One last key macro point that I would mention is emerging markets.
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Markets were fixated on Europe and global macro concerns last year, as the valuations of many stocks drifted down to historically cheap levels.
But these are companies, brands, products, and services that are very viable, and will last well beyond the macro concerns that we have today.
While the hard disk drive shortage had disrupted the PC market last year, the macro headwinds, cannibalization threat from tablets and the upcoming Windows 8 operating system lunch has further slowed down the PC growth rate this year.
Last year, 184 new macro hedge funds were launched, compared with 203 funds started by traditional stock investors.
But we expect that the year-on-year rate of growth this quarter to be lower than that experienced last quarter due to some of the macro challenges mentioned above.
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The evolving Buffett is a shrewd and feisty macro player, easily merchant banker of last resort.
The question market participants both long and short term want to figure out, was the last few weeks of corrective activity enough to position for some macro buys?
While Goldman is the gold standard in the trading business, with its fixed income, currencies and commodities trading division one of the most profitable in the industry, the macro environment has a been difficult one for trading in the last half of the year.
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Last month, Finance Minister Guido Mantega told reporters during a conference call that macro measures to tighten credit and keep inflation in check were working.
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Despite macro headwinds, the company has registered robust growth in its revenue for the last few years and continues to be one of the leading global online travel agencies.
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