The End....And The Beginning

Monday, May 10, 2010

Today marks an important end....but also a new beginning.

This will be the last post that "Macro Man" makes in this space, the 1,024th step on a journey that began on September 13, 2006. It's been an incredibly fun ride, and I have been gratified at the response and readership that the site has generated.

Being Macro Man has helped me navigate the most fascinating market environment of my or anyone else's lifetime. Last year, it helped me deal with the stress of overcoming a serious knee injury. It's enabled me to meet people, both in person and online, that I hope to count as friends for years to come.

But now it's time to move on.

It's been a frustrating year, both professionally and on the blog. Although the past few years have provided ample proof, I have become a firsthand witness to the inefficiency of capital allocation in 2010. Despite excellent performance in 2008-09, particularly on a risk-adjusted basis, the fund with which I have traded had most of its assets pulled in Q1.

It's a shame, though of course it's part of the business, so there's no tears. Still, the upshot has been that I haven't been trading for four months, and haven't been going into the office for six weeks. So if you thought I sounded detached, now you know why.

When, at the same time, an almighty palaver erupted in the comments section over health care and other issues, it was frankly tempting to pack it in right there. There can be few things more frustrating than providing a forum by dint of one's own labour- unpaid, and with no other sources of income- only to receive a barrage of abuse from a horde of ungrateful commenters.

Fortunately, revising the comment policy eliminated the trolls, though at the cost of sacrificing a few regular contributors who were unwilling/unable to register. And so we've soldiered on, and fortunately in recent weeks there's been plenty to engage our collective interest.

But now I'm moving on.

On Friday, volcanic ash permitting, I will board a plane bound for JFK, from which I will decamp to the great hedge fund ghetto in Fairfield County, Connecticut. Next Monday, I'll be starting as a PM at a Tier 1 fund that shall remain nameless. It's a cracking opportunity, and I'm excited to get stuck in.

But you can't move on without leaving a few things behind. While my passport tells me that I'm going "home", in reality I'm leaving it. I have spent almost all of my adult life outside of the United States, and for the last 13 years I've lived in the UK and Ireland. It's ironic, really; I arrived two months after New Labour swept into power, spent most of the last decade complaining about Gordon Brown, and now I'm leaving just a matter of hours after they (hopefully) get the heave-ho from Number Ten.

And while I've had plenty of moans about British bureaucracy over the years, I am under no illusion that things are any different or better in the US. Certainly the regulatory environment is utterly bereft of what one might term, for lack of a better phrase, a "sense of humor."

Those of you who have seen my lamentable attempts at poetry over the years know that a sense of humour is a pretty important prerequisite for reading my stuff. Given that I have zero interest in landing either myself or my new shop in hot water, it is therefore with great sadness that I hang up my keyboard with today's final post.

I did, however, mention a "new beginning" in my opening sentence. Like the Terminator, you can't kill the Macro Man blog with just one shot. I am pleased to announce that I've assembled a small panel of guys that have agreed to contribute periodically and keep the space alive. I think you'll enjoy reading their stuff; indeed, all of them have commented from time to time over the years.

The updates, particularly initially, are unlikely to be daily; not everyone has as much free time as the original Macro Man! I'd also like to invite any other readers who think that they might have something to offer by way of semi-regular contributions to get in touch at

At this point in a valedictory farewell message, it is usual to thank a laundry list of people who have helped the author along the way. Frankly, there are too many people to thank by name, especially as I would assuredly leave somebody out and offend them. So allow me to offer a blanket "thanks" to everyone who's read the blog over the years, and especially to those who have commented or gotten in touch offline. You have (trolls excepted) made this an incredibly rewarding experience.

Finally, and before I fade into the distance, I would like to extend a hearty invitation to readers to keep in touch offline (that's Operators are standing by.) This particularly applies to my fellow travellers in global macro portfolio management, and even more particularly to those located in NYC and especially Fairfield County. While I certainly plan to keep in touch with my old muckers in the London market, it would be nice to build a network in the US relatively quickly. The Macro Boys will face the angst of being the new kid in school come September; 'twould be nice if their old man didn't have to go through the same thing.

And that, dear readers, is that. It's been a blast, and I hope that you've enjoyed it as much as I have. Enjoy the new Macro Man Blog, and best of luck with your trading endeavours.

Au revoir.

Posted by Macro Man at 3:28 PM  


Sorry to see you go, but best of luck in your new gig. You have always been amusing, and informative, and this reader found you incredibly helpful during this whole crazy time. Thanks again.

Panjandrum said...
5:30 PM  

Best of luck on your new journey, and thanks a lot for your insightful (and fun!) posts.

David said...
5:33 PM  


It's sad to see you leave (first Across the Curve, then Steenbarger, now you too, Brute?), but I really wish you the best in your new endeavor.

Thank you for all the insights and errr... for the poetry ;)

Best trading,


Jorge said...
5:35 PM  

Among hundreds of financial / market blogs I follow, yours had the best combination of insight and humor. I hope you'll find an outlet again somehow!

Chris said...
5:39 PM  

Agree with the above, enjoyed your writing very much!

Au revoir

Phobos said...
5:39 PM  

I have enjoyed your work immensely. Our loss is your new fund's gain. Best of luck. Skiing should be better, though.

Yossarian said...
5:41 PM  

I've been one of those silent readers over the last 6 months or so (only found you then) and I have to admit that you've been one of the sane voices that I've come across in all of this madness. I'd like to thank you for your posts ... it's been a pleasure to read them and they will be sorely missed ... at least from me.

Au revoir, and good luck in your new en-devours!!!

saltcafe said...
5:55 PM  

Actually speaking of finding you in the last 6 months or so ... do you or anybody else for that matter have links to other similar blogs that would allow me to maintain my sanity around all of this madness? ;-)

saltcafe said...
5:59 PM  

Silent reader here too. RSS keeps me posted on your posts and I'm saddened but also heartened your wisdom will not be lost, except to us. Cheers.

Tera Flop said...
5:59 PM  

Macro Man-

Best of luck with your new endeavor and thanks for all the effort and time spent on this blog. It was a great opportunity to have access to the mind of a macro pm and i enjoyed it thoroughly.

Deniz said...
6:00 PM  


Big ups and mad thanks for the prose. Your work here has been a beacon of shining light in dark times for capitalism.

You're one of the greats... will be missed.

One love,

I-Man said...
6:06 PM  

You will be missed. Best of luck with the new opportunity. It's a shame you have to come back to the states while some of the rest of us are planning how to escape...

Alan said...
6:09 PM  

mm -
dreadfully sorry to see you go. if for no other reason than the pleasure your prose has given in the reading. whereas the market insight..., it goes without saying. thank you for it all. bon chance in the new world (then something from thomas wolfe goes here)
- batmando

72bat said...
6:13 PM  


Very sad to see you leave. Hope everything goes well with the new gig and the move.


cprouty said...
6:16 PM  

Good luck in your new position. I hope your soon to be co-workers appreciate your insights and wit to which we have been very privaleged.
Thanks for the time and effort that you have given freely here. I shall miss my morning dose of market satire.

Regards and best wishes

Bear said...
6:17 PM  

And there goes one of the most enjoyable of blogs. I wish you the best of luck at new place, and I hope whoever will write here can match the level..

Au revoir

Reinumag said...
6:18 PM  

So sad to see you stop posting here. Good luck on your next job.

econobserver said...
6:33 PM  

Good luck, and enjoy.

wcw said...
6:36 PM  

Good luck at the new shop, Squire. You will leave a macro-sized void in the financial blogosphere. Thanks for being the best, wittiest and above all, most honest of the blogs for these last few years. I have learned and laughed an infinite amount here.

Finally, although you have lived a long time in the UK, may I (as an exiled Englishman) wish you a very happy homecoming. You really won't miss the rainy summers after a while, MM.

Leftback said...
6:37 PM  

Another long time reader (since 2008) but first time commenter. You don't know how many times I howled with laughter reading your posts. Your combination of market insight and wittiness are second to none.

Good luck in your new position. You'll be missed.

pepster said...
6:46 PM  

Good Luck, MM. I'll miss you.

t said...
6:49 PM  

quiet reader here, too. Enjoyed your writing a lot. You will be missed, that's for sure!

Good luck!

- Liviu

liviufx said...
6:51 PM  

dang, it is a pity I found this blog soooooo late

all the best

6:59 PM  

Thank You, Good Luck

Yo said...
6:59 PM  

What a shame to see you go, have learned a ton from this blog.

post said...
7:01 PM  

Gonna miss your morning color. A smart hire by whatever HF. Best of luck to you and yours MM.

Ben said...
7:43 PM  

Btw Mr. Macro,
Did your status as Macro Man help you get that job or did you get keep your true identity secret a la Bruce Wayne.

Ben said...
7:49 PM  

So long and thanks for all the fish. I have enjoyed every moment of it. Even, just after I found the site 4 years ago, calling you up and quoting this guy Macroman's views to you! As Ben says above, Bruce Wayne indeed.

Now don't get sucked into any silly American pastimes while you are over there. Whilst you have often referred to American sports and teams when living over here, it would only be fitting that, once there, you re-cast your self as the living Wisden of cricket.

East side of the pond will miss you MM.

Richie Rich

Richard said...
8:11 PM  

Sorry to see you go mm but it sounds like a great opportunity.

You have said before that you did not do this for altruism, yet I imagine your readers gained more than yourself. And thus, it was rather generous of you to share your insights with us.

I think we have all learned a lot…I know I have (if nothing more, how little I know).


der Tillman/Tyler

Tyler said...
8:14 PM  


I almost choked on my Spaghetti here. Sad news indeed Macro Man, but understandable of course. I will be looking forward to the new blog contributors.

Truth be told though, your daily observations will be sorely missed ... I have read them all for more than 2 years :). The Econsphere will be a poorer place in your absence

Well, good luck with your new gig and indeed with the return to your native land. If you ever find your way back to the keyboard, be sure to let me know (covert style of course :))

Best wishes


CV said...
8:15 PM  

thanks for blogging.

i would be really happy if you could find a way to continue to post your poems.

paul said...
8:27 PM  

(Puts his British citizen hat on)
Cheerio Macro Man -- I started reading you many moons ago, and am vastly more informed from it!

Good luck and (switches to his US resident hat), welcome "home"!

Our Man in NYC said...
8:32 PM  

Thanks for every post.

This blog has been a wonderful way of looking into the fascinating world of big hedge funds and macro trading. This world is usually closed for mere mortals but you have given us the opportunity to take a look at it.

You've been an inspiration for me (both a retail trader and a trader at a small niche commodity shop) and you've also proved that a succesful trader can be an erudite and a gentleman.

You have my eternal gratitude! Best of luck in all your endeavours!

faithful reader since 2007

pupkinus said...
8:41 PM  

Good luck in your new endeavour.
And thanks a lot for all the thoughtful and fun posts over the past years.
Loved it!

wildebeest said...
8:50 PM  

Aaaargh (camera pulling away from above). Totally going to miss your daily commentary MM, as well as the rogue's gallery of participants. I suppose I can be patient and see what the guest hosts are capable of, but I will miss you and your market insights.

k1 said...
9:19 PM  

A sad loss for the global macro PM side of the web.

Macro Man has always been an enjoyable read, even when I disagree with the content.

Best of luck in the tri-state area.

White Plains commuter

Ross said...
9:22 PM  

Very sorry to see you go. I have been a long time reader. I trade EGBs in Chicago and you were one of my first reads in the EARLY morning hours and a must each day. Best of luck to you in your new job. Thank you for everything you have put into this blog over the years.

homewoodmm said...
9:30 PM  

Very sad day but lots of luck at your new gig. Thanks for all the posts, they were very helpful to me.
Hope the kids in CT think English accents are cool

Nic said...
10:07 PM  

Very very sad day. Will miss your pithy daily insights. Already experiencing withdrawal symptoms. Best of luck in your new position.

wasabi andy said...
11:29 PM  

i was a reader from late 2008 and enjoyed all the posts.. thanks and wishing you good luck

False Street said...
11:45 PM  

LB- do us a favor and make sure MM has your contact info, eh? And let him know if you mind me contacting through...

k1 said...
11:52 PM  

Best of luck in the new situation. I am very sad to see you go but I am sure you will do very well. Thanks for all the great content.

12:15 AM  

Fare well, MM; enjoyed reading your stuff.

12:29 AM  

will miss ... enjoy the US.

nationaltax said...
12:33 AM  

Thank you for your prose (and your rhymes).

For a frenchman, the blunt "au revoir" evokes too much the bitterness of Valery Giscard d'Estaing during his last speech as President. I hope this is not your state of mind.

Thanks to the continuation of the blog under several "avatars", it feels for me more like an "hasta la vista babies", which I hope will morph into "I'll be back".

Farewell MM

Charles said...
1:41 AM  

macro-void -- dang!

trio said...
2:38 AM  

Congratulations on the new job Macro, but you'll be missed out here on the interweb. Hope you can come back and visit us somewhere down the line. Cheers.

Myles said...
3:28 AM  

Long time silent reader who enjoyed your insight. You will be missed. Good luck in your new endeavour.

dropshot said...
4:17 AM  

I can't add anything that isn't here, except a few more 'best wishes'

Yours was the first morning read, before the work emails, bb, FT, WSJ, NYT... I relished the world through the eyes of Macro Man.

Cheers. Here's to moving worlds.

John said...
4:32 AM  

Good luck and thanks for an entertaining read. Sounds a little like Setser redux. Aww, saw New Labour voted into power as the party of change and we all know how that story turned out, a curious sense of anti-climax now that they seem likely to leave, claw marks and all. Here's hoping the new job is as profitable as it is entertaining.

judyjl said...
4:51 AM  

Congratulations on escaping from the UK at last. I did it myself a few years ago and have never regretted it.

The blog has been one of my favourites for years. I'll leave it in my daily roster for a while and see how the new management works out.

Richard said...
4:56 AM  

Truly a devastating loss to the blogosphere. best of luck, MM.

BXhype said...
5:03 AM  

MM, I have really enjoyed reading your unique and deep perspective on the markets. Best of luck to you. I hope that one day you might again return.

fiscalstimulant said...
8:31 AM  

Silent reader here too. Really enjoyed your work and humor. All the best.

Kaius said...
9:49 AM  


Choked to hear you will not be providing us anymore with your informative, enlightening, humourous and highly entertaining thoughts throughout the continuing Maelstrom.

I have been a long-time reader, advocate, and occasional contributor. May I wish you and your family the very best of luck in the next stage of your lives and career.

Gooner70 said...
10:00 AM  

I'd just like to reiterate everyone else's comments - thanks for providing an interesting read coupled with humour that is seemingly absent in others. I stumbled across your site around about a year ago and have been a silent reader ever since.
Best of luck for the future!

Aspiring macro man.

Max said...
10:19 AM  

Sad day, MM. I have been reading you diligently through this whole period, from early 2007. You are even bookmarked on my blackberry for when I am not in the office.
Your blog was a great help in the crisis.

Glad to hear that you landed on your feet. Although, as a fellow expat living in London, I am not sure if I am jealous or not that you are going. Time will tell what the new regime brings.

CDN Trader said...
11:05 AM  

As a long time lurker and (very) occasional contributor to the debates here, all I can say is thanks MM. Have learned an awful lot reading this blog, and it's distilled many of my own thoughts too.

I have a feeling it's not the last we'll see / hear of you though.

Good luck with both the new job and the (if anything trickier) task of re-acclimatising to the US again.

Pascoe said...
11:37 AM  

Sad day, as one of the landmarks of my financial education will no longer be part of mind gymnastics in the morning, before market craziness starts.
By pure chance, I started reading blog somewhere in the late 2007, as a complete newbie. Did not have a clue on markets. As time (and it was hell of a time!) passed, I started to appreciate insights your posts provided. In the end I even started to share experience with some of the events you have written about.

Thank you for time and dedication, not to mention education.

Au revoir with hopes that you will stop by here occasionally with a lyric or two!

Stefan said...
12:28 PM

Best of luck,

Long time reader

Oliver said...
12:36 PM  

You will be missed MM.... please send an update post when you get to have lunch with PTJ

abee crombie said...
12:43 PM  

You are the third (after Brad Setser and Willem Buiter) of the very select group of blogs that I have followed over the past couple of years to disappear.

I feel increasingly orphan, and my blogroll is starting to be a sad sight.

bsanchez said...
1:27 PM  

congrats MM!!

blessings to you and your loved ones!!!

deke said...
1:30 PM  


Sad to hear and happy for you. Good luck with everything and make loads of mullah.

jcambria said...
1:34 PM  

I felt my eyes swell when I read this post eventhough I have not been following you for long as I have just discovered your great work (would you like your troll raw, medium or well done, Sir?).

I have learned a lot from your blog, and appreciated your unselfish contributions and insights accorded to your Macro Disciples.

I wish you, Mrs Macro and the Macro Boys well. We do hope to hear from you from time to time. All the best MM.

Andrew said...
2:05 PM  

I have read this blog most days since I got to know you from Brad Setser's blog about three years ago, and will miss your blog like his. Though we sometimes disagreed about central banks' policies, I always valued your views, and learned a lot from your informed and perceptive insights and practical conclusions. As a pathetically unproductive blogger myself, I marvelled at your ability to write something relevant and readable nearly every day - it must have been a bit of a chore at times. Thanks MM, and best wishes to you and your family (who I suspect have a better future in the NE USA than here in the UK).

RebelEconomist said...
2:43 PM  

It a shame to see you go.

Au voir Mr. Macro.

Good luck on your future endeavors

J.G. said...
2:51 PM  

for quite a while, i've looked forward to beginning each day with a dose of your humor and insight. i will truly miss reading you over my morning coffee.

best to you, mrs macro and the macro boys. and thank you for what you have provided so generously and for so long.

jeffry said...
2:52 PM  

Dear Macro Man
Good luck on our new venture and just to add my voice to the thanks for all your posts which I have very much enjoyed

RubyPane said...
3:14 PM  

Macro: been reading your comments since the start of 2007.
I really appreciated your POV on many issues, from Voldemort to the credit crunch, to all the recent events.

Thanks for everything Macro, all the best for the new job!

p.s. if you'll be trading eurotrash (i.e. euro govies) I may be on the other side of your trades ;)

Gus said...
3:23 PM  

MM, I have thouroughly enjoyed reading every posting. Your blog is the most consistent, well written, mentally stimulating and informative macro blog on the web.
On days when one just had to laugh at the craziness, your blog was the best place to start. It will be missed.

Thank you and good luck.

mikepapa said...
3:25 PM  

MM, years ago, you were my first stop when I began my forays into reading financial blogs.

If only the others were as witty and insightful as you.

You will truly be missed, and I hope that some day in the future we'll be able to read your musings once again.

Thanks for all the efforts and entertainment throughout the years.

Eddie said...
3:51 PM  


Needless to say, I am utterly overwhelmed (and Mrs. Macro is pretty disgusted) with the response to this final post.

Allow me to express a heartfelt "thank you VERY much".

Macro Man said...
4:03 PM  

Damn. Another long time reader (since 2007) and also first time commenter. I just wanted to thank you for your insights, comments and cheerful blog! Best of luck to your new job!

Zombie RB said...
4:08 PM  

This is not really the place nor the time to for you to be thanking us ... it's us saying a sincere thank you to you!!! ;-)

saltcafe said...
4:13 PM  

MM - the very best of luck to you. Fairfied Co is quite lovely I hear and a wonderful place to live with a sufficient amount of money.

It's a shame we won't be able to have your impressions - first and otherwise - of your re-acquaintance with the ol' USofA.

I am certain you will find people here with a sense of humor as time goes on. But you are well advised to tread carefully. The sort of humor I believe you have in mind, and frankly intellectual exercise of any sort, is widely treated these days with the sort of opprobrium that greets political dissent in Iran. A celebration of ignorance is gripping much of the nation. It is a fashion that one hopes will pass before too long.

Martin said...
4:22 PM  

Congrats MacroMan, best of luck over in the new shop.

Andy (daily lurker and 1st time poster)

5:08 PM  

MM, silent reader since 07...extremely sorry to see you go. Thanks for all the excellent insight. Best of luck in the new gig.

savageblogger said...
5:19 PM  

(sniff)...the last time i felt like this was when mufasa died in the lion king (i'm one of your younger readers). this was the first blog i ever read. to be honest i thought your verses belonged on bremner, bird and fortune (that's meant to be compliment!).

cheers for everything you taught me and best of luck in the future

(...and back when it was a pirate station, phantom fm did indeed rock!)

Dermot said...
7:34 PM  

Keen reader and admirer almost from the start here.
Really sad day indeed ...

All the best to you and the Macro family.

A big big EUXARISTO for all your time and effort all these years! You will be sorely missed.

Matador said...
9:59 PM  

Another long time lurker and occasional commenter, chiming in.

You will be missed. This blog was always my first thing morning reading. Great fun, tremendous wit. Good luck in the new job!

oAxiom said...
12:16 AM  

Can't beleive it, been sitting here quietly for just over a year, mouth shut, soaking in all your thoughts, plays and analysis,then I decide to step up to macro_trading and become a contributer.Then "BANG" you quit on me!WTF!

MM,I'll chase you down where ever you go son!:)

FX said...
1:35 AM  

Belated thanks for sharing your wisdom, and at such an attractive price, too.

I will miss you

--Charles of Mercury Rising

phoenixwoman said...
5:49 AM  

Oh no, first Brad Setser and now you! Soon CNBC will be our only source of info, it seems.
A heartfelt thank you for these past years and your efforts to bring clarity and reason to your readers. Much appreciated, and you will be sorely missed. Well well, back to Jim Cramer...

- said...
8:34 AM  

Wow gutted, but all the best.

Your contribution was an integral part of my morning routine, with a later perusal of the comments section - not sure how my ocd will cope without you :) Take care

Jason said...
10:02 AM  

Not to mention Brett Steenbarger, closed down on the very same day. Big gaps in my daily roster :-(

Richard said...
10:02 AM  

As another non-contributory, I've laughed and learned a tremendous amount from your posts. Can't thank you enough for giving a rational professional insight into this madness.

Thank you and good luck.

Also, if your wife is disgusted by this response, imagine what she'd be looking at if the the comment section wasn't restricted to account holders!

Bookie said...
10:48 AM  

See you Macro Man T_T ...

Kris said...
12:52 PM  

Make sure you've got some top-up health cover! A couple of arable acres with an A-frame might come in handy, too. Oh, and watch the lyme-carrying ticks in that part of the world... Best of luck, -C-

"Cassandra" said...
1:17 PM  

Et tu, Brute? First Brad, then John Jansen, now you. If things keep going this way, pretty soon, our only source of macro musings will be the merry band of conspiracy nuts over at ZH.

Will miss your musings dearly. Good luck with the move and with the new gig.

~Long time reader, first time poster & a fellow Fairfield County resident

Anton said...
4:29 PM  

the only blog i consistently read - it has been entertaining and educational

All the best

Jon said...
5:47 PM  

Thanks for blogging all these years. It has been quite an enjoyable ride with you at the helm. I'm just across the way in Westchester and I can assure you the area is already astir with anticipation of our new acquisition, the Macro Family. Take care and good luck!

10:17 PM  

Nooo.. what a bad news for me!!!
but good luck for your new job and thanks a lot for all the work that you've done, it really helped me to grow and to make money!!!

11:23 AM  

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