Take this for instance: https://kodacapital.com/services/investment-strat…
Koda is a PWM firm. I don't get what "investment strategy" does. Are they like a fund, where you invest on behalf of private clients? If not, then what does that particular team do?
There's a bad chance you'll be making ridiculous forecasts about markets and rates that no one will ever come and pick you up on. As I understand it that's what it normally means but I guess there's scope for it possibly not meaning that.
Then what's the point? Am i just giving the ammunition to the PWM sales "advisors"? How is it different to sell-side research then?
Based on my firm (a top 20 global AM) and the disparaging views of Taleb it's macro forecasting. So the kind of thing I see in my inbox is their take on Euro debt to GDP ratios over next 5 years, or looking at how equity index react to left/right wing govts during recessions, looking at historical rises in inflation to see how it might happen this time, looking at how industries fared over the past 5 years and guessing if they're due to decline.
Compare that to sell side research where an analyst is researching how many diamonds a mining company can mine and looking at their management and such then sugggesting buy new issuance of bonds to convince fund managers to buy them.
Basically strat aren't really in the decision making process.
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