Future of Global Macro
In recent times, global macro has not been doing so great, although at one time it was a very lucrative strategy. In the past 5 years, multiple big-name macro places have shut their doors due to bad performance. However, 2020 was a resurgence year for global macro funds as they outperformed the market. Nobody in the area really trades like they once did (take large speculative positions and hold them through turbulence), so how are today's global macro portfolio manager?
The future for the entire industry is not looking great but does discretionary macro have a worse future than fundamental equity l/s or do they both have a similar destiny. Will there even be the same number of discretionary global macro seats out there in 10 years or is the whole area going to shrink?