In this eye-opening interview, we sit down with Saad Filali, founder and portfolio manager of Fiat Elpis Macro Fund based in Casablanca, to explore how modern markets have fundamentally changed and what it takes to survive as a discretionary macro trader in today's environment.
This interview provides crucial insights for anyone trying to understand modern market structure, the decline of traditional fundamental analysis in US markets, and practical strategies for surviving as a discretionary trader in an increasingly systematic world.
Timestamps:
00:00 - Introduction and fund performance overview
02:10 - Why M&A led to trading and the Goldman Sachs experience
04:38 - The death of prop trading at major banks
08:11 - Building strategy through Market Wizards and global macro legends
10:33 - Market efficiency vs. reality: the positioning framework
13:37 - Retail + semi-retail: the new market kings
18:30 - Systematic hedge funds and the momentum monolith
24:37 - Buyback algorithms and corporate market impact
31:38 - Why shorting has become nearly impossible
34:08 - The necessity of positioning awareness in modern macro
38:22 - Pure fundamentalism vs. market reaction trading
42:33 - The solution: shorter timeframes and geographic diversification
48:27 - Trading outside the 0DTE danger zone
51:11 - Gold trading philosophy and current setup
54:06 - Upcoming NFP trade and Russell 2000 short thesis
HOW TO REACH SAAD:
🐦 X (Twitter) – https://twitter.com/FiatElpis
📘 LinkedIn – https://www.linkedin.com/in/filalisaad/en
🌍 Website – https://fiatelpis.com
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Disclaimer: Please note, we do not provide financial product advice. Any views or opinions expressed by participants (guests, hosts and battlers) are for general entertainment purposes and do not reflect the views of The Trading Battle.