Independent research for allocators and advisors. Senior macro advisory for a select group of institutions.
Joe Zidle, Founder & CIO
For eight years, I was the Chief Investment Strategist of Private Wealth Solutions at Blackstone, the world’s largest alternatives manager. I advised on macro, allocation, and alternatives strategy across private equity, private credit, real assets, and hedge funds.
Now I work for one constituency: the allocators and advisors who read this research. No institutional framework to operate within. No firm’s capital deployment cycle to consider. Just the analysis, and what I actually believe it means for your portfolio.
A select group of alternative asset managers have asked me to bring that perspective directly into their investment process. I serve as a senior macro advisor to their investment committees.
The uncompromised view.
The question is not whether the US or India will outperform over the next decade. The question is whether allocators will recognize it while the consensus is still skeptical.
Read AnalysisStrong jobs number on the surface. However we know the revisions have been to the downside (i.e. February was revised lower) and the mix of jobs was dominated by hiring in non-economically sensitive sectors of the economy. Despite that, there remains a case to buy the dips.
Read AnalysisQ1 2026 is officially in the books. Headlines are dominated by a wall of worry: Iran, sticky inflation metrics, and disruptions across credit markets. The prevailing consensus has shifted heavily defensive. We believe this is a tactical mistake.
Read AnalysisCorrections feel unique in the moment. They never are. Since 1980, the S&P 500 has experienced 14 corrections of 10% or more. In the twelve months following each trough, the index posted positive returns 93% of the time. The average recovery: +29.7%.
Read AnalysisThe Federal Reserve has committed an error of historic proportions. Between August 2023 and January 2026, the FOMC executed 175 basis points of rate cuts, driving the funds rate from 5.50% to 3.75%. And now it is accelerating. This is not what policy makers expected...
Read AnalysisMajor markets are down between 5-10% from their highs. VIX is north of 25. Cash feels safe. In volatile markets, it feels like wisdom. Sitting in cash, you tell yourself you are being prudent. You are waiting for clarity. There is a cost. And it compounds over time.
Read AnalysisPrivate credit is not in crisis. But it is no longer invincible. The asset class built its reputation on a simple proposition: lend to middle-market companies, hold to maturity, avoid the noise of public markets. Then came 2025, and a reckoning.
Read AnalysisMarkets are uncomfortable. Oil has moved. Inflation has re-accelerated. A Fed that spent the better part of 2025 cutting rates is now debating whether to reverse course. I remain constructive, but the easy part of the cycle is behind us.
Read AnalysisMotel 6 is famous for saying “we’ll leave a light on for you”. Lights on are welcoming, but they also send an important economic signal. Electricity is the most honest variable in economics. US electricity demand is now growing. This is not an AI bubble narrative.
Read AnalysisThe Producer Price Index surged 0.7% MoM in February, blowing past consensus expectations and marking the largest monthly increase since August 2023. This could not have come at a worse time for the Fed, the economy or the markets.
Read AnalysisThe compelling story of 2026 is everyone assumes the Fed will blink. They are wrong. My base case: No rate cuts in 2026. Core inflation remains sticky at 2.8-3.5%. Unemployment rises to 4.6%, triggering traditional Recession warnings. The Fed holds through political pressure and market tantrums.
Read AnalysisIn September 2026, a private equity firm will close on a company that has no office, no water cooler, and no HR department to speak of. Fifteen people will generate $20 million in revenue and $6 million in profit. Meet AI Agents...
Read AnalysisFor nearly three decades, Joe Zidle has shaped investment strategy at the world's largest financial institutions. Most recently, he spent eight years as Chief Investment Strategist at Blackstone Private Wealth Solutions, leading thematic research, asset allocation strategy, and macro framework development.
Before that, he was Head of Investment Strategy at Bank of America Merrill Lynch's Global Wealth Management division and a portfolio strategist at Richard Bernstein Advisors, roles that built the alternatives and macro expertise now defining ZidleMSG.