Macro vs. Value Investing
Want to hear your opinions on macro investing versus value investing, the two completely different strategies.
Any insight on the industry trend?
Want to hear your opinions on macro investing versus value investing, the two completely different strategies.
Any insight on the industry trend?
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"Macro Investing" is an oxymoron...
This topic is inane
Apples vs oranges...thoughts? trends?
which one uses Smart Beta instead of Dumb Beta?
Value probably easier to develop a sustainable edge
In what way?
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
http://www.businessinsider.com/cliff-asness-hedge-fund-fees-2013-9
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
I disagree, pineapples ftw. @"DickFuld", your thoughts?
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