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.
Every market cycle develops its own narrative. The prevailing story of 2021-2024 held that inflation was entrenched, that the Fed had fallen behind the curve, and that the bond vigilantes were back, we were told.
Read AnalysisThe classic Dividend Discount Model and "What-if" analysis. The market isn't cheap...
Read AnalysisPrior to QE, the 10YR UST traded at or above nominal GDP 71% of the time. Post QE, it rarely went above nominal GDP. There is a case for the 10YR to again trade at or above nominal GDP again.
Read AnalysisBuilding a Portfolio for the 2026 Reality
Read AnalysisCore CPI holds steady while Headline CPI was dragged down by falling energy
Read AnalysisEvery economic recovery follows the same script: inflation surges, the Fed tightens, and then everyone waits for inflation to fall back to normal. We're still waiting.
Read AnalysisEvery housing cycle ends the same way: prices climb until nobody can afford them, sales dry up, and the market freezes. We're not quite there yet, but January's numbers suggest we're getting close.
Read AnalysisWage growth remains well above pre-COVID averages
Read AnalysisJobs that never were... the weak January print (!)... and a Fed that's stuck.
Read AnalysisMilton Friedman said "Inflation is and always will be a monetary policy phenomenon". With December's CPI coming tomorrow, those words are on my mind.
Read AnalysisQ4 2025 compensation growth decelerated YoY. The Fed gets the gradual wage moderation it wants, but services inflation will remain sticky.
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.