Richard Bernstein is on CNBC this morning promoting his new mutual fund launching today, and — surprise, surprise — it’s a macro fund that eschews individual stock picking.
The fund will invest in stocks, but the individual names will be quantitatively selected within the general areas that are chosen based on top-down macro analysis.
Of course, this is the hot trend. It’s all about the global macro these days. Stock picking was for your grandfather’s mutual fund.
Last week we noted how ex-LTCM John Meriwether is jumping on the global macro bandwagon, too .