From the desk of Alex Barrow, Co-founder of Macro Ops
If you’ve worked hard trading markets, spending endless hours researching, moving from strategy to strategy, but still aren't getting the results you want… if you’ve been solo for years, analyzing markets all by yourself, lacking any support… then you’re gonna like what I have to say…
If you're anything like me, you've probably spent countless hours reading every trading book you could find, taking every course, and scouring the far reaches of the internet for an edge...
I can bet most of what you've discovered worked well for a period of time, but eventually crapped out, sending you back to square one, more tired and frustrated than before.
The problem is... no edge ever lasts. There's no such thing as finding an end-all, be-all strategy that'll print money for you indefinitely.
Market conditions are constantly changing!
It took me a LOT of tries to figure this out, in addition to blowing a $100K account.
The cold truth is that trading is HARD.
But that's okay!
What I realized from my experience in the market, as well as my past life in military intelligence, is that even though this stuff is hard, you can still be successful...
The key is to always test your beliefs, gather different viewpoints, and objectively evaluate the information in front of you.
And the best way to do that is to have a solid team working with you.
You can think of the Collective as a globally distributed intelligence network. It’s filled with speculators from around the world working together to target and profit from asymmetric market opportunities.
We help silence market noise by pooling our research, while testing each other's investment theses for soundness and profitability. And of course we share whatever edges we find so our team can improve and expand upon them.
Once you join our ranks you'll be able to leverage this entire intelligence network to do the same.
Here's what you get once you join:
In this monthly report, we lay out the current overarching investment theme that’s driving the majority of our trading decisions.
Investors are driven by one or two dominant beliefs. This is not only true in individual stocks, but in global markets as well.
The MIR identifies these dominant beliefs each month.
The structure of the report is simple.
The first section covers Macro.
We discuss the primary global theme, how it’s affecting markets, and its drivers.
You get a lay of the land so you can make sure you're trading on the profitable side of major trends.
We then move to the Micro.
Oftentimes the best way to play a macro theme is through a micro vehicle.
We use our macro view to guide us to individual equities with high profit potential. This is where all our research gets distilled into actionable plays for you to take advantage of.
And finally we wrap up with our Quant section.
It's here we look at the markets from a different angle — through pure data.
One of our main quant focuses is the VIX volatility index. The VIX is useful because it helps take our entire global assessment and distill it into a single “fear” index, giving us a great gauge of investor sentiment.
We use tools like the Volatility Term Structure to find opportunities where we can bet on either higher or lower volatility.
This diversifies our total investment strategy and opens up an entire new way to profit from global markets.
These monthly reports normally run about 45+ pages and are jam-packed with the intel you need to make your trading strategy profitable over the coming month.
At Macro Ops we take a multi-strategy approach to markets.
By attacking markets from multiple angles, we achieve highly consistent returns. This type of portfolio setup allows us to profit in any market regime.
There're two core strategies we run in the Macro Ops Portfolio, big bet macro and volatility carry.
Big bet macro focuses on finding and riding the largest macro trends around the world. We rely on our macro and fundamental analysis to identify outsized reward-to-risk opportunities that we can deploy a hefty portion of our capital to.
With this strategy you can expect only high conviction trading, with large position sizes and wider stops. There will be many periods where we sit completely inactive. Our goal with this strategy is to wait patiently for the fat pitches to come our way. And when they do come, we make sure we hit em’ outta the park with a convex risk defined structure
Volatility carry focuses on producing yield for the Collective Portfolio. We do this primarily through VIX ETF’s that appreciate in price when markets remain calm.
These two strategies work together to produce a consistent return stream. In stormy, “risk off” environments big bet macro will make a killing. And in sunny times volatility carry will produce a steady stream of income.
By approaching markets in a diversified fashion we drastically raise the probability of ending each year in the green.
The best part is that with the Collective you get a front row seat to all of this. You see every one of our trades, win or lose. That's 100% transparency into the process and results of the Macro Ops Portfolio.
You get to see this through our...
Our Trade Alerts show you the end result of all the time, energy, and resources we put into managing our multiple investment strategies.
You'll be emailed clear, actionable intel distilled from the 10+ hours a day we spend analyzing markets.
From our Reuters terminal data, to our fund managing peers we talk to, to the globally distributed intelligence network we've created through Macro Ops... we drink from multiple firehouses, digest it, and make REAL trading decisions with our own REAL money.
This is where the rubber meets the road. Market theory is just that... theory. We can talk about it all day long, but if doesn't make money, then it doesn't matter.
With Trade Alerts you'll get access to the exact plays we make so you can see our real results.
And you’re not just getting a simple entry alert either… you’re getting:
Alongside these parameters, you'll also get a review of the thesis behind our trades, "trade journal" style.
You'll see our entire process through these alerts, from the entry (least important) to the management and exit (most important).
Here’s a little secret about trading that no one tells you...
Trade management is the 90% of the game!
Take it from market legend Peter Brandt:
"Trade identification is the least important of all. In my opinion, learning the importance of managing losing trades is the single most important trading component.
Consistently successful trading is founded on solid risk management."
Our alerts show you the MOST IMPORTANT part of the whole process -- trade management -- something few traders ever get right.
These aren’t just random signals either.
We’re not gonna send you trades to keep up with some “weekly quota” just because you’re subscribed to us.
We’re professionals that trade our own REAL MONEY.
We’re not going to hide our losses… we’re going to show you how to manage them.
The alerts you get are the same trades we’re taking in our real-time portfolios. If you’ve ever wanted a front row seat to the ups and down of professional trading… this is it.
Alongside Trade Alerts, we also give our Operators a ringside view to our weekly analysis process.
You'll get an over-the-shoulder look at exactly what goes into our trade theses and why we make the decisions we do... all through our Market Briefs.
First we review the past week’s market events. We isolate important key factors, analyze their effect, and explain why they matter to your bottom line.
Next we use these developments to reevaluate our own views on the markets.
Are we still bearish? Has new information caused us to turn bullish?Which global markets are now most attractive?
We then close out each Brief with a review of our model portfolio.
We trade our REAL money remember?
You'll get continual coverage of all of our positions, including both technical and fundamental updates. Earnings calls, data leaks, press releases, and anything else affecting price will be right there in the Brief.
You’ll get an in-depth look at how we manage our positions on a week to week basis, while learning from our winners, and more importantly, our losers as well.
The consistent touch points the Brief provides makes it one of the most effective ways to learn and improve your own trading process.
These Market Briefs will give you all the vital information you need to keep up with market week to week. Like we've explained, we analyze markets non-stop with the support of our network. These Briefs are just another way we distill all that intel to you. It's all signal, no noise. Just how we like it. We guarantee it'll put you miles ahead of the rest of the market.
How many times have I bragged about our "globally distributed intelligence network" in this letter so far?
You're probably wondering what the hell that even means. And better yet... how it works.
Well all the magic happens in the Comm Center.
You can think of the Comm Center as a private, internal chatroom where our Collective of Operators congregate to ask each other the hard questions and test each other’s views. It all goes down while everyone shares their intel and investment theses with each other.
It’s not easy to beat the market by yourself. Iron sharpens iron. You need an intelligent community to constantly test you. You need capable partners to challenge and improve upon what you think you know.
We built the Comm Center to ensure this happens.
Each day our elite community of Operators discuss and dissect each others’ theses to create profitable trade ideas. Every Operator approaches the conversation with a commitment to developing their understanding of the world and markets. There are no egos, just traders looking to score the biggest gains possible.
Our discussions in the Comm Center are fantastic. Ideas are constantly tested as everyone continuously improves their process. This is why we’re confident in promising that it's pretty much invaluable. It’s already lead to much larger profits than any one of us could have achieved alone. With it, you get the full benefit of being apart of an elite Operator Network.
As Macro Ops has expanded and grown we’ve established contacts inside the most prestigious investment banks in the world — the likes of J.P. Morgan, BoFA, Citibank, Goldman Sachs, and Morgan Stanley. We get a constant flow of cutting edge research from these banks. Each day our team uploads the most interesting reports that pass our desk to the “Research” channel. The top banks spend millions of dollars each year putting this research together. And as a Collective member you’ll get access to all of it through the Comm Center.
The Comm Center is set up through a private Macro Ops Slack channel. For those of you unfamiliar, Slack is a highly popular communication app top tech companies use (Google, AirBnb, Uber). It makes it easy to chat with other Operators, share posts, videos, attachments, files, pictures, etc.
It's super simple to use and highly effective in enabling the rapid sharing of ideas. The faster our team of Operators can communicate, the further ahead of the rest of market we put ourselves.
To supplement the Comm Center's daily back and forth, we also host live monthly webinars for all Collective Operators.
Sometimes we deep dive into a specific trading topic and other times we just have a general Q&A. It's really up the Collective and what they're interested in.
Just recently we held a webinar on global liquidity and China's role in influencing it. We taught our Operators some advanced techniques to better gauge liquidity while also giving them some insight into how we see the liquidity environment shaping itself over the next year.
The month before, we hosted a general Q&A where Operators could come and ask any questions they had for the Macro Ops team, whether it be about trading process, geopolitics, specific trades, or anything else market related.
These webinars are normally live-streamed and last anywhere from 45 minutes to an hour. The live video plus real-time interaction make these webinars one of our Operators' favorite parts about the Collective. They're always stuffed with info and make a very effective learning tool.
As a new Collective member you will get access to all past events in the webinar archive. Many of these past webinars could be standalone “mini-courses” on macro. The budding library of Operator webinars is something we’ll sell as a standalone product down the line — it’s that valuable.
Finally, as a Collective member you’ll get full fledged 100% access to me and the Macro Ops team for any and all questions. We get 100s of emails a week asking about everything from Central Bank actions to what the next “hot stock” will be. Unfortunately we don’t have enough hours in the day to answer all these inquiries.
As a Collective member you get priority by having access to us in the Comm Center. Questions in the Comm Center take priority over everything. We answer all Comm Center inquiries within 12 hours.
Everything the Macro Ops Collective has to offer that'll take you from where you are now, to where you want to go in your trading journey.
Joining puts you in league with some of the highest-level traders around the world, where you'll find the best support and market intelligence anywhere.
Once again, you get:
So if you think the Collective is right for you, all you have to do is to go to the bottom of this page and click on the Join Now button.
Once you click Join Now you'll be taken to our order page where you'll need to fill out your credit card information. Don't worry, it's simple and unobtrusive.
Once you’ve done that, you’ll get an email with your unique username and password which can be used to login to our private website where you’ll get access to all our exclusive materials. You'll also get a login link to the Comm Center Slack channel.
Now on top of the money-back guarantee, to help push you take advantage of the Collective, I'm also gonna throw in free access to our trader's Vault.
The Vault is a library of key educational materials that advances our Operators' trading knowledge and skillset. It includes 40+ PDFs of high-level trading instruction you can’t find anywhere else.
Big Bet: In here you’ll find a number of detailed guides that dive into the nuts and bolts of the strategy we use to find our macro trades.
Volatility & Options: This section contains the blueprints to run our vol trades. It includes in-depth theory regarding volatility and how to take advantage of it through carry strategies and options.
Theory: A collection of mental models that serve as the foundation for how we think about markets. You’ll find theory regarding our current market strategies as well as other ideas we’ll use to create future strategies.
Process: What’s the point of theory if you can’t apply it? This section contains “how-to” guides to help you apply what you’ve learned.
Psychology: A sound trading strategy requires a sound mind. This section will help you dig into your psychology and fortify it to withstand the market’s pressures.
Ops Notes: We’re constantly inhaling books to learn and improve. Here’s where you’ll find extensive “sparknotes” on everything we read.
With the Vault you won’t have to spend any more time aimlessly jumping from book, to blog post, to Youtube video, looking for quality information to further your education. Instead you can just come to the Vault, pick what you need, and get straight to it.
The best part of the Vault is that it continues to grow.
Success in the markets requires continuous learning.
The second you stop is the second you fall behind. That’s why we’re always pushing ourselves to increasingly learn more. And as we do so, we’ll share that information with you through the Vault.
Now don’t think for a second that these are some lame, random PDFs we’ve just thrown together. Hell no.
This is the exact stuff we use to build our own strategies.
In the Vault you’ll find step-by-step instructions on how to execute trades just like Operator Tyler’s FOMC play.
This trade takes advantage of the spike in volatility before each Fed meeting. The trade made money on 5 of the 8 FOMC meetings in 2017. The profits on this small trade alone would cover your subscription costs to the Collective for an entire year.
Join this week while the Collective is open and you'll get access to the entire Vault and it's growing collection of high-level trading materials.