2 Gray Beards
Making Sense of Markets in Uncertain Times

Weekly Market analysis in twenty minutes or Less
Who are the Two Gray Beards?

Andy Constan
Graduated in Bioengineering from the University of Pennsylvania in 1986. He has spent 35 years investing and trading global equities, spending 17 years at Salomon Brothers. Since 2010 he has worked honing his Macroeconomic knowledge working at Bridgewater Associates and Brevan Howard. Since then he has worked on growing Damped Spring Advisors.

Nick Givanovic
Graduated in Economics from Cambridge University in 1983 and was a bond trader at J.P. Morgan Chase and Salomon Brothers before starting his own hedge fund in 1993. Since retiring from actively managing money for institutions in 2000, he has been managing and running Charity Hedge Fund his own assets and living mostly in the Bahamas.
Together we have over 75 years of market experience and we have survived and profited from
everything the markets have thrown at us over that time. We have Gray Beards to show for it, as
honorable battle scars.
If you have an equity and bond portfolio, which is either managed by a mainstream asset manager but
self-directed to any extent, we will show you how we think about markets and how we reach our
decisions about adding or reducing risk in our portfolios and most importantly, WHY and WHEN. You
can read more about who our product is aimed at HERE.
Together we have over 75 years of market experience and we have survived and profited from
everything the markets have thrown at us over that time. We have Gray Beards to show for it, as
honorable battle scars.
If you have an equity and bond portfolio, which is either managed by a mainstream asset manager but
self-directed to any extent, we will show you how we think about markets and how we reach our
decisions about adding or reducing risk in our portfolios and most importantly, WHY and WHEN. You
can read more about who our product is aimed at HERE.
"It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country."
— Adam Smith —