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Alpha Measurement in Macro
I've been a bit curious about how alpha is measured and preserved in the macro space. From my understanding in equity funds, once you compute how much of your return is attributable to the market risk premium using CAPM, the spread between your portfolio return and that is alpha. And then after...
Compiled Bondarb's Comment History
When looking into global macro, Bondarb comes up a lot. Here's some of the comments I bookmarked: Book Recommendations: ...I trade US interest rate markets/FI...here is a list of books u should read if u want to further ur knowledge... Fabozzi, US Treasury Securities and Derivatives Hull, Options,...
Interning in Macro
Hi everyone, I'm aware of the fact that this topic may have been previously addressed, however, I was hoping to obtain an updated and more complete opinion. My question is essentially this: how to intern in macro ? More specifically, how can I best prepare myself to "up" my profile (undergrad) and...
Confusion about my future please comment and help
*** this is long, sorry. only read if you want to help someone graduating college or find yourself in a similar situation.*** So I am just very confused ab my career. I want to be a trader. I like the game theory aspect, decision making under pressure, and the immediate feedback loop. I was never...
How to handle Frustration and short-fuse at work
Hi all,I graduated last year and started work as at a HF in London.As the title implies, I have a v. short fuse at work and am quite impatient. Things are going well, and the team I work with are quite happy with my performance. However, I feel like I could be doing so so so much more, and it feels...
Macro hedge fund
Hey everyone! Just wondering if anyone knew of any Global Macro funds out there that have taken in the past or would be willing to take interns in the summer of 2024. I'm primarily interested in bond, currency, rates, and commodity markets - less interested in equities. Background: Economics and...
An Inconceivable Reality: USD Deflation
Over the weekend my team and I were running bank analyses when we were hit with a power outage. While we waited for the lights to come back, I threw out a hypothetical question to keep us entertained. Little did I know that this would lead to one of the funniest, most divisive, and most intense...
An Inconceivable Reality: USD Deflation
Over the weekend my team and I were running bank analyses when we were hit with a power outage. While we waited for the lights to come back, I threw out a hypothetical question to keep us entertained. Little did I know that this would lead to one of the funniest, most divisive, and most intense...
2nd Year HF Analyst Contemplating MBA vs. IR Masters
I am currently a HF analyst (2.5 YOE) at a fund ($3-5bn) doing capital structure investing (equities/HY/ad-hoc distressed stuff). Due to my international background, I am waiting for my last attempt of getting the H1B work visa lottery in April 2023. The lottery is notorious for its low probability...
Daily/weekly macro market data/indicators
Would anyone at a macro HF care to share which indicators they track on a daily/weekly basis to gauge US equities near/medium-term direction/sentiment? Thank you!
Can someone explain the movement of the Eurodollar futures market after the recent Fed hike?
I Was thinking of placing some money in the Eurodollar futures market, I'm based in Europe so my precious EUR savings have been eaten away with inflation so thought being long (now stronger) dollars, backed by a CB belatedly serious about inflation, would be a good bet. I checked Bloomberg terminal...
I somehow got a MM HF internship, please help?
I have no idea how i passed through with my unamazing background but I recently got an internship in the macro team w a pretty decent MM HF in Asia (Balyasny, Exodus, Point 72 ish). I'm a final year student and would doing this internship all the way till I graduate and from what I understand, the...
Q&A: Non-Target School to Portfolio Manager at a Top Hedge Fund – 6 Years Out of Undergrad
Hello Fellow Monkeys, For some background, I've been a member of the WSO community for years. Wasn't always the most active poster but, like for many others, WSO served as an immensely helpful source of information for me throughout undergrad. Especially coming from a non-target school, with a...
What are the best sources to prepare for a macro role?
I'm starting my first role as a macro analyst straight out of undergrad and looking to prepare to the best of my abilities. I wasn't really sure about what would actually be the most important pieces of "macro" to really dig deeper into and start to study. I will be focused on commodites, metals...
Q&A: First year macro hedge fund analyst
I remember when I first got interested in finance I got a lot of useful information from this site, so I wanted to pay it back. I noticed there isn't a lot of content about Macro funds on this site (or really anywhere on the internet that I know of) so maybe this will help some people out. We cover...
1st Year Macro HF Analyst: My Macro Framework
I did a Q&A a couple weeks ago (Q&A: First year macro hedge fund analyst | Wall Street Oasis) where I promised some people I would go more deeply into my macro view and provide some resources that I've found helpful. This is that thread.My Framework:I focus pretty heavily on how the...
Macro Investing Transition
Hi All, I am a second-year Consultant at a major Restructuring firm. I have slowly realized this is not what I want to do long-term and am looking for a career switch. Specifically, I would like my next steps to involve exposure to macro trends and deep/ thoughtful work on how to profit from those...
Q&A: PM at HF (Former sellside macro trader)
Background - Attended a top non-ivy undergrad with a degree in mathematics and economics. Prior to leaving for a multi-strat hedge fund (think Bluecrest, Millennium, Balasny, etc.), I was a macro derivatives trader on the sellside. The vast majority of my daily work was focused on idea generation,...
Summer Internship Decision: JPM PB vs D&C ER
Hi everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in...
Macro trader or Credit Sales?
Hi Guys, wanna know which role is better in long run? macro trader or credit sales? I think as junior person, it's hard to learn sth from credit sales, though I'm more interested in financial analysis and thus credit is more relevant. But as junior sales, need to back up senior sales' account, and...
Top macro HF/recruiters
Does anyone have an idea of funds that hire for junior analysts in the global macro space? Or recruiters to get in touch with? I can code but don't have a Masters/PhD so I'm a better fit for a more fundamental shop vs systematic/quant. Actively looking and need to start somewhere. Thanks
Recruiting for Macro Hedge Funds
Saw an old post on WSO about Global Macro recruiting but the body of the topic post was deleted. Does anyone have any insight on recruiting? Is it mostly similar to other hedge fund recruiting? How difficult is it to join without Rates/FX Trading experience? (I personally have multi-asset...
Best Indicators for a Macro Momentum Strategy
Hi everyone, I'm a 20yr old execution trader working in the UK with FX and FI products for a centralised trading desk. My goal is to be a Macro PM (probably quite popular right now) and its safe to say I couldn't see myself doing anything else other than playing the markets given how crazy its been...
Private Account Trading as Global Macro HF Analyst
Hello! I would be curious about how private account trading policies vary from fund to fund, with focus on the global macro HF space, across roles. What restrictions do you have and how hard/easy/cumbersome is it to seek approval to for some short term trades and are there minimum holding periods?...
Managing Information Flow as an analyst
Quick question... I am curious how you veteran analysts at HF's have learned to monitor information flow? As someone who aspires to break into this space, I want to follow the "best practices". I am interested in the macro HF side and understand that knowing what is going on all over the world is...
GMI April 2020....the end is nigh?
Has anyone read Raoul Pal's April macro guide? He released it for free so I gave it a read... He compares this financial crisis directly to the 1930's depression and makes the next few years look like we are facing a financial apocalypse on a scale I don't hear anyone talking about... Given he wrote...
NYC Conferences/Events
Hi, I've been in New York for just over a year and am finally settled in. Currently, I work on the sell side covering event driven trading (90% merger arbitrage). My eventual goal is to move to the buy-side, a transition that I hope to make within the next two years. Wondering if anyone can suggest...
Internal Transfer to Research
I'm a long time reader of WSO but this is my first post so please bear with me. For context- In may, I graduated from a target school (Harvard/Princeton/Wharton) with a 3.8 + GPA and a return offer to the S&T division of the BB bank where I was a Summer Analyst last summer. I begin full time this...
BB Macro Research: FX/Rates Strats in Singapore versus BB Market Risk in New York
Any relevant experience or advice would be strongly appreciated, particular with regarding to the career projection for the jobs. Thanks in advance.
Recommended part-time job
What kind of part-time job should a person pursuing a graduate degree do in order to look more competitive for HF job? About me: * I have an undergrad in Economics and Political Science. * I have 5 years of work experience in macroeconomic research, started as Research Associate and exited as Senior...
Citadel Global Fixed Income in NY - Compensation, progression, success rate?
I'm considering a role in Citadel's Global Fixed Income Fund in NY . I spoke to a recruiter and am considering applying. I'd be coming on at the junior trader level, probably somewhere similar to where people 2-4 years out of BB S&T would join, but my background is prop trading. Does anybody know...
How to get started on macro research?
I'm currently working in ABS underwriting and pre-ABS investment. I'm trying to break into the HF business, and I think I should put a bit more of my off-work time on studying investment research. Due to the nature of my job, I have some exposure to credit research, and I want to build some...
Portfolio and risk management books
Hello all, I am a complete noob when it comes to portfolio and risk management. I am currently a global macro analyst at a boutique research shop. But, saying in my report that clients should go long country X, and short country Y on a 12-month time horizon is probably really different than actually...
Risk Per Trade in Macro Investing
I have read a few books (and online resources) on macro investing but I still don't have a good grasp on the concept of risk per trade. Could you help me understanding it please? (below are a few thoughts I have on this). I find the consensus advice from the legends and pros is that that traders...
Quantitative Techniques
Specific quantitative techniques used by global macro funds for trade entry or trade analysis? Maybe looking for what/how they would model? And types of modeling techniques used? Additionally, could it be cost effective for Fund to use Prop shop like wolverine for execution?
Global Macro HF vs BB Research
Hey guys, I have the option to join startup macro hedge fund. I'm currently an associate in macro research (think commodities/fx) at BB . Pros and cons of making the move? I've seen a few posts here about Macro HF vs S&T but nothing on Research vs global macro. Thanks
Stop reading the news thoughtlessly and develop a macro framework.
When I joined the industry, fresh analysts like myself would flit through the morning newspaper like a drowning man who clutches one spar after another for support. Our attempts to stay abreast were as haphazard as that man’s attempts to stay afloat. On page 1, we would read an article concerning...
Global macro recruiting - a primer
Choppiness of Intraday Charts for Global Macro Instruments
I have noticed that intraday charts for global macro instruments have become more inconsistent recently with lots of whipsaws, especially in recent years (2015). When I first traded in early 2011, these markets were not as choppy. What happened? For instance, FDAX (DAX futures) can whipsaw around a...
Do you know the ‘China’ story?
Hello monkeys – Over the last three years, I have observed an enormous increase in the attention paid, both by sell-side and buy-side, to developments in China. One post does not do justice to the topic but hopefully this can get you started in forming a macro view on China: On April 20th, 2014,...
Specifics of trading style in Macro hedge fund?
I'm well aware that a macro hedge fund is designed to 'trade globally based on economic theory' but I doubt that PM's at these funds are prepared to take long term trades founded purely on macroeconomic predictions, as this would result on very few trades and I imagine a low success rate (It's...
Energy to Macro strategy
Hi everyone, I am a 2nd year ER analyst, just finished my 1st year at a MM ER out of undergrad and was looking for some advice. I am currently in the energy team at my firm covering around 15-20 stocks. After my 1st year, I am getting some real bad vibes about my career. I have realized that I am...
Highly driven Macro HF Trader looking to change firms and explore new opportunities
Hi everyone! I have been working at my current fund for just over 2 yrs, and am looking to transition into a different HF or Prop Shop. I started as a summer intern in 2013, was hired on as a TMT analyst on the trading desk and also focused on global macro research, then was promoted to trader in...
Grexit. What are your views? What are your firm's views?
I for one think Grexit will happen, and we should already prepare for the worst. However, what do you think and even more importantly, what does your firm think? People say it has been priced in...but has it? People say there are firewalls, but how do you really know your firewalls work in the...
Headhunters for macro roles in NY?
Are there headhunters that specialize in macro roles (the same way Robin Judson mostly does credit roles)? Would be looking for an analyst/strategist/junior PM (essentially a PM-track) role at a place that runs some kind of macro sub-strategy. There seem to be a lot of PE funds ( KKR , Fortress ,...
Elm Partners - Active Index Investing
Hey guys! Anyone heard of Elm Partners? www.elmfunds.com They are headed by Victor Haghani (ex Solomon Brothers/LTCM/JWM trader,also known from "When Genius Failed" & "Liar's Poker" books). Hows their reputation? They have Active Index Investing strategy. More info on their website and on videos...
HFoF Analyst or Junior IR/Marketing? Long term goal - HF Marketer
Hi all, I'm currently interviewing for a few firms in HK . Background as an equity analyst at a l/s asian equity fund, got laid off and decided I didn't want to be an analyst anymore. Long term goal is to be a marketing guy at a HF where I'd get a % of revenue sharing from assets raised, as I'm a...
Junior at macro HF learning opportunities?
Hello Wall Street Oasis, My career progression needs some sorting out. I welcome any comments for those experienced in the industry to guide me along. I am a junior analyst at a macro hedge fund (800 mil AUM). Not a well known mega fund but still pretty reputable. I get along very well with my...
CMU MSCF vs. LSE MFin for BB trading position
Hi, I got into these two gradaute programs: CMU MSCF, LSE MFin and have a hard time to decide for one. I am an European engineering undergrad with internship experiences in consulting, risk, structuring and M&A . No full-time experience so far (full-time defined as entry level analyst position, not...
MKP Capital Management Interview
I'm interviewing for a Summer Analyst position next week on the fund's Collateralized Loan Obligation Desk. I plan on understanding the fund's strategy, have 1-2 investment pitches ready, and have a good sense of the economic landscape/trends in addition to accounting & valuation going into it. Any...
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