The Importance of Macro

Investors put far too much emphasis on the micro aspect of things, he says. What they don't understand is that there's very little that that company has that they can control. You can be a terrible tech investor from 1996 to 2000 yet you could have been up big time because it was a downtown bubble. And vice versa, if the macro is wonderful and it's a massive tailwind to you, you're gonna benefit from it.