Hamish Douglass, CEO of Magellan Financial Group, says monetary policy and the actions of central banks are “the number one macro issue in the world.” Fixed income markets are "massively distorted," which distorts all other asset markets. An unwinding of monetary policy could have a serious impact on asset prices. The second key macro issue he highlighted is Europe. The upcoming Italian referendum could affect next year's election and drive support for far-right parties. Meanwhile, the Italian banking system could pose a systemic risk. With French and Dutch elections next year, the European political system is one to watch. The final macro issue is China; with a massive credit boom and a bad debts problem, the Chinese government could keep “kicking the can down the road” for many years to avoid a financial crisis. He expands on these points in the video, and discusses his views on technology and Alphabet.