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...Macro hedge funds make money by taking bets on the economy and interest rates though bond, FX, commodities and equities markets....
...Billionaire Chris Rokos, who co-founded hedge fund Brevan Howard before striking out on his own, hit the headlines in late 2021 when he was caught out by a huge sell-off in short-term government debt....
...That decline came even as rivals such as Caxton, Rokos and Brevan Howard were making big gains from the huge sell-off in global government bonds and the rally in the US dollar as interest rates were raised...
...And while high-yield bond sales are up, investors warn the market is all but closed for lower-rated groups....
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...Rokos, a billionaire star trader and co-founder of hedge fund Brevan Howard who launched his own firm in 2015, has a reputation for taking punchy bets on bonds that have often yielded big gains for investors...
...The time is right to snap up “bargains” in financial markets following a widespread sell-off, according to Howard Marks, one of the world’s most formidable distressed debt investors....
...Brevan Howard, another prominent global macro manager, also had a tough year in 2023....
...If you look at Howard Marks’s investment philosophy for Oaktree, the first item for us is the primacy of risk control....
...When you aspire to returns well above those available on investment-grade bonds, it’s not enough to avoid losers; you actually have to find (or create) winners from time to time....
...Bond pioneer Howard Lutnick is poised for a third attempt to break CME’s stranglehold on Treasury futures trading, taking on what he calls “one of the great monopolies in America” with a rival marketplace...
...The writer is chief US economist at Brevan Howard Predicting precisely when markets will reflect macro forces is nearly impossible....
...Macro hedge funds such as Brevan Howard, Rokos Capital and Caxton posted enormous gains in 2022, though performance was more muted last year....
...“Divestments that improve top-line growth while not being too dilutive to earnings due to stranded costs are also being considered fairly broadly,” wrote Bernstein analyst Alexia Howard in a wrap of the...
...In his latest memo to investors (and in an FT column), Howard Marks of Oaktree made a broadly similar argument....
...Start with some high level numbers, courtesy of S&P’s excellent Howard Silverblatt....
...Including dollar and rupee-denominated bonds, plus a financing facility from Howard Marks’ Oaktree Capital Management, Vedanta has to pay back close to $6.2bn in the next 18 months, said Lakshmanan R, senior...
...Howard Cunningham, fixed income portfolio manager at Newton Investment Management, has said he has also “sharply reduced” exposure to high-yield bonds because “where lending standards go junk bond yields...
...Almost everything needed is in place, whether bond markets, insurance, institutional capital, law or the regulatory environment....
...the $2bn “tuna bonds” scandal that backfired on one of the world’s poorest economies....
...The first occurred in the 1970s with the creation of high-yield bonds. Prudent bond investing had previously consisted of buying only presumedly safe investment grade bonds....
...H2O, which oversaw more than €30bn at its peak, was engulfed in crisis in 2019 after the Financial Times revealed it had poured its investors’ money into hard-to-sell bonds linked to the controversial financier...
...The bond market has taken no prisoners....
...‘You have to be cognisant of history’ In late September, as the gilt markets were melting down in the aftermath of the “mini” Budget, I flew to New York for a Lunch with the FT with Howard Marks, the co-founder...
...Howard Marks, the legendary co-founder of Oaktree Capital Management, also made the case recently for making big pronouncements on market direction only rarely....
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