Rational Macro

From the cover: Macro is everywhere in the financial markets. Anyone who takes an exposure (to FX, commodities, interest rates, equities, credit or anything else) in the expectation of a broad market move is doing it. John Butters, a hedge-fund macro strategist and former family-office portfolio manager, argues that macro should be done rationally and scientifically. He develops that idea into a complete investment process that encompasses the gathering of evidence, the formation of opinions and trade execution. A combination of thoughtful argument and practical experience and brimming with ideas, Rational Macro brings welcome clarity to a complex area that many investors consider their greatest challenge.