Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets, Revised and Updated

Preface

When I first started writing this book in 2004, there was virtually no information on the topic of global macro as an investment strategy, save a few chapters here and there in well-dated books. After enough investor calls, meetings, and e-mails asking where to find information on global macro, I started to put pen to paper, and this book evolved quite organically out of those initial notes. I set out to define global macro as a strategy, but it became a real education and adventure for me, as I found myself charting a new course.

Fast-forward to today—nearly a decade later—and everyone is talking about global macro. Not only does every bank have a macro strategist, but they also have a China macro strategist, a Fixed Income macro strategist, an Emerging Markets macro strategist, and so on. A variety of global macro research newsletters, blogs, and touts have also been spawned, more often than not preaching doom and gloom. Even CNBC, which was formerly preoccupied with discussions about tech stocks or the Dow Jones Industrial Average, now regularly opines about the U.S. dollar, LIBOR, European interest rates, Greek equities, Chinese currency values, Hong Kong housing prices, commodity spreads, and credit default swaps.

Macro has gone mainstream, but global macro as an investment strategy is far more nuanced than just talking about macro instruments. And as more and more macro tourists enter the fray, it seems as if the art of global macro investing has been lost in the ...