Global Macro: Theory and Practice, Introduction

Isaac Souede

This article was first published as a chapter in Global Macro: Theory and Practice, by Risk Books.

On behalf of Permal Group, I am very pleased to introduce this book on global macro, which I believe is the first of its kind in the industry. For a hedge fund strategy with such a long and storied tradition, it is most surprising how little information has been available to an interested reader over the years. While there have been several excellent collections of interviews with individual macro managers, offering helpful insights into their thinking, this book represents the first edited volume with contributions by a cross-section of experienced macro practitioners, and which is intended as a wide-ranging and in-depth introduction to this unique family of investment strategies.

Global macro has always been one of the core specialities of our firm since its founding in 1973. In 2013, as we celebrate Permal’s 40th anniversary, we are re-confirming our commitment to this strategy, which has attracted renewed institutional interest since the global financial crisis of 2007–09. Permal Group runs one of the oldest and largest funds of global macro funds in the industry, which –