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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I don’t know! As someone who meets a lot of investors for a quant fund it is infuriating that they are so laser focused on our net equity exposure, while equity L/S runs 40% deltas no questions asked
Maybe it’s a bucketing thing? Global macro and quant is seen as defensive or fixed income replacement whereas L/S is in a “growth” bucket? But when I chat to ppl in a similar position in global macro shops, they get a similar level of heat from investors.
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l/s equity investors are the best marketers. Everyone loves a stock picker. Buffett zeitgeist, the whole parade of "we had 629 management meetings this quarter literally can't go t1ts up". Pointing to an army of guys updating excel spreadsheets as "growing talent pool" etc.
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Don’t forget 2/20 on nearly ~100% beta for certain ‘diversified’ credit funds…
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