About Keystone Macro
Independent macro and multi-asset research, built by Kai Card — Economics student at the University of Surrey.
The Platform
Keystone Macro is Kai Card’s independent macro and multi-asset research platform, developed alongside Economics studies at the University of Surrey and hands-on market work.
Experience spans proprietary trading across indices and commodities, competitive spring insight programmes in finance and trading, and a summer internship within the physical bullion and precious-metals settlement ecosystem. The platform uses AI to assist analysis; new intelligence carries direct attribution, and automated long-form drafts are reviewed before publication.
The investment philosophy is rooted in macro-first thinking: identifying regimes, understanding central bank dynamics, and constructing portfolios genuinely calibrated to client objectives, constraints, and behavioural realities — not just market conditions.
Core Principles
Process Over Noise
Systematic thinking and disciplined frameworks cut through market noise. Rigour and repeatability outperform reactive decision-making.
Risk Before Return
Understanding tail risks, drawdown dynamics, and correlation regimes is the foundation of any serious portfolio construction process.
Macro Drives Everything
Regime identification shapes asset allocation across every cycle. Central bank policy, fiscal impulse, and growth inflections set the context.
Suitability First
The right portfolio is defined by the investor's objectives, constraints, and behavioural profile, not by the market environment alone.
First-Principles Thinking
Challenging consensus views and building investment theses from the ground up produces differentiated, high-conviction research.
Clarity of Thought
Institutional-quality ideas demand precise communication. If a framework cannot be explained clearly, it is not yet fully understood.
Experience
Active Market Participation
Began systematic trading across equities, FX, and commodities, building early risk frameworks through hands-on exposure to live market conditions.
Proprietary Trading
Managed funded capital across indices and commodities, generating consistent monthly returns through macro-driven trade ideas.
University of Surrey
Began BSc Economics. Deepened work in strategic and tactical asset allocation, factor analysis, and client-suitability frameworks.
Spring Programmes
Completed competitive spring insight programmes spanning finance, trading, and research.
Precious Metals & Keystone Macro
Summer internship within the physical bullion and precious-metals settlement ecosystem. Launched Keystone Macro the same year.
Opportunities
Early Careers & Contributors
Keystone Macro welcomes enquiries from students and early-career professionals interested in markets, research, and portfolio strategy. Whether you have a question, are seeking short-term experience, or would like to contribute to a research or data project, you’re encouraged to get in touch.