Macro vs. Value Investing

"Macro Investing" is an oxymoron...

This topic is inane

Apples vs oranges...thoughts? trends?

Value probably easier to develop a sustainable edge

Macro investing = sexier cocktail party talk but more difficult to do sustainably well

are you really a hedge fund analyst?

Generally speaking neither are worth 2/20

While the two are obviously quite different they can be very complementary strategies depending on how they are implemented. You will generally find a lot of funds combining the two via top down (macro view) and bottom up (value). As a few mentioned above macro, while it has a slick sense to it is difficult to nail as you are often expressing a subjective view in a binary way, although not always as in other cases you may just be trying to identify a structural shift (e.g. retail to online shopping). Value on the other hand, has an inherent (when done with any degree of competence) margin of safety - just because a stock doesn't double/triple it won't necessarily collapse. In any sense it is probability a good call to get relatively comfortable with both sides, and then specialize as inevitable you'll use and benefit from both in the long run.

Good book for macro: Hedge fund Market Wizards Good book for value: The intelligent investor or one up on wall street