Hints and tips:
...However, global markets have confounded such bearish predictions with a powerful equity rally as the global cycle of rising interest rates nears its peak....
...“I think most US investors don’t really get what’s happening from a macro standpoint in Japan right now and it’s exciting,” said Bae, who added that a “tidal wave” in shareholder activism had prodded local...
...Brevan Howard, another prominent global macro manager, also had a tough year in 2023....
...Macro Cuts In which sport did Christine Lagarde represent France as a teenager?...
...after the past year, which saw global M&A volumes drop to a 10-year low while initial public offering proceeds fell by about a third year-on-year....
...Marks also said that Beijing’s zero-Covid policy was hurting Shanghai’s ambitions as a global financial centre: “You can’t put an economy into a coma and expect vigorous activity.”...
...Caxton’s gains come during a challenging period for many macro funds....
...Many of these use algorithms to detect and then latch on to developing price trends in global financial markets....
...Behold the BTC Private Credit Fund LP, billed as the “first bitcoin private credit fund”....
...In 2014 Evercore acquired Ed Hyman’s ISI, Bernstein itself bought Autonomous in 2018, and last year Cornerstone Macro sold itself to Piper Sandler, while BNP Paribas acquired the other half of its Exane...
...“The earnings power of the business remains highly vulnerable to macro/markets given weak profitability,” wrote Morgan Stanley analyst Bruce Hamilton in a recent note....
...Caxton Macro, a separate, smaller fund run by Mr Law, has gained 55 per cent this year....
...“Activism changed in 2020-21,” said Dottie Schindlinger, executive director of the Diligent Institute, a think-tank focusing on global governance research....
...Caxton’s main Global fund is up 12.2 per cent this year, according to performance numbers seen by the FT, while Mr Law’s Macro fund has gained 15.5 per cent....
...Like a number of macro traders — fund managers who bet on moves in bonds, currencies and stocks — both Mr Law and Mr Coffey have been wagering on rising prices for bonds....
...“If not, then this is just a brief respite in the long, slow boring death of global macro.”...
...He joins from BGC Partners where he was global head of the company’s electronic buyside fixed-income unit....
...Let’s take Brookfield Property Partners (BPY), the Bermudan-Canadian-global, Reit-like, income vehicle managed by Brookfield Asset Management....
...And while India’s stock market has been stronger than the macro data would suggest, the performance has been narrowly based, attributable mostly to a small band of companies such as HDFC and Reliance....
...The bullish macro argument rests on expectations of a global economic upswing looming in early 2020, but another view (and one hard to dismiss) is that rallying equities reflect expanding central bank balance...
...DE Shaw’s flagship multi-strategy fund was up 10.9 per cent last year and its global macro fund Oculus returned 12.2 per cent....
...The management team remains actively focused on delivering strong results, including top-quartile operating margins, in a challenging macro environment for the industry and continuing to grow its business...
...“If you are going to be a global player you need to be in the European economy,” said a large institutional investor in TPG. “They have been weak in Europe.”...
...In the lengthy article, Warren Buffett argues the benign macro and investing environment of the 60s “temporarily allowed investors to achieve a return which exceeded the inherent earning power of the enterprises...
...“I don’t think there is anything on the horizon on the macro level, whether earnings or GDP, that will push spreads wider.”...
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