![]() I spend a lot of time on this because leverage and credit cycles drive peaks and troughs in the real economy, especially since the financialization of the US during the 1970s and 80s. This means understanding the activities and motivations of the largest banks (GSIBs) and Primary Dealers and how their behavior changes in response to financial/economic conditions and also how their behavior reflexively causes changes in financial conditions. I focus pretty heavily on how the monetary/banking/financial system functions from a high-level, what are the goals, incentives, and motivations of the major players, and how that drives capital flows across geographies and asset classes. I did a Q&A a couple weeks ago ( Q&A: First year macro hedge fund analyst | Wall Street Oasis) where I promised some people I would go more deeply into my macro view and provide some resources that I've found helpful.
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