Zachary Cameron is the founder of Valo Macro, a research firm focused on understanding how the structure of financial markets shapes risk, capital flows, and investment outcomes.

 

His research is grounded in the study of financial plumbing, with particular attention to balance sheet constraints, funding markets, and liquidity conditions.

 

Zachary holds a degree in International Relations from Loyola Marymount University, where he was awarded Scholar of the Year, and a master’s degree in Accounting and Finance from the London School of Economics. While at LSE, he won a university-wide monetary policy competition judged by Sir Charles Bean, former Chief Economist of the Bank of England.

 

His work on monetary conditions and funding market stress has led him to advise macro investment firms. In early 2023, his research highlighted rising stress in funding markets ahead of the regional banking crisis, at a time when prevailing views characterized liquidity conditions as stable.

 

His current research applies this perspective to the AI system, examining the relationships between computing capacity, commercial commitments, financing, and demand for AI services. He studies how these relationships support investment and production, how income and risk are distributed among participants, and what their changing terms reveal about the conditions underlying the industry’s development.