# U.S. Investment Conference

Andy Less

Andy Lees

Andy is a partner in the Macro Strategy Partnership, a small boutique research company based in the UK. After beginning his career on the buy side in 1985 with a UK life insurance company, he moved to the sell side in 1992, joining Warburg’s derivative sales desk to develop their macro business. This role subsequently evolved into creation and operation of a macro research arm for equities.

In February 2012, Andy established AML Macro which, rather than just looking at the superficial, focuses on the “story behind the story.” His research includes topics such as total factor productivity (TFP); savings and investment ratios; the cost of factor mobilization; and how all these effectively drive capital flows. Another area of focus is energy—specifically, the relationship between energy and the economy. Some of his historic publications on these subjects can be found at www.amlmacro.com/publications.html