Tim Toohey jumps to hedge fund

From the AFR:

High profile Goldman Sachs economist Tim Toohey has joined Ellerston Capital as trader Brett Gillespie builds his team at the newly created macro hedge fund unit within the $4 billion asset manager.

…Mr Gillespie, who worked as a trader at well known macro hedge fund Tudor Investments returned to Sydney from London, and has since established his own macro hedge fund within Ellerston.

“This is one of the most interesting macro environments I can remember,” Mr Gillespie said.

…”Portfolios need to be ready to embrace the consequences of a large fiscal stimulus to an economy near capacity, whilst protecting against the risk of a geopolitical event,” said Mr Gillespie.

Quite right. Tim is excellent though I completely disagree with his current bullish Australia position, the first time I’ve parted ways with him since MB started.

Comments

  1. “Portfolios need to be ready to embrace the consequences of a large fiscal stimulus to an economy near capacity, whilst protecting against the risk of a geopolitical event” better buy some Australian houses!

      • Yep. That’s where every other fiscal stimulus has gone. It’s where all the foreigners are stacking their chips in case a global “event” happens.

      • I don’t know mate. Over the last decade it has been shown again and again that “don’t fight the Fed” is a good maxim – there were all sorts of rational reasons to expect that yields would not compress, but the Fed jammed them down and kept them down for a long long time.

        Aus housing is like a mini Fed. You must be a special mind of genius trader AND have nads of steel AND a massive balance sheet to bet against it and hold out until something surfaces that will sink it. More money to be made by more people more quickly by running with the trend.

        All that said, I hope Toohey hasn’t gone to a hedge fund in order to Hoover Sydney houses. That would be a total LOLworthy/headdesk situation.

  2. Tim could no longer endure the embarrassment of being in an organisation that has Trunbull as an alumnus