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Macro Managers Navigate Choppy Waters

The strategy is having a tough time of late, but aggregate numbers mask wide dispersion in individual fund returns.

       Raymond Dalio, Bridgewater Associates (Bloomberg)At the Sohn Investment Conference in May 2014, legendary macro trader Paul Tudor Jones II of Greenwich, Connecticut–based Tudor Investment Corp. lamented, “Macro trading is as difficult as I have seen it in my career.” He cited the lack of volatility in a variety of markets

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