in the commodities market.

It’s story is impressive not because of the unbelievable returns the fund produced (which were astronomical) but because of the long list of legendary traders who came out of it. The CC alumni list reads like a 20th century trader hall of fame. Some of the names include:

  • Ed Seykota
  • Michael Marcus
  • Bruce Kovner
  • Paul Tudor Jones
  • Jack Schwager
  • Craig Witt
  • Louis Bacon

It’s not happenstance that all of these gifted traders came from CC. They all benefited from similar environmental advantages to Spartacus: quality instruction and multifarious trading partners.

The quality instruction came from Amos Hostetter who was one of the best traders of his time, and an early pioneer of trend following.

The multifarious environment came from their exposure to each other’s different thinking, trading styles, theories and so on. In trading and investing there are many ways to skin a cat and these guys got to share the best of these different means with one another.

On top of that, when you put together a bunch of extremely motivated people all working towards mastering the same craft, you create numerous developmental feedback loops. This is where iron sharpens iron and rapid evolution is spawned.

CC traders benefitted from a Ludi advantage.

I always wanted to work at Commodities Corp. I dreamed of training with and learning from like minded traders who were as passionate about the markets as myself.

But unfortunately, CC was acquired by a Giant Vampire Squid (Goldman Sachs) in 97’. And nothing of comparison has existed since… until now.

The Macro Ops Hub

My teammates (Tyler and Anish) and I started Macro Ops (MO) with the aim of creating the site we always wanted, but which didn’t exist.

We wanted to build a virtual Commodities Corp. We wanted a place where traders from all over the world could come together and share ideas, theories, trade approaches, knowledge and so on. A place where those driven by mastery and a deep respect for the game could push each other to grow and evolve — where iron would sharpen iron. The site would contain the highest quality trading education, research, and discussion, all of which would combine to create spontaneous developmental feedback loops leading to rapid evolution.

This is what we’ve done with the Macro Ops Hub. We’ve created a Ludi advantage for traders.

Similar to Bridgewater, the Hub is like an “intellectual Navy Seals” for those wanting to reach a deeper understanding of the markets and how to play them.

And the best thing about it is that we’re just getting started. The Hub is like the Juggernaut just starting his jog.

The more quality members we accumulate, the more trade ideas and theory shared.

The more training material we put out, the more quickly the Hub becomes the internet’s largest private database for high level trading materials.

The more you learn, the more we learn, and the better the P&L for everyone involved.

Access to the Macro Ops Hub includes:

  • A growing and evolving set of global macro tools and resources
  • Direct access to the Macro Ops team and our years of experience in the hedge fund world
  • A front row seat to every trade we make in both our model portfolios
  • Entrance to the Comm Center, an elite private forum with Operators from around the world
  • A key to the trader’s Vault which includes all our training material including our two trading courses

Sign up below to learn more about the Hub! It’s time to start your journey towards trading mastery…

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