Zachary Cameron is the founder of Valo Macro and directs its research.

 

His work began in the plumbing of the financial system: balance sheet constraints, funding markets and liquidity conditions. It taught him that the most important information about an institution often sits outside its own reports, in the obligations, funding and prices of those connected to it. That work led him to advise macro investment firms, and in early 2023 it helped them navigate rising stress in funding markets ahead of the regional banking crisis, at a time when prevailing opinion held liquidity conditions to be ample. By mapping the global funding network, he traced the stress from its periphery to its core in the United States and identified the banks whose obligations left them most exposed.

 

Valo Macro carries that approach into an economy being reshaped by artificial intelligence, where the connections between companies are changing faster than the frameworks used to measure them.

 

Zachary also serves as Director of Research for Advanced Materials and AI Hardware at Instrumental Polymer Technologies, where he develops applications of dendrimer-based materials and optically controlled material states to reduce the energy demands of AI hardware, one of the central constraints on the AI buildout. The work is conducted in collaboration with Princeton University’s Department of Chemistry, and gives him a view of the buildout from its physical foundations as well as its financial ones.

 

He holds a BA in International Relations from Loyola Marymount University, where he was named Scholar of the Year, and an MSc in Accounting and Finance from the London School of Economics, where he won a university-wide monetary policy competition judged by Sir Charles Bean, former Chief Economist of the Bank of England.