Word: macros
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...rare exception is the semiannual ritual staged by Drobny Global Advisors, a boutique research firm based in Manhattan Beach, Calif., run by two guys named Drobny--Andres and Steven--who are related only by the business they are in. The Drobnys' most recent conference attracted more than 100 macro hedge fund managers--people who bet on megatrends. They descended on the Wynn Las Vegas resort for three days of hard trading talk and, of course, a bit of hard playing...
...great time to strengthen your thinking--being up in front of that crowd, you have no choice but to have a bulletproof trade, or you'll be eaten alive," says Renee Haugerud, CIO and managing principal of Galtere Ltd., which manages a $1 billion, New York City--based global macro hedge fund that focuses on the commodity markets...
This command of detail differentiates hedge fund traders from civilians. Macro trading is not only about prices on screens. To be sure, the name of the game is money--but the hedge fund managers are keenly aware of the imbalances growing around the world, and they are attuned to any factors that could potentially destabilize the markets...
...best opportunities, even though markets such as India, China and Malaysia have had bubble-like runs. "Don't be fooled by sticker shock given their huge outperformance in recent years," he says. "We are witnessing a trend change in the fundamentals right now." And such fundamental changes are what macro traders love most...
...things that differentiates a hedgie, and it's something that humans are not necessarily wired to do, says Jim Leitner, manager of the Falcon Family Fund. Leitner spoke of this phenomenon at the conference and in Inside the House of Money, Steven Drobny's collection of interviews with macro hedgies. "Humans in general are biased to look for confirmatory evidence," Leitner asserts in the book. "When someone is bullish on oil, they tend to pick out the pro-oil arguments in whatever they read. Very few people train themselves to look for disconfirming evidence...