Value investors generally buy stocks using little or no leverage, and they hold them for the long term; if the investment moves against them, they typically buy more, because a stock that was a bargain at $25 is even more of a bargain at $20. But macro investors take leveraged positions, which make such trend bucking impossibly risky; they have to be ready to jump out of the market if a bet moves against them. Similarly, value investors pride themselves on rock-solid convictions. They have torn apart a company balance sheet and figured out what it is worth; they know they have found value.
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