How quant is global macro these days?
Understanding that global macro can entail a wide spectrum of different flavors, if we were to generalize a bit and think about global macro as a singular entity, is it fast becoming purely computer driven (I believe Clarium is very much like this, and CTAs as well?) or is fundamental analysis and discretionary investor as strong as it ever was (in the vein of the work that Soros does, although I'd guess Soros has plenty of quants in his funds these days)? I'm curious whether a flow Treasury trader would have a more difficult time (relative to maybe 3-5 years ago) landing on the buyside relative to a qualified quant with currency/rates/commodities experience.
Damn, do I have dyslexia?
Depends on the firm, depends on your experience - there is no "absolute".
there is no absolute, i agree, but most of the top macro shops like Tudor, Soros, Moore, Brevan Howard, etc. are discretionary. At all these places they have some quant strategies that they run but are about 95% discretionary. However, alot of managed futures funds that use algorithms could realistically be called "macro" because they trade a variety of products in many different markets...shops like John Henry, etc.
I was wondering about this, too. If it is discretionary, meaning they choose when to enter/exit the markets and how much capital they would invest in them, how much crucial are computer algorithms in deciding such timing and volumes? And plus, if there are some good sources to learn about global macro out there, I'll appreciate the link. (And of course I already searched google.)
in my experience, most discretionary traders at macro funds are discretionary for everything...ie entries, stops, position sizing, etc. I personally am discretionary for entries but use a quantitative formula/model for position sizing, stops, and adds.
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