Zoltan Pozsar Is Back… “Behind A Paywall”
Zoltan Pozsar, renowned for his insightful analysis of global money markets, has resurfaced after months since his last piece and leaving Credit Suisse. But the economist might be appearing publicly for the last time as he intends to move forward with his career behind a paywall.
Pozsar seems to be leveraging his fame by launching his own research firm, Ex Uno Plures. In a recent episode of the Odd Lots podcast, he explains that the Latin phrase translates to “out of one, many,” symbolizing his research focus on the growing fragmentation of the global financial system and providing guidance to investors navigating this evolving landscape. The name also alludes to his vision of “Bretton Woods III,” a theory proposing a diminished role for the US dollar in the future.
The economist’s last public piece was an article in Financial Times discussing the factors that threaten the hegemony of the United States and the global status of US dollar as a reserve currency.
At Ex Uno Plures, he intends to publish two regular research streams: “Money, Banks and Bases,” focusing on the analysis of the world’s 50 largest financial and government balance sheets, and “Money and World Order,” tracking the progress and market implications of his Bretton Woods III thesis.
“I think these are basically the two lenses through which one should be following dollar funding and dollar rates markets going forward because, you know, the day-to-day we just have to live with, but then we absolutely cannot lift our eyes off all the geopolitical realities and challenges that the dollar will be facing. So these will be the two publications that subscribers will get,” Pozsar explained.
The economist also added that the access is “a high price tag” targeting “institutional investors exclusively and not retail investors.”
“And so I will be completely behind the paywall and subscribers will be able to chat with me and have conference calls and meetings,” he added.
Looking at the website, the platform is hosted with a Hungarian extension. Pozsar has also uploaded links to his Credit Suisse dispatches within the website. It also has current and future sections that are members-access only.
Reportedly, it costs around $30,000 per year to subscribe to Pozsar’s new platform.
Pozsar, originally from Hungary, gained expertise in financial system dynamics during his tenure at institutions like the Federal Reserve Bank of New York, International Monetary Fund, and the US Treasury before joining Credit Suisse. Known for his meticulous approach, Pozsar once created an intricate schematic of the shadow banking system, requiring viewers to zoom in multiple times to comprehend its intricacies. However, it was his accurate prediction of the upheaval in the repo market in 2019 that propelled his fame in and beyond Wall Street.
“My retrospective on what I’ve been doing as a strategist for a decade is basically anticipating moments when prices fall apart in funding and rates markets,” Pozsar said in the podcast. “So the basic idea is that most of the time things are straight on top of each other, you know, the interest rate structure is orderly. And then when something bad happens, whether it’s panic or a pandemic or a balance sheet constraint or liquidity constraint, prices fall apart. So out of one price you are dealing with many prices.”
While not everyone appreciates Pozsar’s distinctive writing style, and some of his predictions have not materialized, his commitment to meticulous research, including analyzing bank call reports and engaging with market participants, has earned him a legendary reputation. His research has expanded to encompass broader themes such as sanctions and commodities financing.
Previously, Pozsar’s research at Credit Suisse gained significant popularity, reaching a wide audience beyond the bank’s clients. However, he now intends to monetize his research, and readers will need to subscribe to access his work.
“This could be my last public appearance,” he said, referring to the podcast guesting. “And then I would just disappear behind the paywall.”
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
