Felix Zulauf

Felix Zulauf studied economics and worked in the Swiss banking industry, eventually becoming head of global portfolio management at UBS. He founded Zulauf Asset Management in Zug, Switzerland, managing a global macro fund. Zulauf is best known outside of Switzerland for his long participation in the Barron's Roundtable — the annual magazine gathering of prominent investment thinkers that has been published since the 1960s. Participating for over 30 years, Zulauf has been one of the Roundtable's most consistently influential voices, making broad global macro predictions on equity markets, currencies, gold, and economic cycles. Several of his calls have been notably prescient: he was early to warn about vulnerabilities in the European monetary system before the 2010-2012 eurozone crisis, and was long gold and commodities before their major bull runs. His investment style is fundamentally macro-driven, focusing on sovereign debt dynamics, currency regimes, liquidity cycles, and global capital flows rather than individual security selection. He approaches markets as a technician as well as a fundamental analyst, incorporating price action and sentiment into his framework. Zulauf has been a consistent voice for caution on elevated debt levels and the distortions caused by central bank intervention in financial markets.