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Alpha Measurement in Macro
I've been a bit curious about how alpha is measured and preserved in the macro space. From my understanding in equity funds, once you compute how much of your return is attributable to the market risk premium using CAPM, the spread between your portfolio return and that is alpha. And then after...
Interning in Macro
Hi everyone, I'm aware of the fact that this topic may have been previously addressed, however, I was hoping to obtain an updated and more complete opinion. My question is essentially this: how to intern in macro ? More specifically, how can I best prepare myself to "up" my profile (undergrad) and...
Repo trading desk
Hi all, I am due to start as an analyst on a repo (aka fixed income financing) trading desk at a BB bank. I am really interested in quantitative stuff (come from a very quantitively orientated STEM undergrad) and macro, so I'm overall happy with the desk. However, I understand that repo is quite a...
Global Macro Developments Thread
As the title implies, a discussion of all things global macro that are driving markets at the moment.. feel free to drop anything you find insightful .. I am currently a junior analyst at a global macro HF
Help: resources to prepare for multi-asset/macro fund interview
I have an internship interview at a multi-asset/macro fund in a week. I only have experience doing ER and IB (ECM). I know almost nothing about public markets, rates, the economy, and the AM/HF space. What resources can I read to familiarise myself with investing in different asset classes, dynamics...
Brexit main cause of UK inflation?
Continuous hikes in the UK haven't curbed inflation. The BoE blames it on wage growth. Which is a direct cause of Brexit with the absence of cheap labour coming from the EU, thus making the job market tighter than what it should be. Also the BoE seems to ignore the impact of imports and the fact...
Q&A: Rates & Macro Research/Strategy - Career Path, Technical Topics, Education, etc.
I work in rates strategy for a top BB focusing on derivatives. Ask me anything on this topic including strategies, career advice, exit ops, education , derivative concepts , etc. I will give you the best answer to my abilities or direct you in a possible path to answer your question. Products...
Tips for selling macro research to IBs
I recently started working for a Macro research house in sales. Never worked in finance before, but had a long career in SaaS sales. I'm meant to be targeting banks & investment banks too, which is only further complicated by the larger issues in the industry, but I've found it incredibly difficult...
Understanding Macro
Hi all, Does anybody have good resources for getting up to speed on macro? Inflation, Central Bank Policy, etc... Any books, articles, commentaries that you can recommend?
ALM vs Fund Manager Research Exit Opps
I want to go into trading but also have an interest in credit research specifically, with the goal to break into the buy-side. Ideally a HF Which area is the better option? I know that with ALM I can move into ALM section at a bank then move into trading (spoke with someone who's done it, although...
Rokos Capital - Thoughts on the culture?
Have been reading about Rokos Capital Management fund for a while and keen to know more about it, but don't know anyone there. However, recently have seen some reviews on Glassdoor which don't speak too favorably about the culture (poor leadership, 'yes' men culture, public berating, etc.). Of...
Questions about Trading roles at Macro HF (e.g. Citadel Global Fixed Income)
Hi, I am looking to learn more about (non-execution) trading roles in macro hedge funds such as Citadel Global Fixed Income. There have been pieces of information inadvertently scattered around different threads, but am curious to learn more (and centralize that knowledge) after reading some job...
Macro: Rates and FX
Hi, I work in fundamental equities. I like what I do but have always had held a strong interest for global macro. I'd love to learn more about Rates and FX side of the macro strategies. Wondering if anyone could answer some of the following questions to get me started 1. Banks often lump Rates and...
IB -> Macro Fund?
Hey All - First time caller, long time listener. I'm in Structured Credit at a BB working on esoterics (won't give more details to avoid self-incriminating as we're one of the few on the street in this particular business, but will say we're on the illiquid and complex side of things) looking to...
Macro Event Trading - Books
Looking for some good books to read on hedge funds and more specifically macro event trading strategies. Does anyone have any recommendations?
Billionaire Father - What Should I Do?
Good evening, all! I am a 17 yr old, entering my senior year of hs. My dad is a billionaire, and I'm unsure as to how I should approach my future, even though I have a sense of where I'll end up. I'm quite intrigued by macro markets and would like to launch a macro hf. My father said he would stake...
Question About Macro MM HFs (Brevan, Caxton, Bluecrest, etc)???
Hey, all! I have a question about PM book sizes at these macro funds. For the names listed above, that have adopted the multi-manager-esque model, what do you think the average PM book is and the leverage that they take on? I noticed that Brevan's master fund has ≈$9b aum, and funds like Caxton,...
Q&A: MM HF investment role out of non target ugrad
To get the typical q’s out of the way: Fund type - blue chip MM/MS Group - macro/commodities (commodities focused, won’t be more specific for anonymity) YOE/TC - in 3rd year, comp was ~ analyst 3 BB ish year 1, associate 3 BB ish year two. Base + 150, 300% roughly. First really big base bump...
Alternative for Wall Street Training (WST) Excel add-in ?
I have used the WST excel add-in for years, but my IT guy says since Office 365 has started churning out rapid updates, the add-in has become unreliable and is causing my excel to crash. Does anyone know of another free alternative that has similar macro features?
I somehow got a MM HF internship, please help?
I have no idea how i passed through with my unamazing background but I recently got an internship in the macro team w a pretty decent MM HF in Asia (Balyasny, Exodus, Point 72 ish). I'm a final year student and would doing this internship all the way till I graduate and from what I understand, the...
Summer Internship Decision: JPM PB vs D&C ER
Hi everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in...
Received an incredible offer (global macro). Don't know how.
So I just received an offer to join the macro strategy team of a BB . Focused on FX and fixed income strategies. Truth is, I don't really know how I got here and where to go from here. I have an undergrad degree in econ from a semi-target, worked in an econ consultancy for a few years, got the CFA...
What's up with Pointstate Cap?
Hearing lot of negative rumors, in addition to the somewhat weak performance numbers relative to peers such as Brevan/Caxton, etc
China Data - What is it telling us?
On Friday, for the first time on record (and likely 4 decades+), China's economy contracted a whopping 6.8% y/y in the first quarter. Spending some time thinking through this, I have a few thoughts and would be interested to see if others have any feelings or ideas, as we try and move through this...
Financials Sector Coverage
Hi all, I've searched this topic in the forum and there's only a couple of comments from years ago hence this post. What are the particularities of covering the financial sector? I've starting reading up and the key metrics are different, and apparently there is more exposure to macro, which...
How can I go from nontarget school to portfolio manager?
Hey monkeys, so my dream is typical- I want to be a global macro growth portfolio manager. I NEED SOME INSIGHT IN HOW I CAN BREAK INTO ASSET MANAGEMENT/EQUITY RESEARCH FROM A NONTARGET. so I used to go to a semi target BYU. I got good grades there, but not good enough to get into BYU's accounting...
Nontarget... I got dreams tho. Portfolio Manager
Hey monkeys, so my dream is typical- I want to be a global macro growth portfolio manager. I NEED SOME INSIGHT IN HOW I CAN BREAK INTO ASSET MANAGEMENT/EQUITY RESEARCH FROM A NONTARGET. so I used to go to a semi target BYU. I got good grades there, but not good enough to get into BYU's accounting...
Getting up to speed on econometrics for macro analysis
What advice would you give to a junior with a weak math background that needs to get up to speed on econometrics for macro analysis? What steps would you suggest? How long could it take to be semi useful? Thanks
Switching Industries on the buy-side
Hey guys, Love some opinion on this. I am mid-level (5-year into career) after 3-years of sell-side research on #1 II ranked team am now over on the buyside at a very top multi-strat relative value firm. Small team, huge risk limits, great returns and I contribute a ton. Been covering the same...
Any suggestions on books on bonds and macroecon
Hi, can anyone recommend me a book on macroecon with a heavy focus on bonds?? Thanks in advance!!!
The Truth About Trade
I'm going to start this discussion with a simple request: Please focus on the topic at hand. The world seems to have turned into a giant group of prairie dogs with no collective attention span, so I humbly request that instead of derailing the conversation with whataboutisms, that we all focus on...
KKR Macro & Asset Allocation Interview
Hi all, I'm new to WSO and wasn't sure where to post this. I was recently invited to first round interviews (phone screen) with KKR 's macro group. I couldn't find much info on them online. Does anyone know anything about this group and could provide some info on them and/or interview process? Want...
Differences between FX and Rates
What are generally some of the differences in trading across the product spectrum of FX and Rates? How do the two cash markets (spot and bills[?]) compare in terms of electronification? What tends to be more complex, short end rates or STIR (FX forwards)? How do the skillsets across FX options and...
CIO/PM Partner Search for Hedge Fund
Partnership Description The Opportunity: Partners A and B currently work together at a major quantitative, asset manager. In 2017 the Partners, based in Miami, will leave to form a systematic, trend-following hedge fund focused on an underserved, but well-capitalized, client niche. The aim of this...
Macro research Emerging markets
Anyone has access or knows where One Can gain access to macroeconomic research of some significance and depth of some of the Emerging markets (ex china, think oriental Europe and latam) ? Something like the stuff done here: (https://www.google.it/url?sa=t&source=web&rct=j&u…) It doesnt need to be...
If you could code...
For the traders out there, if you could/do code, what sorts of programs would you write? Would they be more to optimise non- trading aspects of the job (filling out risk/PNL reports etc.) or would it be to improve your PNL (e.g. scraping online news feeds, different metrics for monitoring risk)?
why so little macro on the due diligence for equity research?
the title is pretty straightforward. I am wondering why such little attention is devoted to the classic "bigger picture", aka macroeconomics on a regional / zone / global scale as opposed to the in depth diligence on all the things relating to the industry (sector demand/supply, competitive...
Greetings from Toronto
I'm a 22 year old whose just discovered the world of trading in 2014-2015. I am not in school because I dropped out due to discovering the world of business and that journey unleash the ambition inside of me. (I am a Leo after all) Anyway, too bad I wasted 4 years of my life looking around. Better...
Country Economic Primers
Are there any good sources on country wide primers? I am analyzing Indonesia and need a good start on its economy/risks/politics before I can even think of investing.
Collection of Bridgewater Associates' Writings
Came across this link through a newsletter - it provides links to Bridgewater Associates ' writings from 1999 to 2012, mostly on macro themes. I myself am not hugely into macro, but reckoned some on WSO might find it interesting so sharing it here. Link: Collection of Bridgewater's Writings
About time - EURCHF almost -40%, then retraces
http://www.bloomberg.com/news/2015-01-15/snb-unexpectedly-gives-up-cap-… When I created my username, it was getting close enough. It was the most fun day of my relatively short FX career, watching EURCHF move all the way up after getting oh so close to parity. In cold Genf the price difference...
Execution Trader at Discretionary Macro Fund, Career killer or valid path to PM?
Title pretty much says it all. I'm already running my own sell-side books/risk and have some PnL history, trying to move to buyside. I'm still a little hesitant to jump into a buy-side sink or swim PM role at this point, but have some opportunities to work closely with some prominent discretionary...
Running a book...?
Hey, This is meant for the macro guys, but if anyone else knows feel free to share. What is the basic "outline" for running a book? As in, what does the spreadsheet actually look like? In fact, I would guess most of you use a program that automates it, but if you could explain the basics that would...
Anyone know a similar, but better book than this???
I'm looking for a book that describes the prominent products available in the financial markets, similar to Fabozzi Global Money Markets. Here is the TOC CHAPTER 1 Introduction 1 CHAPTER 2 Money Market Calculations 7 CHAPTER 3 U.S. Treasury Bills 23 CHAPTER 4 Agency Instruments 45 CHAPTER 5...
The First Annual WSO Fantasy Macro League 2014
OK fellas i have seen a lot of half-ass macro theory on this board over the years and now I think its time to figure out who has the chops and who is the true macro master of WSO . The Rules are simple. 10 players. each player must submit 2 trades each week. Each Trade should have a thought out idea...
Oil 2.0: The Rise of India's Middle Class
Currently reading "The $10 Trillion Prize: Captivating the Newly Affluent in China and India" by partners at BCG. Reminded me about an investment proposal I wrote (along with 2 others) last year. The portfolio described in the proposal has returned ~20% (positions entered in January 2013). Take a...
the career tradeoff for a PM - commodity merchant vs hedge fund - depth vs bredth.
Hi, This is a little specific, so sorry in advance. But it probably can be applied generically to a lot of us. I am a reasonably talented and mid-level/rising (~5yrs of successful experience at good places) trader/investor that focuses on the commodities and macro space confronted with two options....
How Do You Develop Your Macro View
Just as the title says...would very much like to do a better job of this and would love to hear from those of you that have to do this for your work every day. What books do you recommend reading, and what news do you specifically try to seek out? In addition, what are the thought processes that you...
Anyone know a macro firm looking for a summer intern?
Howdy all, Title says everything. Macro is what gets my juices flowing, and I've been hunting high and low for an internship at a macro fund. I have had some promising leads but it appears most are becoming dead ends. Anyone know of any firms to cold call? I'm in the NYC area; will travel anywhere...
Why was Alan Greenspan a shitty fed chairman?
People talk about him in this light and I was curious to know why. I just started reading Inside the House of Money and he made some "controversial" decisions here and there but I was trying to understand exactly what he did and his logic behind it. Does anyone think he was a good fed chairman?
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