Playing the Long Game: Chris Judd on Markets & Mindset

In this episode, we welcome Chris Judd back to Vantage Point — and a lot has changed since we last spoke. Cerutty Macro Fund has delivered annualised returns of close to 25% since inception in June 2023, built on a macro-thematic framework that prioritises secular tailwinds, liquidity awareness, and elite management teams over style-box convention.We dive into how Cerutty navigates shifting market conditions, current views on gold, energy, and AI infrastructure plays including Vysarn and ikeGPS, and why Chris has built the fund for returns rather than scale. He also speaks candidly about the psychology of staying the course through volatility, the lessons elite sport brings to investing, and what it really takes to back yourself.