Anna Raytcheva on Trading Regime Changes, Reflation and Crypto

Macro Hive Conversations With Bilal Hafeez

This episode is supported by private equity platform Moonfare.

Anna founded Sonya Capital Management in December 2016. Prior to that, Anna spent over twenty years at Citigroup, where she oversaw a multi-billion dollar balance sheet and large teams of traders as the Head of the Strategic Trading Desk, Co-Head of Risk Treasury and Head of the Agency MBS trading desk. Anna traded through eight central bank tightening and easing cycles and a few financial crises, such as the Asian financial crisis, the Dot-com bubble and the Global Financial crisis. When she left Citigroup, the WSJ featured her as ‘Citigroup's last proprietary trader’. She graduated with honours from Princeton University with a degree in Mathematics. In this podcast we discuss:

1. Difference between trading on the sell-side versus at own fund
2. Framework used to invest in markets
3. How to use flow information to validate views
4. The value of machine learning
5. How to identify market regime changes
6. The impact of risk transfers on market volatility
7. How bubbles can be rational
8. The difference between high-frequency trading and macro
9. Views on the current reflation theme
10. Two major risks: US tax changes and China decoupling
11. Market to watch - yen
12. Views on crypto markets
13. Books that influenced Anna: The Second Machine Age (Brynjolfsson, Mcafee), Thinking, Fast and Slow (Kahneman)