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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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CHAPTER 19Global Macro and Commodity Trading Adviser Strategies

WHAT IS GLOBAL MACRO?

Global macro hedge funds use a wide variety of strategies and instruments to take long and short positions in the global markets for equities, commodities, fixed income, and currencies. Global macro strategies differ from other hedge fund strategies by their extensive use of stock market and bond market indices rather than individual stocks and bonds to implement their views. This approach is consistent with global macro’s focus on broad economic and financial trends.

The decision-making process starts with forecasts of trends in broad economic variables such as inflation, economic growth, and interest rate movements. Global macro managers will take positions ...

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