I don't think you can necessarily conclude that nolvadex will make you fat. The opposite is probably true. All I am saying is women seem to have a higher LPL activity in the lower body, presumably due to estrogen (1). Tamoxifen decreases LPL activity and possibly allows this fat to move to the viscreal area and the organs. I say "presumably" and "possibly" because there is not a ton of research to rely on. For instance, even though there is research showing that estrogen causes fat cells to make LPL(2), other research shows estrogen decreases the activity of that LPL (3). It's obviously complex and I'm no expert.
Whatever the role of estrogen, tamoxifen definitely seems to lower LPL activity, and since LPL is a major fat depositing enzyme, that is a good thing.
Macro's focus is on the alpha 2 adrenoreceptor control of fat. When that receptor is activated it puts the brakes on fat burning by blocking the action of lipolytic catecholamines (epinephrine, norepinephrine). Women have a higher concentration of these alpha 2 receptors in their lower body making it more difficult to lose fat there. They get a double whammy: high LPL and high alpha 2 receptor density. Women do have the advantage of having lower alpha 2 receptor density in their abdomens than men.
Yohimbine binds to this alpha 2 adrenoreceptor and blocks it so it can't put the brakes on fat burning. Estrogen DOES NOT bind this receptor, in spite of the claims of George Spellwin in his plug for yohimbine:
"HOW DOES YOHIMBINE WORK?
It binds to the A2 and blocks Norepinephrine (and other A2 agonist INCLUDING ESTROGEN) from binding to and agonizing it (which inhibits the release of fatty acids)- thus it allows for fatty acids to be "burned" and thus stubborn fat to be lost. "
http://www.elitefitness.com/articledata/efn/082001.html
This is flat out wrong. Estrogen does not bind to the alpha 2 adrenoreceptor and inhibit the release of fatty acids.
It is not known how exactly estrogen regulates the alpha 2 receptor density and activity. It does not bind to the receptor but may control where and how much of it there is in the body.
If estrogen does increase the number of these receptors then this would be another advantage of taking nolvadex.
(1) Med Hypotheses 2001 Aug;57(2):192-200
Modulation of adipocyte lipoprotein lipase expression as a strategy for preventing or treating visceral obesity.
McCarty MF.
(2) Przegl Lek 1998;55(5):266-70
[The role of estrogens in hormonal regulation of lipid metabolism in women]
Szafran H, Smielak-Korombel W.
(3) Am J Obstet Gynecol 1998 Jan;178(1 Pt 1):101-7
Estrogen regulation of adipose tissue lipoprotein lipase--possible mechanism of body fat distribution.
Price TM, O'Brien SN, Welter BH, George R, Anandjiwala J, Kilgore M.