Your investment roadmap in an uncharted macro landscape
MRB – The Macro Research Board is an independent top-down research firm, specializing in global multi-asset investment strategy since 2010. We provide actionable absolute and relative return ideas.
Research
MRB Research Coverage
Investment Themes
Global Asset Allocation
Absolute Return Strategy
Regional Equity Strategy
U.S. Equity Sector Strategy
Fixed Income Strategy
Foreign Exchange Strategy
Developed Market Economics & Policy
Emerging Market & China Strategy
MRB Track Record
MRB Tradebook Portfolio has consistently outperformed the global benchmark.


* Equally weighted aggregate of all MRB TradeBook positions
** 50% global equities, 35% G7 government bonds, 10% CRB commodity price index and 5% cash
Note: The MRB TradeBook is a component of the MRB Absolute Return Strategy; total return rebased at initiation of first investment recommendations; shown in log scale
Why MRB?
MRB was designed to foster idea generation and provide a roadmap for investors in what can often seem like an uncharted macro landscape.
Research Team
Partners

Phillip Colmar
Partner, Global Strategy
Phillip Colmar is Managing Partner and Global Strategist at MRB Partners. Phillip focuses on global multi-asset investment strategy, trading opportunities, and financial market risks. His expertise is in identifying key macro themes/frameworks and building a clear roadmap for investors. Phillip speaks regularly at conferences and is regularly quoted in the financial media …

Mehran Nakhjavani
Partner, Emerging Market Strategy
Mehran Nakhjavani is a partner and helped found MRB in 2010. He has extensive experience in investment research and investment management, specializing in emerging markets and oil-producing economies. Mehran focuses on investment themes arising from the emergence of economies and financial markets outside the developed world. He works with clients to assist portfolio …

Peter Perkins
Partner, Global Strategy & Regional Equities
Peter Perkins is a founding partner. He has extensive experience, both as a strategist and economist. Peter focuses on asset allocation issues and strategy, key drivers of the global economy and capital markets, as well as investment opportunities and risks. He works closely with MRB clients on tactical and strategic asset allocation, assisting them in interpreting and translating macroeconomic …

Warren Smith
Partner, U.S. Strategy
Warren C. Smith is a founding partner. He has extensive experience as an investment strategist. Warren focuses on the U.S. and other developed markets and works closely with MRB clients to assist them in portfolio strategy decisions. He is responsible for coordinating the MRB Weekly Macro Strategy Report. Prior to forming MRB, Warren was minority owner and Managing Editor of BCA Research Inc. He was a major contributor …
Strategists & Analysts

Prajakta Bhide
Strategist, U.S.
Prajakta Bhide joined MRB in 2017 and specializes in the U.S. economy, policy and asset markets. Her areas of expertise include business cycles, monetary policy, and macroeconomic modeling. …

Santiago Espinosa
Strategist, Foreign Exchange & Absolute Returns
Santiago Espinosa joined MRB in 2010, and specializes in foreign exchange strategy and absolute-return investment ideas. He is responsible for driving MRB’s house view on developed markets foreign exchange …

Mazen Issa
Strategist, Fixed Income
Mazen Issa joined MRB in 2024. He is based in New York and leads the global fixed income strategy for MRB. Mazen has extensive sell-side and buy-side experience in cross asset strategy and trading …

Amr Abdel Khalek
Strategist, Emerging markets
Amr Abdel Khalek joined MRB in 2011 and specializes in emerging markets (EM). Along with Mehran Nakhjavani, he is responsible for driving MRB’s house view on EM ex-China economies and financial assets …

Arshiya Malik
Analyst, Developed markets
Arshiya Malik joined MRB in 2023, and specializes on developed market economies and policy. She supports the research team with data analysis and forecasting of regional economic trends and financial markets …

Salvatore Ruscitti
Strategist, U.S. Equities
Salvatore Ruscitti joined MRB in 2011. He has extensive experience in both top-down and bottom-up equity research. Mr. Ruscitti is responsible for MRB’s U.S. equity strategy and sector views. He draws together the firm’s macroeconomic …
MRB In The News
Phillip Colmar Managing Partner and Global Strategist at MRB Partners on CNBC
MRB Partners Global Strategist Phillip Colmar joined CNBC Worldwide Exchange host Frank Holland to discuss whether U.S. technology stocks are in a bubble.
Hosted by Frank Holland
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MRB on Energy Connects – June 13, 2025
MRB on Energy Connects – June 13, 2025 “We look at the VIX and…
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MRB on MarketWatch – June 10, 2025
MRB on MarketWatch – June 10, 2025 Based on MRB research, fixed-income “investors are…
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MRB on Morningstar – June 10, 2025
MRB on Morningstar – June 10, 2025 Based on MRB research, fixed-income “investors are…
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MRB on Business Insider – April 12, 2025
MRB on Business Insider – April 12, 2025 Phillip Colmar, managing partner and global…
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MRB on Yahoo Finance – April 11, 2025
MRB Yahoo Finance – April 11, 2025 “We are wary of near-term bounces in…
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MRB on Business Insider – Oracles of Wall Street – December 18, 2024
MRB on Business Insider – Oracles of Wall Street – December 18, 2024 Phillip…