It’s because of our understanding that we believe it is very difficult to make investment decisions based on macro-economic forecasts – so much is reliant on human (policy) decisions, which at times can be irrational.
We know some macro invest very successfully. It’s just not us.
One of the benefits of long term (non-index) investing is we can avoid the noise and concentrate on the long-term fundamentals. In the long-term demographics matter.