Novogratz Says He Missed Bernanke Dinner Hint on Treasuries
This article is for subscribers only.
Michael Novogratz, principal at Fortress Investment Group LLC, said most macro hedge-fund managers missed the biggest trade this year -- buying long-dated U.S. Treasuries -- and now there’s an opportunity to bet against the debt.
“There’s only one great trade in macro this year we missed, most macro missed -- buying duration in the Treasury market,” Novogratz said at the SkyBridge Alternatives Conference in Las Vegas today. Yields are at a point where having a long position doesn’t make sense but betting against Treasuries does, he said.