Do I have no hope?

Based on the most helpful WSO content, here are some insights and advice for your situation:

1. Current State of Global Macro Recruiting:

   • The global macro sector has been in decline for years, making it incredibly hard to land interviews at macro shops. This trend has been exacerbated by recent incorrect predictions about Fed rates, leading to significant losses in 2023.

2. Skills and Qualifications:

   • The industry has become far more quantitative in recent years. A Masters in Economics or Quantitative Finance is more valuable than an MBA, and a PhD is even better. Extensive programming experience (Python, R, Matlab, etc.) can also make you eligible for more jobs.

3. Job Application Strategy:

   • Persistence is key. One user shared their experience of applying to over 300 positions before resolving their job situation. They emphasized the importance of not giving up and learning from each application process.

4. Networking and Cold Outreach:

   • Cold emailing funds and leveraging high school/college alumni networks can be effective, although it may take time and persistence. Building a database of target companies and consistently reaching out can eventually yield results.

5. Market Trends and Future Outlook:

   • The multi-asset space has grown significantly among banks and asset managers, offering more opportunities compared to the traditional global macro space. Considering roles in this area might increase your chances of finding a position.

6. Recruitment in 2025:

   • While it's difficult to predict with certainty, the logic that recruitment could pick up after firms recoup losses from 2023 is sound. Staying updated with industry trends and maintaining contact with recruiters and portfolio managers will be crucial.

7. Additional Resources:

   • Reading industry reports, such as those from Albourne, and staying informed about market developments can provide valuable insights and help you stay competitive.

In summary, while the current market conditions are challenging, persistence, continuous skill development, and strategic networking can improve your chances of breaking back into the directional macro hedge fund space. Keep an eye on the multi-asset space for additional opportunities.

Sources: Global macro recruiting - a primer, Global macro recruiting - a primer, Global Macro Hedge Fund is Paradise, 2025 PE Recruiting (Post On-Cycle), Q&A: Head of Macro Strategy at Hedge Fund Taking Questions