CORRA in 2024: A Year for Forests (Not Trees)
Fixed income managers often come in two broad types; those who focus on the macroeconomic perspective, or big picture, and those who focus on the minutia of relative value trading. Fortunately, different economic situations usually afford both types of manager ample opportunities although there are clearly "good times" for macro traders and "good times" to be a relative value trader. We suggest that 2024, due to the probable turn in monetary policy and the volatility associated with the end, or anticipated end, of a monetary policy cycle, will be a year where getting the big picture right is far more important than getting the details right.
