--- title: "Meaning & Key Takeaway of: Any time that there are policy errors…" description: "\"Any time that there are policy errors, that is what macro funds live for.\" — Scott Bessent" image: "https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg" --- # Any time that there are policy errors, that is what macro… ![“Any time that there are policy errors, that is what macro funds live for.” quote by Scott Bessent](https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg) [Download](https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg) [Open image](https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg) > “Any time that there are policy errors, that is what macro funds live for.” [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Policy mistakes create opportunities for macro investors to profit. **In simple terms:** Policy errors benefit macro funds. Key Takeaway Identify and exploit policy-driven market gaps. Themes finance policy investment risk Mood analytical critical Type financial ethical When to use this quote - portfolio management - risk assessment - strategic positioning Key Concepts macro strategy market inefficiencies risk arbitrage Questions to Reflect On - Is it ethical to profit from policy errors? - How can investors balance profit with social responsibility? A Different Perspective Ethical concerns about profiting from public policy failures. ★ ★ ★ ★ ★ No ratings yet [Time](https://sms4smile.com/quotes/about/time/) ## Related quotes > [The only issue cash presents you is the independence of not stressing about funds.](https://sms4smile.com/quotes/johnny-carson/the-only-issue-cash-presents-you-is-the-independence-of-not-stressing/) [Johnny Carson](https://sms4smile.com/quotes/author/johnny-carson/) > [The human species was not born into a market economy. Bees won't sell you honey if you offer them an electronic funds transfer. The…](https://sms4smile.com/quotes/eliezer-yudkowsky/the-human-species-was-not-born-into-a-market-economy-bees-won-t-sell/) [Eliezer Yudkowsky](https://sms4smile.com/quotes/author/eliezer-yudkowsky/) > [I am a partner at CrunchFund, a venture capital firm with investments in many startups around the world. I am also a limited partner…](https://sms4smile.com/quotes/michael-arrington/i-am-a-partner-at-crunchfund-a-venture-capital-firm-with-investments/) [Michael Arrington](https://sms4smile.com/quotes/author/michael-arrington/) > [In our democracy, political parties have to raise funds to campaign and put their policies to the electorate, and as a proud supporter of…](https://sms4smile.com/quotes/david-sainsbury-baron-sainsbury-of-turville/in-our-democracy-political-parties-have-to-raise-funds-to-campaign/) [David Sainsbury, Baron Sainsbury of Turville](https://sms4smile.com/quotes/author/david-sainsbury-baron-sainsbury-of-turville/) > [Autism currently affects one in 88 children in the U.S., and its prevalence continues to rise. That's why it's important to help organizations like…](https://sms4smile.com/quotes/adrienne-bailon/autism-currently-affects-one-in-88-children-in-the-u-s-and-its/) [Adrienne Bailon](https://sms4smile.com/quotes/author/adrienne-bailon/) > [All my available funds are completely tied up in cash.](https://sms4smile.com/quotes/w-c-fields/all-my-available-funds-are-completely-tied-up-in-cash/) [W. C. Fields](https://sms4smile.com/quotes/author/w-c-fields/) > [In the depth of the near depression, that he faced when he came in, Barack Obama and Democratic leaders in Congress provided 'recovery funds'…](https://sms4smile.com/quotes/jim-hunt/in-the-depth-of-the-near-depression-that-he-faced-when-he-came-in/) [Jim Hunt](https://sms4smile.com/quotes/author/jim-hunt/) > [The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in your…](https://sms4smile.com/quotes/william-j-bernstein/the-key-thing-about-any-fund-is-to-make-sure-its-expenses-are-low-you/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) > [If you create a system that makes the small donors the linchpin of the system in terms of how members of Congress directly raise…](https://sms4smile.com/quotes/john-sarbanes/if-you-create-a-system-that-makes-the-small-donors-the-linchpin-of/) [John Sarbanes](https://sms4smile.com/quotes/author/john-sarbanes/) > [Trust the Canadians to produce a game about mutual funds that is actually more boring than the real thing.](https://sms4smile.com/quotes/alex-berenson/trust-the-canadians-to-produce-a-game-about-mutual-funds-that-is/) [Alex Berenson](https://sms4smile.com/quotes/author/alex-berenson/) > [There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is…](https://sms4smile.com/quotes/p-j-o-rourke/there-is-a-simple-rule-here-a-rule-of-legislation-a-rule-of-business/) [P. J. O'Rourke](https://sms4smile.com/quotes/author/p-j-o-rourke/) > [There is a natural link between the effective running of my businesses and the effective direction of philanthropic funds. I apply business principles to…](https://sms4smile.com/quotes/mohammed-hussein-al-amoudi/there-is-a-natural-link-between-the-effective-running-of-my/) Mohammed Hussein Al Amoudi > [If you don't like the idea that most of the money spent on lottery tickets supports government programs, you should know that most of…](https://sms4smile.com/quotes/robert-kiyosaki/if-you-don-t-like-the-idea-that-most-of-the-money-spent-on-lottery/) [Robert Kiyosaki](https://sms4smile.com/quotes/author/robert-kiyosaki/) > [When we started Appaloosa, we were going to name it Pegasus because everyone was using Greek names. We filed the name. We paid $300,…](https://sms4smile.com/quotes/david-tepper/when-we-started-appaloosa-we-were-going-to-name-it-pegasus-because/) [David Tepper](https://sms4smile.com/quotes/author/david-tepper/) > [I call on the Australian Government to set out the conditions upon which they will provide a taxpayer funded backing for wholesale term funding…](https://sms4smile.com/quotes/julie-bishop/i-call-on-the-australian-government-to-set-out-the-conditions-upon/) [Julie Bishop](https://sms4smile.com/quotes/author/julie-bishop/) ## More by Scott Bessent > [If Vice President Albert Arnold Gore, Jr. had won his home state of Tennessee on November 7, 2000, he would have become president of…](https://sms4smile.com/quotes/scott-bessent/if-vice-president-albert-arnold-gore-jr-had-won-his-home-state-of/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Our firm: We study history. We think about the future. We try to analyze what's going on in the present.](https://sms4smile.com/quotes/scott-bessent/our-firm-we-study-history-we-think-about-the-future-we-try-to-analyze/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Tariffs can't be inflationary because if the price of one thing goes up, unless you give people more money, then they have less money…](https://sms4smile.com/quotes/scott-bessent/tariffs-can-t-be-inflationary-because-if-the-price-of-one-thing-goes/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [President Trump's first-term tariffs did not raise the prices of the affected goods, despite predictions back then that the tariffs would prove inflationary. Indeed,…](https://sms4smile.com/quotes/scott-bessent/president-trump-s-first-term-tariffs-did-not-raise-the-prices-of-the/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [We are stretching our nation's finances and creditworthiness so thin that we may find ourselves unable to afford to defend our interests around the…](https://sms4smile.com/quotes/scott-bessent/we-are-stretching-our-nation-s-finances-and-creditworthiness-so-thin/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Treasury Secretary Janet Yellen has distorted Treasury markets by borrowing more than $1 trillion in more-expensive shorter-term debt compared with historical norms. Terming out…](https://sms4smile.com/quotes/scott-bessent/treasury-secretary-janet-yellen-has-distorted-treasury-markets-by/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [The original sin of Bidenomics was the American Rescue Plan, which became law in March 2021.](https://sms4smile.com/quotes/scott-bessent/the-original-sin-of-bidenomics-was-the-american-rescue-plan-which/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Used strategically, tariffs can increase revenue to the Treasury, encourage businesses to restore production and reduce our reliance on industrial production from strategic rivals.](https://sms4smile.com/quotes/scott-bessent/used-strategically-tariffs-can-increase-revenue-to-the-treasury/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Academic economists have consistently discredited themselves by wrongly warning against the policies of President Trump.](https://sms4smile.com/quotes/scott-bessent/academic-economists-have-consistently-discredited-themselves-by/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [I grew up on a fishing village, a little river, South Carolina.](https://sms4smile.com/quotes/scott-bessent/i-grew-up-on-a-fishing-village-a-little-river-south-carolina/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Allowing the private sector rather than the government to allocate capital is crucial to growth.](https://sms4smile.com/quotes/scott-bessent/allowing-the-private-sector-rather-than-the-government-to-allocate/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Despite its many flaws, abandoning the international trading system would be a major economic and strategic mistake. Instead, the United States must adopt policies…](https://sms4smile.com/quotes/scott-bessent/despite-its-many-flaws-abandoning-the-international-trading-system/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [The reserve currency can go up and down based on the market.](https://sms4smile.com/quotes/scott-bessent/the-reserve-currency-can-go-up-and-down-based-on-the-market/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [Trump does like to pick fights, but it is a mistake to think he is transactional on China.](https://sms4smile.com/quotes/scott-bessent/trump-does-like-to-pick-fights-but-it-is-a-mistake-to-think-he-is/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) > [The Federal Reserve was forced to raise rates at a record pace after the demand shock created by Biden's multi-trillion-dollar spending packages were launched…](https://sms4smile.com/quotes/scott-bessent/the-federal-reserve-was-forced-to-raise-rates-at-a-record-pace-after/) [Scott Bessent](https://sms4smile.com/quotes/author/scott-bessent/) [Explore all 83 Scott Bessent quotes ](https://sms4smile.com/quotes/author/scott-bessent/) ## More Any quotes > [Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. I've adopted the term…](https://sms4smile.com/quotes/barry-ritholtz/amongst-the-financial-twitterati-the-term-muppets-has-come-to/) [Barry Ritholtz](https://sms4smile.com/quotes/author/barry-ritholtz/) > [At the very beginning, I was a page at Letterman, and I freelanced for any place that would let me write any word. I…](https://sms4smile.com/quotes/ben-schwartz/at-the-very-beginning-i-was-a-page-at-letterman-and-i-freelanced-for/) [Ben Schwartz](https://sms4smile.com/quotes/author/ben-schwartz/) > [Any incarnation of 'Batman' I am delighted to do.](https://sms4smile.com/quotes/adam-west/any-incarnation-of-batman-i-am-delighted-to-do/) [Adam West](https://sms4smile.com/quotes/author/adam-west/) > [If we accept being talked to any kind of a way, then we are telling ourselves we are not quite worth the best. And…](https://sms4smile.com/quotes/maya-angelou/if-we-accept-being-talked-to-any-kind-of-a-way-then-we-are-telling/) [Maya Angelou](https://sms4smile.com/quotes/author/maya-angelou/) > [A lot of people have been saying 'The 100' reminds them of 'Lord Of The Flies,' 'Lost' and 'Battlestar Galactica,' and all of those…](https://sms4smile.com/quotes/marie-avgeropoulos/a-lot-of-people-have-been-saying-the-100-reminds-them-of-lord-of-the/) [Marie Avgeropoulos](https://sms4smile.com/quotes/author/marie-avgeropoulos/) > [I have never been in, nor have I had any strong particular desire to be in, what is termed a costume drama, but I…](https://sms4smile.com/quotes/martin-freeman/i-have-never-been-in-nor-have-i-had-any-strong-particular-desire-to/) [Martin Freeman](https://sms4smile.com/quotes/author/martin-freeman/) > [We were so poor as kids. I didn't even see a bathtub, running water, hot water, commode - we didn't have any of that.…](https://sms4smile.com/quotes/phil-robertson/we-were-so-poor-as-kids-i-didn-t-even-see-a-bathtub-running-water-hot/) [Phil Robertson](https://sms4smile.com/quotes/author/phil-robertson/) > [We earned any fans with the way we play.](https://sms4smile.com/quotes/jimmy-white/we-earned-any-fans-with-the-way-we-play/) [Jimmy White](https://sms4smile.com/quotes/author/jimmy-white/) > [Hard work and a good education will take you further than any government program.](https://sms4smile.com/quotes/aaron-schock/hard-work-and-a-good-education-will-take-you-further-than-any/) [Aaron Schock](https://sms4smile.com/quotes/author/aaron-schock/) > [Anyone who's read my 'Terror in the Skies' series knows that I have not been writing with an eye toward approval from any government…](https://sms4smile.com/quotes/annie-jacobsen/anyone-who-s-read-my-terror-in-the-skies-series-knows-that-i-have-not/) [Annie Jacobsen](https://sms4smile.com/quotes/author/annie-jacobsen/) > [The system in Germany is different, as you sign up with a company for two or three years, and you work exclusively with them;…](https://sms4smile.com/quotes/tom-wlaschiha/the-system-in-germany-is-different-as-you-sign-up-with-a-company-for/) [Tom Wlaschiha](https://sms4smile.com/quotes/author/tom-wlaschiha/) > [I'm writing about real things. Real people. Real characters. You have to believe what I write about is true or you wouldn't pay any…](https://sms4smile.com/quotes/lou-reed/i-m-writing-about-real-things-real-people-real-characters-you-have-to/) [Lou Reed](https://sms4smile.com/quotes/author/lou-reed/) > [I haven't shut any doors, and I'm really open to anything, so I think it's just about the material and what is going to…](https://sms4smile.com/quotes/danielle-panabaker/i-haven-t-shut-any-doors-and-i-m-really-open-to-anything-so-i-think/) [Danielle Panabaker](https://sms4smile.com/quotes/author/danielle-panabaker/) > [I never want to look back on any moment and say I could have done more. So I go all in.](https://sms4smile.com/quotes/scott-haze/i-never-want-to-look-back-on-any-moment-and-say-i-could-have-done/) [Scott Haze](https://sms4smile.com/quotes/author/scott-haze/) > [I love the sea, but I avoid any sort of seaside resort that has skyscrapers or seaside entertainments.](https://sms4smile.com/quotes/quentin-blake/i-love-the-sea-but-i-avoid-any-sort-of-seaside-resort-that-has/) [Quentin Blake](https://sms4smile.com/quotes/author/quentin-blake/) Browse all 6,938 Any quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Any time that there are policy errors, that is what macro funds live for.", "creator": { "@type": "Person", "name": "Scott Bessent" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/scott-bessent/any-time-that-there-are-policy-errors-that-is-what-macro-funds-live/", "about": { "@type": "Thing", "name": "Any" }, "@id": "https://sms4smile.com/quotes/scott-bessent/any-time-that-there-are-policy-errors-that-is-what-macro-funds-live/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg", "contentUrl": "https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg", "url": "https://sms4smile.com/quotes/i/53c/scott-bessent-8205_any_any-time-that-there-are-policy-errors-th_3083509.jpg", "width": 1080, "height": 1080, "caption": "“Any time that there are policy errors, that is what macro funds live for.” — Scott Bessent", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Scott Bessent", "item": "https://sms4smile.com/quotes/author/scott-bessent/" }, { "@type": "ListItem", "position": 4, "name": "Any time that there are policy...", "item": "https://sms4smile.com/quotes/scott-bessent/any-time-that-there-are-policy-errors-that-is-what-macro-funds-live/" } ], "@id": "https://sms4smile.com/quotes/scott-bessent/any-time-that-there-are-policy-errors-that-is-what-macro-funds-live/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```