Mike Novogratz, Co-Chief Investment Officer of Fortress
Investment Group, and manager of one of the world's largest global macro funds:
“A famous macro manager said that the reason you join macro
management, rather than a really hard business like equities, is that all you
need to do is look at a bunch of charts and read “The Wall Street
Journal”.
“What we do in reality is look at news from a whole variety
of sources, we meet with government officials and we travel a great deal. We
try to catch the big waves of market sentiment and the business cycle. A lot of
it is trying to catch the bottom of the valley of prices.”
Its amazing these days how many people think they can 'do' macro. If you ask a macro PM their view on a specific stock, they don't really care, whereas an equity analyst will have a big macro view even if all they've ever done is look at balance sheets and earn the ACCA... I guess a view is better than the situation was a few years ago with bottom-up analysts projecting 7-9% eps growth into infinity.
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