Friday, 20 April 2012

Quotation Of The Day - What Is A Macro Manager?

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.”

1 comment:

  1. 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.