Brent Johnson
Brent Johnson is the CEO and Portfolio Manager of Santiago Capital, where he oversees more than $175 million in assets for high-net-worth families through separately managed accounts and private funds. With over 25 years of experience in global financial markets, Johnson is widely recognized for his influential “Dollar Milkshake Theory,” an unconventional macroeconomic framework that explores the long-term trajectory of the U.S. dollar amid global debt dynamics, monetary policy, and capital flows. Before founding Santiago Capital, Johnson served as a Managing Director at BakerAvenue, a $2.5 billion asset and wealth management firm, where he advised some of the firm’s largest and most sophisticated clients. Prior to that, he spent nine years at Credit Suisse in the Private Client Group, following his start in the prestigious Donaldson, Lufkin & Jenrette (DLJ) analyst training program in New York before relocating to San Francisco. A well-known voice in the gold and macroeconomic investing communities, Johnson’s insights are frequently featured in major financial media outlets across print, digital, and television.
Brent Johnson Professional Experience / Academic History
Professional Experience
-
Founder, Chief Executive Officer, and Portfolio Manager
-
Vice President, Private Client Group
DOLLAR MILKSHAKE
The Dollar Milkshake Theory, developed by Brent Johnson, is a widely debated macroeconomic thesis that forecasts a powerful rise in the U.S. dollar before a future major decline.
The theory argues that global central banks’ aggressive liquidity injections, combined with the U.S. Federal Reserve’s comparatively tighter policy stance, create conditions where global capital is effectively “pulled” into the U.S.—similar to a milkshake being drawn through a straw.
According to Johnson, the long-term consequence of this imbalance is an eventual financial reset in which overstretched economies and debt-laden markets face heightened volatility.
Grounded in Johnson’s expertise in precious metals, currency markets, and global macro trends, the theory has sparked intense discussion across economic forums due to its broad implications for currencies, sovereign debt, and global asset allocation.
EARLY CAREER & EXPERTISE
Johnson’s investment approach integrates expertise across currency markets, precious metals, and sovereign bond markets, enabling him to construct robust asset-allocation strategies for clients.
Since the late 1990s, he has developed and managed comprehensive wealth management portfolios for high-net-worth individuals and families, building a reputation for disciplined macro-driven investing.
Earlier in his career, he served as a Financial Auditor at Philip Morris Management Company in New York, conducting audits across the company’s headquarters and subsidiaries in Germany, Hong Kong, and Richmond, Virginia, where he developed a strong analytical foundation and global perspective.
MEDIA PRESENCE
Brent Johnson is a frequent speaker at conferences and a sought-after commentator on topics including precious metals, currency markets, and global macroeconomics.
His insights have been featured in various media outlets, and he has appeared as a guest on Real Vision, contributing to discussions on monetary policy, global capital flows, and the financial system.