Steering clear of the freight train

Fri Apr 27, 2007

Without strong consensus, many macro players lie low
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 everything else.

"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...

ISSN: 2151-1845 / CDC10004H

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