Yeh I've read that interview and it seems to me that PTJ is not a true Macro speculator. For instance, he mentions that he's not the best person to ask about the stockmarket because it's not his "core competency". My understanding of Macro trading is using top-down research to develop a view on an economic trend, then using the capital markets to exploit that view, whether i'd be stocks, bonds, currencies etc. So I think PTJ more of a "Managed Futures" type guy. So I was guessing - when you said macro trader - that you trade more like George Soros. I presumed that you make investment decisions based on broad economic trends and use technical analysis for positioning. If that's correct, I don't understand why you can't discuss general macroeconomics with me on this board.
Macro Trading & Investment Strategies : Macroeconomic Arbitrage in Global Markets http://www.amazon.com/exec/obidos/t...6546-4584157?v=glance&s=books#product-details
I think you'll agree it's a very open ended request for a very broad and deep subject (not to mention one that has little to do with a "market wizards" thread). If you have a specific topic of interest in mind, I'd suggest posting it in the economics forum. If you want to learn how to think like a macro trader, there are plenty of books and resources available to help you synthesize your own style and approach. It sounds like you're already on your way.
Ugh- no offense but that looks awful... "The market is a mathematical hypothesis. The best solutions to it are the elegant and the simple." -Soros
Q GABRIEL BURSTEIN, PhD, was a macro proprietary trader with Goldman Sachs. He currently heads Specialized Equity Sales & Trading at Daiwa Europe Ltd., London, a group he set up to sell European equity products to hedge funds based on long/short macro and relative-value ideas. He is a frequent speaker on new long/short macro strategies and the EMU at worldwide alternative investment and hedge fund conferences. Dr. Burstein received his PhD in mathematics from Imperial College of the University of London. He has had several papers published in mathematical control theory and in mathematical modeling in neurology, neuroendocrinology, and HIV immunology. UQ Would like to understand anything wrong with his macro approach, as you know.
Any comments on these books: Trade Like a Hedge Fund : 20 Successful Uncorrelated Strategies & Techniques to Winning Profits http://www.amazon.com/exec/obidos/ASIN/0471484857/ref=pd_ecc_rvi_4/102-4586546-4584157 Hedge Funds : Definitive Strategies and Techniques http://www.amazon.com/exec/obidos/ASIN/0471463094/ref=pd_ecc_rvi_3/102-4586546-4584157 Hedge Funds--Styles and Strategies http://www.amazon.com/exec/obidos/ASIN/1403906513/ref=pd_ecc_rvi_2/102-4586546-4584157 Evaluating and Implementing Hedge Fund Strategies http://www.amazon.com/exec/obidos/ASIN/1855646609/ref=pd_ecc_rvi_1/102-4586546-4584157 The Alchemy of Finance http://www.amazon.com/exec/obidos/A...2870227/sr=2-2/ref=sr_2_2/102-4586546-4584157
This guy sounds interesting. He's supposedly Britain's fourth wealthiest man and one link http://www.timesonline.co.uk/article/0,,27-960196,00.html calls him a "property billionaire" so I wonder if he built up much of his fortune through real estate. I guess what's amazing to me is that he was obviously highly successful in 2+ fields of financial endeavor. Here's a question that is interesting to me personally: anybody else heard of a trader that was highly successful in other related (or unrelated for that matter) fields?
This guy is really interesting the more I read about him. He's reclusive and has a 40 million pound yacht and once paid 1.3 million pounds to play golf with Tiger! He built up his fortune with various leisure business enterprises including a chain of pubs and a resort. I don't think I've ever heard of a successful business person jumping into trading and doing well...Here's the link if anyone is interested: http://archives.tcm.ie/businesspost/2001/03/04/story297489.asp And he was a high school drop out for trivia: http://www.education-reform.net/dropouts2_text.htm And, for what it's worth, several internet blurbs say that he has earned over 1 billion pounds at currency trading which is most of his fortune...
If he uses macro/fundemental stratagies then it would be the same field. For instance, if he thought the Bank of England would lower interest rates then he could buy property or short the GBP.
Actually Cutten has already mentioned a very good idea on this possibility. Q As a trader, unless you are involved fully in stocks, you have loads of cash sitting around doing nothing. You can put say 50% into property deals and investments, and use leverage to crank up the returns. Then you have trading return on capital, in addition to real estate return on capital. That can result in extremely high compound rates. UQ http://www.elitetrader.com/vb/showthread.php?s=&postid=477864#post477864