the ai bubble, retail mania & what comes next for markets
Welcome to Season 3, Episode 16 of Two Blokes Trading. This week’s guest is Harry Melandri, a veteran macro strategist with over 30 years of experience across central banks, hedge funds, trading desks, and global macro research. Harry is now a Senior Advisor and Research Contributor at MI2 Partners (Macro Intelligence 2 Partners), where he helps decode systemic risks using predictive models, historical context, and policy insight.
🔗 Visit Harry’s profile at MI2 Partners
What You’ll Learn in This Episode:
In this episode, Harry shares his journey into the financial markets, starting with why he joined the Bank of England straight out of college and what eventually led him to the trading floor. He breaks down the real mechanics of market-making, how liquidity provision actually works, and how those early experiences shaped his macro worldview.
We dig into the speculative energy behind today’s markets, the blurred line between hype and innovation in AI, and the role of retail traders in shaping liquidity and volatility. Harry also explains how political agendas, particularly in the U.S. and China, are increasingly driving economic outcomes, and why this moment may be more systemically fragile than 2008.
From policy narratives to portfolio action, this is a deep, honest, and timely look at what comes next for markets — and how traders can prepare.
Hosts
Jonathan Farrelly – Host
Jonathan started his trading journey over 16 years ago, learning from some of the best institutional traders in the world. Over the last 9 years Jonathan has taught 1000’s of retail traders how to successfully navigate the financial markets. Jonathan’s ethos has always been based on transparency with the goal to help new & experienced traders achieve their goals.
Harry Melandri– Guest
Harry Melandri is a veteran macro strategist with over 30 years of experience across central banks, hedge funds, and global trading desks. He has held senior roles at institutions including the Bank of England, UBS, Deutsche Asset Management, Aberdeen Asset Management, Brevan Howard, and Medley Advisors, spanning macroeconomic research, fixed income portfolio management, derivatives trading, and global strategy.
Harry is currently an Advisor at Macro Intelligence 2 Partners, an independent research firm focused on decoding global macroeconomic and policy-driven risks through proprietary predictive models and repeatable frameworks. His work helps investors understand how structural forces, policy shifts, and liquidity dynamics shape markets over time.
Alongside his research work, Harry is widely known for his ability to translate complex macro themes into clear, actionable insights. He also serves as a moderator on Real Vision, hosting Insider Talks alongside Raoul Pal and Julian Brigden, where he facilitates deep, forward-looking discussions on markets, cycles, and systemic change.
Harry’s perspective combines institutional rigor with real-world trading experience, making him a trusted voice for investors navigating periods of uncertainty, regime change, and market stress.
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