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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The 2/20 is paid for timing skills and trade picking skills, not for ‘exposure’. Or at least that’s how it should be thought of.
Agree, but put yourself in the shoes of an allocator who sees a manager be long 80% of the time for the last decade (oh and probably also in 2008)
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Yeah, 2008 was a problem. Though many macro teams (including our desk at JPM made a killing short stocks then). That’s what good macro PMs ‘should’ be doing. Long on the way up, short on the way down. But, as you say, one’s got to play the game
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What's the hit rate for true mkt timers? There, mistakes can be quite costly and not easily forgiven - esp in 1 direction
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