The title of our publication, Stray Reflections, is taken from the private journal of the same name kept by the great poet Muhammad Iqbal in 1910. The journal contained odd jottings based on the impressions of the books he was reading at the time, his thoughts and feelings about the environment in which he lived, and quick and sensitive responses to many of the ideas and forces that were affecting him.
Poetry is not merely a matter of expressing feelings and emotions. Every poet, like every great investor, must find his own answers. For Iqbal, he sought to inspire people through his writings with an element of protest against existing conditions, becoming a trendsetter for the next generation of thinkers.
In his poetry, Iqbal made frequent references to shaheen, or eagle—his avian symbol that carried a number of worthy features: independence, self-control, character and honor, courage, constant struggle and endurance, perseverance, lofty thinking, spiritualism over materialism, and purity of soul and passion. These are all traits we consider essential in pursuing a life in markets.
We approach the world of global macro investing like a poet contemplating an epic in progress—conjuring up battles in our imagination, inventing and discarding subplots, balancing rhyme and reason. And like Iqbal, our thinking revolves around the need for an analogous bout of awakening as people mull over financial markets going forward.