Focus - Are we all global macro investors now?
Are we all global macro investors now?
Last month, an emerging manager who runs a value-based long/short equity hedge fund told Opalesque that no matter how much a 'value investor' or 'individual stock picker' thinks he or she can tune out market noise and focus on individual companies' fundamentals, we are all, at this point in history, macro investors. This is because we cannot ignore the enormity of the geopolitical and financial troubles that lie ahead and the interconnectedness of the world's financial systems.
Opalesque collected reactions about that view from three emerging fund managers, two global macro veterans and a service provider.Part I - So... are we all macro investors now?
The answer was generally "yes and no." The question itself is indeed a little too black and white. Most, however, agreed that ignoring the macroeconomic environment now, something which was commonly practised during the last decade, should be considered a thing of the past.
Andrew Rozanov, managing director at Permal Group, a global asset management group specialising in global macro strategies, has just edited and published a book called "Global Macro: Theory and Practice" (195 pages, Risk Books). (A review of the book was recently published in Opalesque's A......................
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