Macro Managers Get Tactical

Big-picture thinking, a mainstay of the strategy, is not cutting it in choppy markets.

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By David Turner

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(Illustration by Andy Martin)

In the past 12 months, managers of global macro hedge funds have had to deal with interest rate fluctuations in the world’s biggest international currency union, a multistate sovereign debt crisis, an emergency funding injection into the banking system, and the spectacularly positive effect of that funding on markets...

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