Without strong consensus, many macro players lie
By Carolyn Sargent
If you're wondering what bets global macro managers are
making these days, your best guess is probably right. If
anything, they're long equities - and more cautious on most
"There is a divergence of views in terms of volatility, and
whether it will spike or stay at very low levels," says one
macro investor. "As a result, I'm not sure that many people are
keen to get in front of that freight train right now."
Everything hinges on the rate of global economic growth. There
is a reasonably strong consensus that the U.S. economy will
experience a soft landing, which means a rising stock market on
the back of continued expansion. Veteran macro funds now
playing the U.S. stock markets - including Paul Tudor Jones's
Tudor B.V.I. Global Fund and Louis Bacon's Moore Global
Investments - are essentially...