![]() ![]() Many of the successful macro guys today, they’re all kind of in my age range. Is it possible to teach someone to be a tape reader - what some might call a trend follower or technical analyst?Ĭertain people have a greater proclivity for it because they don’t have the need to feel intellectually superior to the crowd. While I spend a significant amount of my time on analytics and collecting fundamental information, at the end of the day, I am a slave to the tape and proud of it. Markets have consistently experienced “100-year events” every five years. The inability to read a tape and spot trends is also why so many in the relative-value space who rely solely on fundamentals have been annihilated in the past decade. ![]() When it comes to trading macro, you cannot rely solely on fundamentals you have to be a tape reader, which is something of a lost art form. It’s a hell of a lot easier to get an information edge on one stock than it is on the S&P 500. When trading macro, you never have a complete information set or information edge the way analysts can have when trading individual securities. It is just hard to find a great macro trader. If trading is like chess, then macro is like three-dimensional chess. What’s so special about macro hedge fund managers?
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