Bloomberg Businessweek

Big Ideas

• The post-crisis era has been tough for global macro funds. Some managers are adjusting

Greg Coffey’s hedge fund firm, Kirkoswald Asset Management, gained 28% for clients in 2019. That’s a decent profit by any standard, but what makes it more impressive is that Coffey is what’s known as a macro investor. That’s a tough trade to ply.

It wasn’t always this way. The macro style used to be synonymous with the hedge fund industry. Imagine a money manager sitting in judgment on the entire world, sifting through trends in global economies and geopolitics to make big bets on everything from currencies to interest rates to stock indexes. That’s macro. Its roots go all the way back to economist John Maynard Keynes, who had a side

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