Starting out in AM?

Just wanted to get the thoughts of some of the experienced guys on here about starting out in AM. Can you get a buy-side research role at the junior level (no MS/PhD) that allows you to be involved in investment and portfolio strategy (not just number crunching)?

What you would recommend for someone interested in learning how the instruments work inside out, and how to put on trades with the whole range of instruments and manage those positions? I'm guessing this is what traders/strategists/PMs at a macro fund need to know but how exactly are you supposed to go about acquiring that skill-set?. The people that start out in sell-side trading or research become experts in one product, but how do you get exposure to the others?

Basically, if you're a PM at a macro fund, how would you go about learning all the products and instruments if you were just starting out today?

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