The individual or firm that organizes and manages a limited partnership,
such as a hedge fund. The general partner assumes unlimited legal responsibility
for the liabilities of a partnership.
Global-macro investment strategy
An approach in which a fund manager seeks to anticipate broad trends
in the worldwide economy. Based on those forecasts, the manager chooses
investments from a wide variety of markets -- i.e. stocks, bonds, currencies
& commodities. The approach typically involves a medium-term holding
period and produces high volatility. Many of the largest hedge funds follow
global-macro strategies. They are sometimes called "macro" or
"global directional-investment" funds.