Larry McDonald
Larry McDonald is a leading economist, political risk strategist, and New York Times bestselling author, best known as the Creator and Editor of The Bear Traps Report, one of Wall Street’s most respected macro research platforms. A frequent CNBC contributor and sought-after speaker, McDonald provides institutional-grade insights to hedge funds, family offices, asset managers, and high-net-worth investors seeking to navigate global market volatility and policy-driven risk. McDonald’s career includes senior leadership roles across major financial institutions. He served as Managing Director of ACG Analytics and as Managing Director and Head of U.S. Macro Strategies at Société Générale. Earlier in his career, he was Vice President of Distressed Debt and Convertible Securities Trading at Lehman Brothers, where he led a successful joint venture bridging the firm’s fixed income and equity businesses. He is also the author of two influential books: How to Listen When Markets Speak, which explores market signals and macro forecasting, and A Colossal Failure of Common Sense, one of the bestselling business books of all time and a definitive account of the events leading up to the 2008 financial crisis.
Larry McDonald Professional Experience / Academic History
Professional Experience
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Founder and Creator
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Managing Director and Global Head of Macro Strategy
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Host and Creator of Larry McDonald Series
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Managing Director and US Head of Macro Strategy
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Vice President and Senior Trader
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Convertible Securities Research and Sales
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Retail Financial Advisor
Academic History
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B.A., Economics
THE BEAR TRAPS REPORT
Larry McDonald is the Founder and Editor of The Bear Traps Report, one of Wall Street’s most respected independent macro research platforms.
Under his leadership, the publication delivers weekly analysis focused on global political risk, systemic market stress, and high-conviction trade ideas.
Known for blending deep macro insight with accessible storytelling, McDonald provides perspective on major geopolitical and economic events—including U.S. policy cycles, the global financial crisis, European sovereign debt, and China’s economic slowdown—while emphasizing practical risk indicators and real-world risk management lessons.
Today, he advises hedge funds, family offices, asset managers, and institutional investors across more than 20 countries.
LEHMAN BROTHERS
Before launching his research platform, McDonald served as Vice President at Lehman Brothers, where he became one of the firm’s most consistently profitable traders.
In 2006 and 2007, he and his team executed highly successful trades against the subprime mortgage market, generating more than $2 billion in profits for the firm ahead of its downfall.
McDonald managed a $500 million proprietary trading book and produced more than $83 million in trading profits during his tenure.
He also launched Lehman's first cross-divisional initiative connecting high-yield, distressed debt, and convertible securities—an effort that became one of the firm’s most effective collaborations.
MEDIA PRESENCE
McDonald is a widely recognized voice in financial media, appearing regularly on Bloomberg TV and Radio, Forbes, CNBC, CNN, BBC, and Fox Business.
His commentary and analysis have been featured across leading outlets including MSNBC, the New York Times, Barron's, Fortune, BusinessWeek, The Economist, Financial Times, Time Magazine, NPR, and more.
He has also contributed to several major financial crisis documentaries, including the Academy Award–winning Inside Job, BBC’s The Love of Money, CBC’s House of Cards, and National Geographic’s Decade of the 2000s.
A sought-after global speaker, McDonald has delivered more than 70 keynote presentations across 17 countries at investment conferences, banks, law firms, insurance companies, and universities.