On April 21, the United States announced an extension of the ceasefire agreement and a suspension of military strikes against Iran. While the S&P 500 and Nasdaq closed at fresh record highs, oil prices surged against the trend, once again highlighting the divergence between market sentiment and fundamental realities.
The global macro market in 2026 is a microcosm of countless "black swan" moments over the past 22 years. Tensions are high in the Strait of Hormuz, pushing oil volatility to elevated levels. Expectations for Federal Reserve rate cuts have rapidly faded, causing global asset prices to swing violently with every news headline. Even established hedge funds with deep market experience have faced widespread pressure and drawdowns this year. For the average investor, navigating macro trades is exceptionally difficult; even with a correct view on the overall macro direction, many falter on timing, instrument selection, position sizing, or risk control, leading to failure.
"Getting the macro call right but the trade wrong" is a common pain point for all macro investors. Yuan Jun is one of the few practitioners who has consistently bridged this gap in long-term实战, achieving sustained profitability. Over his 22-year journey through the markets, his success has never been reliant on innate talent or luck, but rather on a robust, market-tested, and continuously iterated investment process that has navigated multiple bull and bear cycles.
On May 16-17 in Shenzhen, Wall Street News has specially invited Yuan Jun, Founder of Shengyuan Global Investment Fund and former Head of Greater China Macro Trading at Goldman Sachs, to host a two-day Global Macro Bootcamp. The event aims to deconstruct this practical closed-loop system, help participants systematically build a macro investment research framework, and finally bridge the "last mile" from theory to practice.
Yuan Jun's cross-disciplinary path began in a laboratory at Peking University. A graduate with bachelor's and master's degrees from the University's Computer Science department, he previously worked at Microsoft Research Asia, deeply involved in the "Next-Generation Wireless Network" project. He often spent nights polishing code, and related achievements were once presented in a special demonstration to Bill Gates. Upon graduation in 2004, he held offers from tech giants like Microsoft, IBM, and Intel, as well as a PhD offer from Princeton. Yet, he decisively abandoned the comfortable "programmer" track to cross over into the finance industry, becoming one of the first traders recruited directly from mainland China by Morgan Stanley.
Entering the investment bank, Yuan Jun quickly realized the vast chasm between textbook financial theory and the harsh reality of the trading desk. The work was intensely demanding, with a high attrition rate. There were no mentors to provide hand-holding; all growth had to be forged through personal experience, trial, and error in live markets. Through multiple rotations in Morgan Stanley's FICC department, he endured high-pressure trading environments while constantly reviewing successes and failures, gradually developing his own trading methodology and rapidly evolving from a novice into an independent, capable trader.
During the 2008 global financial crisis, Yuan Jun delivered outstanding results. His trading performance doubled that year. On the Saturday Lehman Brothers collapsed, he was attending a friend's wedding in Singapore. After receiving a phone call, he flew back to Hong Kong overnight, arriving at the office at 5 a.m. to scrutinize open positions. The following week involved heart-stopping, high-volume trading. At the peak of the crisis, the Renminbi's trajectory suddenly reversed. Relying on market intuition honed through countless trades, he decisively bought US dollars in large quantities and subsequently sold the entire position during the most frantic sentiment when London institutions entered the market, realizing significant profits in a single day.
This crisis also gave Yuan Jun a deeper understanding of the essence of trading: successful trading never relies on momentary courage or luck, but on a systematic decision-making process—scanning key macro variables, identifying mismatches between price and fundamentals, designing rational positions, and strictly enforcing risk controls and stop-losses. A moment of hesitation during an Indonesian Rupiah trade in 2007 left a lasting impression: a brief delay can turn paper profits into real losses, a lesson that became a crucial reminder for him to adhere strictly to trading discipline.
In 2010, Yuan Jun joined Goldman Sachs in London, leading the Asian Foreign Exchange and Rates trading team. Leveraging solid practical skills, he quickly became a major market maker, managing significant proprietary positions. In 2012, when "China collapse" theories were prevalent globally and the market was broadly bearish on the Renminbi, Yuan Jun, based on long-term analysis of China's fundamentals, maintained a contrarian bullish view. He simultaneously managed market volatility through hedging strategies, ultimately doubling his trading performance that year, validating his judgment with results.
In 2013, he returned to Hong Kong, deeply involved in the development of the offshore Renminbi (CNH) market, becoming a key market maker and witnessing and promoting the growth of the CNH market. Just before the "August 11th Exchange Rate Reform" in 2015, by interpreting public IMF documents, he anticipated that the Renminbi would move towards a more freely floating regime, accurately capturing another major trading opportunity akin to the 2008 financial crisis.
Reflecting on this experience with contrarian trades, Yuan Jun concluded that trading requires independent thinking, avoiding blind following of market sentiment, while operationally, one must learn to "go with the flow" and follow the trend. He often reminds himself of a quote from "The Art of War": "Military tactics are like water; water avoids heights and hastens to the lowlands. So an army avoids strength and strikes weakness. As water shapes its flow according to the ground, so an army manages its victory in accordance with the situation of the enemy." This has become his trading creed over the years.
Twenty-two years of实战 experience led Yuan Jun to continually ponder one question: Why can some people survive cycle fluctuations and generate stable profits consistently, while others only shine briefly? The answer lies in the "unity of knowledge and action." Theoretical learning alone is insufficient to build a complete trading system; only through repeated tempering in real markets, continuous review of gains and losses, and persistent iteration can theory be transformed into actionable practical capability.
Yuan Jun has always been willing to share his knowledge. During his tenure at Morgan Stanley, he co-authored the "FX Handbook" as internal training material. Subsequently, every new employee joining the Morgan Stanley trading desk received this handbook, leveraging his实战 experience to quickly bridge the vast gap between theory and practice.
Yuan Jun firmly believes that the path from financial theory to trading practice, and onward to consistent, stable profitability, has no shortcuts. It requires systematically building a macro investment research framework and, crucially, personal immersion in实战 for repeated refinement. To this end, Wall Street News and Yuan Jun have jointly planned this Global Macro Bootcamp (May 16-17, 2026 @ Shenzhen).
The Bootcamp will adopt a business school case-study model, selecting real but anonymized trading scenarios. Participants will be provided only with key economic data, policy expectations, and price information, then divided into groups for discussions, fully simulating the entire process—"macro scanning, opportunity identification, trade expression, risk management"—amid uncertainty. Yuan Jun will deconstruct the Investment Process honed over 22 years on the trading desk into four actionable, replicable stages, accompanied by exclusive Excel templates to help participants get started quickly.
Beyond the two days of high-intensity offline workshops, two months of online community support will be provided, including weekly macro commentaries, detailed feedback on participant assignments, and monthly live Q&A sessions, continuously helping attendees consolidate their learning and iterate their own trading systems.
The true value of trading lies not in capturing fleeting market opportunities, but in maintaining冷静 and discipline amidst market fog, steadily advancing through cyclical fluctuations. Yuan Jun's 22-year trading journey is a path of growth from cross-disciplinary exploration to continuous iteration, from trial and error in实战 to the formation of a systematic approach. If his实战 insights can help more macro trading enthusiasts avoid detours and establish their own practical frameworks, this Bootcamp will be profoundly meaningful.
If you are passionate about global macro trading and wish to systematically enhance your capabilities, please scan the QR code on the poster for event details or contact our staff for more information.
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