Why are big macro names so allergic to being long equities? “Oh no no no. We are serious people here, sir. We do ‘sophisticated’ trading here.”
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Yes. I get that. But the macro PM job should be to identify the good trades. If it’s stocks, then it’s stocks. But I know i’m an idealist
Big part of it is that allocators simply do not believe that many funds can time equities. A few big names get a pass eg Element, everyone else needs to think about keeping their investors onside. Is it ideal? No, but it’s part of the game.
