Michael Novogratz

For Graticule Asset Management Asia’s William Freda, there’s no escaping the 24-hour trading cycle of a global macro fund.
After a tough 2015 that saw fund closures at firms such as Fortress and Avenue Capital, managers can expect performance woes to continue.
While several big-name macro managers have not posted their best years of late, the performance problems at Fortress were much worse than those at its competitors.
As a shrinking percentage of the population accounts for an ever greater percentage of the goods, it’s important to focus on not just who’s giving away money but who has the biggest impact.
Michael Novogratz, principal of Fortress Investment Group, sees the benign environment of the past year coming to an end. Here’s what he predicts for the Chinese real estate market and central bank policy.