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Andrew Rozanov An Opalesque column for global macro investors.

Benedicte Gravrand, Opalesque Geneva:

Here is a new book which goes back to basics. Global Macro: Theory and Practice (290 pages, Risk Books) may well fill a gap as indeed, global macro being one of the original hedge fund strategies, nobody really focused on explaining the fundamentals.

This book is a collection of 14 essays in which various experts explain all aspects of the strategy. It was edited by Andrew Rozanov, managing director at Permal, a global fund of funds management group. Rozanov also contributed to a couple of chapters; the first of which relates the history and the prospects of global macro, the other describes a fund of hedge funds perspective of the strategy.

Permal Group (which is part of Legg Mason and which acquired Fauchier Partners last month) runs one of the largest and oldest global macro funds of funds - its flagship - as well as some separately managed accounts and other funds. Last year the group celebrated the 20th anniversary of the flagship fund, and this year it is celebrating its very own 40th anniversary. "It seemed appropriate to do something in this space to commemorate these occasions," Rozanov tol......................

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