trillions $-sized money does
- frequency rebalancing
- target-deviation rebalancing
- dynamic exposure (vol-informed) rebalancing

HF fast money basically just tries to read that weather and figure out where they can ride some tailwinds

everyone else should focus on not drowning

I hate weather analogies for markets because its usually some loser sap selling natgas naked calls and blowing up OPM filming some sad video about the big storm capsizing their ship, but big time institutional flows really are like the weather in terms of magnitude vs rest of us

and to the extent "macro investing" is done right, it's basically meteorology. You are constantly trying to understand what the really big (mostly ~systematic or slow-changing and inflexible rules) institutional flows will do and trying not to be on the wrong side of that