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Global Macro Strategist & Managing Partner

Phillip Colmar

Phillip Colmar has 20+ years of experience, both as a strategist and economist. He focuses on global multi-asset investment strategy, trading opportunities, and financial market risks. His expertise is in identifying and developing macro and investment themes. He has a proven track record of idea generation and outperforming the markets. Over his career, Colmar has covered all major global asset classes and has developed comprehensive frameworks, models, and indicators. Prior to forming MRB, he was the Head of both the Daily Insights and Global Fixed Income Strategy services at BCA Research Inc. Colmar has an M.Sc in Finance from Queen’s University, as well as a B.A. in Economics and a Bachelor of Business Administration (Finance) from Bishop’s University.

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Contributor Brief·Phillip Colmar · 3 articles
Updated Jan 9, 2024

Rising rates force telecom to abandon traditional capital strategies entirely

Colmar argues that 'higher for longer' interest rate environments demand fundamental restructuring of telecom capital spending priorities, not marginal adjustments to existing infrastructure models. He contends that economic uncertainty in 2024 makes adaptability and flexibility—not fixed long-term plans—the only viable investment strategy for companies facing squeezed margins and elevated borrowing costs.

thin margins

infrastructure sector constraint under rising rate regimes

“Telecom providers must fundamentally reshape capital spending priorities as borrowing costs squeeze already thin infrastructure margins”

Rising Rates, Rethinking Routes [engineering and construction]

Strategic response priorities for telecom under rate pressure

Reshape capital spending allocation9
Reduce reliance on debt financing8
Prioritize flexible investment structures8
Reassess long-term infrastructure timelines7
Navigate divided rate forecasts6

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24%Reshape capital
Reshape capital spending allocation
Reduce reliance on debt financing
Prioritize flexible investment structures
Reassess long-term infrastructure timelines
+1 more

divided forecasts

economic consensus on 2024 inflation and rate direction

Economic forecasts remain divided on rate movements, making flexibility the smartest strategy for investors navigating 2024

With Uncertainty on Inflation and Interest Rates in 2024

Central banks adopting 'higher for longer' policy fundamentally alters the cost-benefit calculus of traditional telecom infrastructure investment

Rising Rates, Rethinking Routes [software and technology]

“Adaptable investments are the only sure bet in an era of persistent rate uncertainty”

Themes:Interest rate regime as structural constraint on infrastructure capital allocationAdaptability over planning as competitive advantage in uncertain macro environmentsMargin compression forcing fundamental business model restructuring, not cost-cutting

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