EP030: Remove Macro From Your Stocks

In this episode, Doug Garber joins The Investment Memo to break down how hedge fund investors navigate macro volatility, manage risk inside low vol pod structures and stay focused on generating alpha.Doug shares how portfolio managers think during “risk-off” environments, why macro should not be your core thesis, and how strategies evolve inside multi-manager platforms.The conversation also dives into how he managed a portfolio as a PM, short selling dynamics, and the structural realities of hedge fund risk frameworks.🔑 TakeawaysRisk management over conviction during macro volatilityMacro matters—but shouldn’t be the core part of your thesisHigh short interest stocks work over time—but can be painful during unwindsThe best portfolios aim to neutralize what they can’t predict⏱️ Chapters[00:00] Intro[01:05] Career Path to Hedge Fund PM[04:39] Navigating Macro Regime Shifts[06:05] Pod Shop Dynamics & Talent Retention[07:01] Hedge Fund SMAs[07:15] Fundamental L/S Investing[12:33] War, Oil & Macro Uncertainty[15:00] Energy Outlook & Implications[18:52] Hedging & Risk Management📩 Subscribe to the Pitch the PM newsletter to get the deeper investment framework, key metrics investors should track, and Doug’s structured checklist for evaluating the idea.https://pitchthepm.substack.com/💡 Presented by AlphaSenseFree trial access: https://www.alpha-sense.com/Pitch/This episode is for informational purposes only and does not constitute investment advice. See full disclosures at: https://www.pitchthepm.com/disclaimerThis episode originally appeared on The Investment Memo and is redistributed with permission.