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Around the World With Balestra's Melcher

Stock quotes in this article: HAL , LSS , MVK , GM , F , VC , HOV , TOL , BG  

Among hedge funds, global macro managers take long and short positions in stocks, bonds, currencies and commodities, based on broad economic bets that may or may not pay off. With a 13% return after fees at Dec. 2, New York based hedge fund Balestra Capital Management is a winner in this often-risky field.

James Melcher, Balestra's founder, spoke to TheStreet.com last week about his investment philosophy. (As always, any hedge fund's positions are subject to change without notice.)

What makes you different from other macro hedge funds? ...

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