Macro traders are not fundamentalists they rely on risk management and staying liquid to avoid a liquidity crisis. For macro traders and managers, the primary element in decision-making is risk, because when investing in such a speculative world there are so many risk factors and moving data points that they must take into account. On the other hand, global macro traders and managers focus primarily on the risk side of trading. Most long/short equity managers started in research as analysts and look to follow these macroeconomic stories based on what positions they believe in and stock positions they rely on. He says that there is an inherent difference between global macro fund managers and traditional equity managers. Novogratz described global macro strategies as monitoring these macroeconomic stories, such as global imbalances, business cycles, the survival of the Euro, and changing growth models of emerging economies. Mike Novogratz, former president of Fortress Investment Group, runs a global investment management firm with total assets under management of approximately $41.6 billion and $4.3 billion in a global macro hedge fund in 2015 discussed global macro trading in his video interview. Global macro trading strategies are based on educated guesses about the macroeconomic developments of the world. In reality, investors typically expect macro managers to express views within their field of expertise.
#Macro trading free
DoubleLine has characterized macro as a "go anywhere, do anything" strategy, highlighting the relatively free mandate of the strategy. Burbank defined global macro as "having a reason to be long or short something that is bigger than a fundamental stock view".
In the 2010 Opalesque Roundtable discussion of global macro, hedge fund manager John Burbank discussed the increasing importance and shift of private and institutional investors toward more global macro strategies.
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