Tian Yang

Tian Yang is the Chief Executive Officer and Head of Research at Variant Perception, a macroeconomic research firm catering to hedge funds, banks, and family offices.13 Here are some key details about his background and career:

Education and Early Career

Tian attended the University of Cambridge, where he earned a BA (Hons) in Economics from 2007 to 2010.3 During his time at Cambridge, he was a recipient of the Trinity College Scholarship Award from 2008-2010.1 He had initially intended to become an economics professor but was drawn to finance after winning various competitions set up by large investment banks in his first two years at university.2

Professional Experience

Bank of America Merrill Lynch: Tian began his career at Bank of America Merrill Lynch, where he worked as an equity derivatives trader.1 He was jointly responsible for building out the delta one global index business.1 His tenure at the bank lasted from June 2010 to April 2014.3

Variant Perception: Tian joined Variant Perception in May 2014 as a Research Analyst.3 He quickly rose through the ranks:

• Promoted to Head of Research in May 20163
• Appointed Chief Executive Officer in July 20213

Expertise and Approach

At Variant Perception, Tian focuses on using proprietary leading indicators to generate actionable (and often contrarian) investment ideas.1 He is known for combining quantitative and fundamental analysis, following what he calls a "quantamental" strategy.2 Tian views the world through three time horizons:

1. Structural Indicators (2-3 years+)
2. Business Cycle (6-12 months)
3. Tactical Indicators (days to weeks)2

He is particularly interested in the capital cycle theory and applies it to various sectors using quantitative approaches.2

Public Presence

Tian frequently appears as a guest on financial podcasts and programs, discussing macroeconomic trends, market outlooks, and investment strategies.45 He is known for his insights on topics such as inflation, recession risks, and global economic cycles.