“This job’s not easy; you need emotional resilience” – Dave Fishwick on global macro, markets and mentality

Dave Fishwick, who manages the Episode global macro strategy at M&G Investments, admits last year was the most difficult of his long career.

The strategy, which runs more than $4bn, was down 2.2% in a year stock markets and other asset classes soared, handing investors in low-fee products the big gains targeted by hedge funds — at a fraction of the price.