AlphaMind Podcast #104 Jonathan Baird: Macro Fundamentals and Trading

Since the introduction of the Zero Interest Rate Policies, by central banks, in the wake of the Global Financial Crises (GFC), Macro has largely taken a back seat, until last year that was when macro came screaming back.

An entire generation of traders, baptised in markets in the more than a decade since the GFC, had little or no knowledge of just how much influence macro fundamentals can bring to bear on markets. 2022 proved a rude awakening for many of them.

Macro traders position themselves to take advantage of, and react to, rate and currency moves, and market valuations, based on inflation data and central bank rate policies.

Hedge funds who rely on discretionary macro strategies saw some astonishing returns in 2022. Said Haidar’s $4.3 billion discretionary macro fund achieved close to 200%. Bluecrest Capital Management, a $30 billion fund, achieved returns of over 150%, an even greater achievement given its size. Crispin Odey’s $4 billion fund, almost matched Bluecrest, producing his best return in almost 3 decades in the business. And many other funds saw their discretionary macro traders massively outperform the market.

Macro is likely to remain a prominent a theme for markets this year and beyond, even if we don’t quite see the same degree of moves, nor the same levels of volatility, which 2022 brought.

In light of this, we invited back a friend of the AlphaMind podcast, Jonathan Baird, to explore how to use and view the macro, and how to factor it in to your market analysis, and trading or investing approach.

Jonathan is an award-winning money manager based in Canada, and author of the superb Global Investment Letter.

Jonathan often posts his thoughts on social media, you can follow Jonathan on Linkedin here, and Twitter here.

🎧 Listen here: https://bit.ly/Baird2023

📺 YouTube Audio here: https://bit.ly/Baird2023YT

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