This may the most important thing we heard when we checked out the Value Investors Conference today.
An hour after Kyle Bass’ presentation — wherein he slammed Ireland, Japan, and Australia — attendees were heard in the elevator proclaiming how tired they were of the endless MACRO MACRO MACRO talk these days.
Part of it may have been the setting — the Value Investors Congress would seem to be a place hospitable to stock pickers, and yet a lot of the talk has been about the death of stock picking with a focus on bigger themes.
But we suspect this reflects a broader macro-fatigue that goes beyond the conference. Everyone is a macro strategist right now.
The pendulum is bound to swing back.