The Role of a Global Macro Strategist

Grant Wilson

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

This chapter will evaluate the role of a global macro strategist. It is a timely focus, as strategists are playing an increasingly important function within the discretionary macro arena, and yet it can be difficult to describe what they do, and how they do it.

Three main arguments will be advanced here. First, that the role of a global macro strategist is distinct from that of a financial markets economist, even if the divide is not always observed in practice. This is a fairly straightforward distinction, and one that will be highlighted in the first section.

Second, that a global macro strategist has two main functions: analysis and prediction. The analytical function involves the strategist deploying a range of research techniques to further their understanding of a particular macro topic, with a view to providing their clients with a meaningful transfer of intellectual capital. The predictive function relies upon this analysis, and involves the strategist making forecasts as to the future direction and volatility of financial markets. Both these functions are important, and