The Trades of March 2020

Alex Gurevich

Wall Street Journal Bestseller

Have you ever wondered what happens in the command control of a global macro hedge fund when US stock markets plunge 35 percent in just three weeks? Welcome to the mind of Alex Gurevich, Founder and CIO of HonTe Investments.

As tragic events unfolded around the world, the pandemic ruptured the sequence of price action and devoured financial markets like a black hole. Through Gurevich’s personal narrative and the team’s actual Slack messages, The Trades of March 2020 follows their frenetic efforts to survive the crisis.

From the first terrifying days of loss, both personal and professional, to the team’s redoubled attempts to identify emerging opportunities, this account of crucial, in-the-moment decisions is a faithful record of the trading moves made in the unprecedented month of March 2020.

Discover the thinking and investment philosophy that led HonTe to survive and ultimately thrive during one of the most extraordinary challenges of our time.

Press & Praise

John Anderson, Co-Head of Fixed Income and Commodities at Millennium Management

Alex is one of the most extraordinary traders I have known. He has the rare ability to look through the daily 'noise' and form clear views of what should, or sometimes has to, happen in markets. He has a brilliant mind capable of describing those views to risk officers and investors to gain their confidence and support. In this book, Alex offers a glimpse into the psychology of a trader's life, capturing the emotions pervasive across trading rooms globally. This is not just for professional investors; at times it reads like a thriller appealing to a wide variety of interests.

David Puth, CEO at Centre, former Head of Currencies, Commodities, and Emerging Markets at JP Morgan, former CEO of CLS Bank

Alex takes the reader on a fast-paced, entertaining, and incredibly insightful journey through the pressure-cooker experience of actively trading the pandemic crash. You'll get an exhilarating front-row seat to watch the principles calmly and lucidly developed in his first book, The Next Perfect Trade, put to the ultimate test and see how those principles, forged from Alex's unique combination of rock-solid mathematical logic and highly sophisticated understanding of global financial markets, triumphed over one of finance's most chaotic white-knuckled periods ever!

Raoul Pal, Co-Founder and CEO, Real Vision Group

March 2020 was one of the largest financial shocks in history. Alex takes us on an incredible firsthand journey of how he very successfully navigated the turmoil, using his deep experience and knowledge, to make sense of it all and profit from this unprecedented event. For any student of the markets and investing, this book is as valuable as buying bond call options ahead of the crisis!

Alex Gurevich is the founder and Chief Investment Officer of HonTe. After earning a PhD in mathematics from the University of Chicago, he leveraged his passion for strategic gaming into a lucrative Wall Street career.

He was hailed by the Wall Street Journal in 2003 as the star trader of J.P. Morgan, where he served as Managing Director in charge of global macro trading. The author of The Next Perfect Trade, Alex Gurevich led HonTe’s macro strategy in 2020 to rank second by net return according to BarclayHedge—and in the top ten of emerging managers in all strategies by Eurekahedge.

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