Macro pitch examples?
Does anyone have good resources for macro pitches? I've pretty much only seen traditional equity pitches and not sure if there's a value investors club equivalent for macro.
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Every TV interview of Stan Druckenmiller, Jeremy Grantham, Larry Summers, Jeff Gundlach is a macro pitch.
That’s definitely helpful, but also looking for more written/ presentation examples
Zach Schreiber’s 2014 presentation at Ira Sohn re: short crude oil
Bump
bumping this, trying to make the tough shift from IB to HF (preferably not equity) and I think macro HFs will become more relevant over the next decade.
Hey man, same boat here. How are you preparing yourself?
Are you looking for FX, rates, etc? Or which type of macro?
I'm leaning towards rates but I also find the energy markets interesting. Tho I don't think the transition is realistic since I'm not in an O&G group so aiming for rates.
TBH in my little free time I'm just reading articles or scrolling through Twitter from some macro analysts, nothing serious. I think it's a lot tougher to prepare for compared to IB because there's no set questions to prepare for.
Mood. Trying to break in myself. It can be quite difficult considering how “unorthodox” macro recruiting is (if you can even consider there to be a standard recruiting process). Best of luck!
Same exact position here. Want HF from IB but absolutely nothing to do with just individual equities. Wonder if this becoming more common or even possible lol.
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Interesting! I’m leaning towards a newly created HF that do top down approach with a bit of macro involved (80% is L/S HY bonds)
But I do feel I don’t have enough knowledge to do rates vs an already established trader.
2 years of m&a, and only know how to do models lol
Best advice to break in as an analyst would be to have exceptional quant skills. Pretty tough to do without that even the discretionary type shops are looking for quant background analysts. It is no doubt counter-intuitive since most of the classically best macro minds are not STEM, but alas they're already "established." If non-quant I would either try to latch on as a trading-assistant/assistant PM and go through that track or go via a macro ish fundamental asset class as an analyst (equity strategy etc.)
Why is quant background a prerequisite for any seat in macro shops nowadays ? Does it have to do with the complexity of the products being traded in the macro space, i.e. swaption, index CDS etc as well as the quantitative methods by which strategies are formulated, i.e. linear regression, ML, PCA etc ?
Bump, curious as well
Other people may have different views but I think you're essentially correct. Let me expand:
1.) Like 3 statement analysis for fundamental company related securities quantitative analysis is the bread and butter toolkit in macro for analysis- could be either for forecasting fundamental data (supply/demand dynamics in oil) or for forecasting something more technical like short term balance of payment flows for a currency (guess you could argue that is fundamental)
2.) Data, data, data- with so much of it out there i.e. cheap satellites telling you how full parking lots are etc. it is helpful to have the skillset to analyze
3.) It is the dirty work to validate PM's ideas- on the fundamental side there is a reason fresh IB hires don't immediately start sourcing ideas- bc they don't have the experience so instead they add value via being 3 statement modeling junkies to flesh out PM's ideas; similarly on the macro side fresh hire analysts don't come up with which FX cross is the most attractive but instead validate the PM's ideas through quant analysis
Macro Voices
Macro Voices is heat.
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