A world of opportunity: Rob Citrone’s best ideas
Episode publishedPodcast: Goldman Sachs ExchangesGoldman Sachs Exchanges
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Welcome to another episode of Goldman Sachs Exchanges, great investors. I'm Tony Pasquarello, global head of hedge fund coverage in global banking and markets. And today, I'm thrilled to be speaking with Rob Citrone. Rob is the founder of Discovery Capital Management, a hedge fund that manages about $3,000,000,000. Discovery focuses on macro investing with particular focus on the emerging markets, and they're coming off two massive years in a row, returning about 50% in 2023 and in 2024. I'm excited to hear about Rob's career, his investment framework, and, of course, his view of the world as
to be here, Tony. It's a pleasure. Let's
start with the big picture. How are you thinking about the markets right now?
Well, I think the markets are offering a lot of opportunities, both on the long and the short side, and we're seeing lots of big swings in people's views of things. I think we have a different view than a consensus, which I kinda like. We're relatively constructive, and we actually think 02/1926 is gonna be a big year for The US. We think The US economy is gonna boom on the back of significant tax cuts In
'26. In
'26. Okay. I think it's it's slowing now, but we don't think it's it's if it's a recession, it's a it's kind of, like, call fake recession. It's a recession. We have negative two negative GDP numbers, but mainly because of massive imports, people getting ahead of the tariffs. We don't think real final demands were gonna go negative if it does a very slight, and then we see the economy picking up in the third and the fourth quarter. We see a lot of reshoring of companies coming. You you talk to office park managers, and and they're they're full now. I mean, they got a lot of LOIs that they've s
Okay. And then so two questions on that. One is, is the is the is the constructive story on '26 a function of the policy? Is it a function of Trump two point o policy? And then the the the attendant question would be, what are the some of the high conviction views you wanna play today or maybe just set up for Yeah. Around the corner? Yeah.
I mean, I think it's part of the policies of what Trump is doing. I think also getting rid of some of
the wasteful waste full spending in Doge, I
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