Inside Investment: Go macro to get ahead

Too few fund managers are paid to make asset allocation bets. That creates opportunities for those that do.

Once upon a time a clever, handsome and well-paid fund manager, dressed in a fine handmade suit, was walking along Cornhill in the City of London when he stumbled upon a lantern. A curious sort of fellow, he gave the lantern a rub and a genie materialized. “Listen,” said the mischievous apparition. “If you believe all that three wishes tosh, you’re more stupid than you look. You get one wish, sunshine, so make it quick!”

The fund manager thought for a moment.

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