IB -> Macro HF
Hey All - First time caller, long time listener. I'm in Structured Creditworking on esoterics (won't give more details to avoid self-incriminating as we're one of the few on the street in this particular business, but will say we're on the illiquid and complex side of things) looking to make a passion-driven pivot to a macro fund.
In digging through guides, public forums. etc and speaking with peers, I get the sense there's frankly a dearth of detailed content on macro strategies (which I'd think is driven by the opportunity set skew, as well as the fact that the top-down market segment is just less homogenous). So I'm going to ask some stupid questions:
- What are the different "flavors" of macro? How can you bifurcate at a deeper level than just discretionary vs. systematic (i.e. do some strategies express theses more often in say credit and rates than other asset classes, do some have broader mandates than others, etc.)? Examples would be extremely helpful
- Assuming there are discernable buckets, what would interview processes look like for each / how does one prepare (apart from the cliché "just follow markets / read a ton and have your mental model for the world)?
- Which recruiters work on macro mandates?
I realize I'm walking off the reservation a bit here (exits from my team are typically to Spec Sits teams in Private Credit), and that a background in trading / research would've made this pivot much easier, but frankly the idea of being handed x names to follow and limit brainstorming to is just not for me. Definitely a STEM / research-focused person at heart and care dramatically/ public policy / cross-asset flows than entrepreneurship and business models. I also dislike the fact that private credit (going to paint with a broad brush here, so please correct me / give examples if you disagree) won't make directional bets (constantly hear people regurgitating Marks's "the macro future is unknowable") and that it's just not their business.
TLDR; Solving for a role with as broad a mandate as possible. That said, I have built a niche in modeling / understanding complex situations that's monetizable (and I do enjoy it as well), so am actively looking for an intersection between that and making macro bets. Would greatly appreciate any advice .