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Global Macro: Theory and Practice, by Andrew Rozanov
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Global macro is a hedge fund strategy that bases its holdings - such as long and short positions in various equity, fixed income, currency, and commodities markets - primarily on top-down macroeconomic and political views of individual countries and asset classes. In the aftermath of the global financial crisis of 2007-09, global macro was one of the few investment strategies that delivered positive returns. Since then global markets have been driven almost solely by macroeconomic decision making; more so than at any time in recent years. Global Macro: Theory and Practice, edited by industry expert Andrew Rozanov, is the first comprehensive handbook and authoritative guide focusing exclusively on global macro strategies, designed for use by investment professionals involved in constructing and managing institutional portfolios. The book examines different strategies within the global macro sector, focusing on their unique risk-return characteristics and their role and place in an institutional portfolio. With contributions from a cross section of leading industry practitioners, chapters include:The Role of a Global Macro Strategist Emerging Markets in Global Macro Investing A Prime Broker s Perspective Systematic Strategies: A Quantitative Approach to Global Macro A Fund of Hedge Fund s Perspective The authoritative guide and reference tool for global macro investing, this book is essential for anyone who wants to be better informed when they make their asset allocation, portfolio construction and hedge fund selection decisions.
- Sales Rank: #1456826 in Books
- Published on: 2012-11-05
- Dimensions: 9.21" h x .79" w x 6.14" l, 1.37 pounds
- Binding: Paperback
- 302 pages
Review
'Global Macro: Theory and Practice is an important primer for institutions seeking to understand macro from two sides of the looking glass: the view of practitioners like myself and the view of investors. The broad range of topics covered discretionary versus systematic approaches, the role of risk management in macro, the role of policy analysis and prediction in macro, among others will draw institutional investors into the stimulating world I have lived and breathed for three decades.' --PAUL TUDOR JONES II, Co-Chairman and Chief Investment Officer, Tudor Investment Corporation
'Congratulations to Permal for organizing a marvelous contribution to understanding global macro investing a must read! Often I am asked to recommend a book so that one can better understand this approach and Permal has provided such insight with a diverse, articulate group of professionals.' --M. ELAINE CROCKER, President, Moore Capital Management, and former Executive Vice President of Trading Administration, Commodities Corporation
'…a thoughtful look at one of the main investment styles in alternatives - global macro, making a strong case for its long-term investing value. I have no doubt it will help investors immensely in navigating the challenges of portfolio construction.' --ARMINIO FRAGA, Chairman and Chief Investment Officer, G�vea Investimentos, and former Governor of the Central Bank of Brazil
'Congratulations to Permal for organizing a marvelous contribution to understanding global macro investing a must read! Often I am asked to recommend a book so that one can better understand this approach and Permal has provided such insight with a diverse, articulate group of professionals.' --M. ELAINE CROCKER, President, Moore Capital Management, and former Executive Vice President of Trading Administration, Commodities Corporation
'…a thoughtful look at one of the main investment styles in alternatives - global macro, making a strong case for its long-term investing value. I have no doubt it will help investors immensely in navigating the challenges of portfolio construction.' --ARMINIO FRAGA, Chairman and Chief Investment Officer, G�vea Investimentos, and former Governor of the Central Bank of Brazil
'Congratulations to Permal for organizing a marvelous contribution to understanding global macro investing a must read! Often I am asked to recommend a book so that one can better understand this approach and Permal has provided such insight with a diverse, articulate group of professionals.' --M. ELAINE CROCKER, President, Moore Capital Management, and former Executive Vice President of Trading Administration, Commodities Corporation
'…a thoughtful look at one of the main investment styles in alternatives - global macro, making a strong case for its long-term investing value. I have no doubt it will help investors immensely in navigating the challenges of portfolio construction.' --ARMINIO FRAGA, Chairman and Chief Investment Officer, G�vea Investimentos, and former Governor of the Central Bank of Brazil
'Congratulations to Permal for organizing a marvelous contribution to understanding global macro investing a must read! Often I am asked to recommend a book so that one can better understand this approach and Permal has provided such insight with a diverse, articulate group of professionals.' --M. ELAINE CROCKER, President, Moore Capital Management, and former Executive Vice President of Trading Administration, Commodities Corporation
'…a thoughtful look at one of the main investment styles in alternatives - global macro, making a strong case for its long-term investing value. I have no doubt it will help investors immensely in navigating the challenges of portfolio construction.' --ARMINIO FRAGA, Chairman and Chief Investment Officer, G�vea Investimentos, and former Governor of the Central Bank of Brazil
About the Author
Andrew Rozanov is Managing Director and Head of Institutional Portfolio Advisory at Permal Group, responsible for advising sovereign wealth funds and other long-term institutional investors on various aspects of asset allocation, portfolio construction, risk management and alternative investments, with a particular focus on global macro and tail risk strategies. Before joining Permal, Mr. Rozanov was at State Street, where he was Managing Director and Head of Sovereign Advisory, working closely with the Portfolio and Risk Management Group. Prior to that, he held various roles at State Street Corporation in London and Tokyo, and he also worked at UBS Investment Bank in Japan. Mr. Rozanov is well known in the industry for having introduced the term sovereign wealth funds in an article in Central Banking Journal in 2005. He is a Chartered Financial Analyst (CFA), a Financial Risk Manager (FRM), and a Chartered Alternative Investment Analyst (CAIA). He holds a Master s equivalent degree in Asian and African Studies from Moscow State University.
Most helpful customer reviews
4 of 4 people found the following review helpful.
This book is about understanding Global Macro hedge funds, not a guide to Global Macro investing.
By Amazon Customer
This is a really hard book to review. I gave it 5 stars, but you *must* understand what it aims to teach, and what it does not aim to teach, before you buy it. At first, I was disappointed, because I bought the book expecting one thing but got something else. But it gets 5 stars in doing what it set out to do, and my misconception of what I was buying is not the book's fault. The fact that there were no other Amazon reviews to read was the real problem. Yet, in the end, I'm glad I paid the money and bought the book. It taught me things I did not even know I needed to know. I can now think like a global macro hedge fund manager -- but not necessarily invest like one.
I would rename this book, "Understanding the Structure and Philosophy of Global Macro Hedge Funds from the Inside Out". If you want to interview and work for a Global Macro hedge fund, it's a no-brainer: Buy this book. You must know this stuff. I learned a ton, and I'm glad I bought it. For instance, I now understand exactly how systematic macro fits into the big picture from the eyes of a fund-of-funds manager (and the people who determine allocation sizing). I can actually use this to design my own systems in ways that will be more useful to, more marketable to, and more effective in a fund environment. Flat out, I could make more money in this environment by knowing this material, and this is the only book I know of that goes into this in such detail. It's really one-of-a-kind, and it deserves every star I gave it.
On the other hand, I learned very little about actual global macro investing strategies from the book. Only two chapters out of fourteen even really go into any detail about specific investments and the logic behind them, and those examples are not particularly advanced. I bought the book expecting a discussion of the practical application of macroeconomic principles ("Theory") to specific investments ("Practice"); how the raw data was analyzed, how macroeconomic models were applied, how entries and exits were determined (over tens of examples and a consistent framework). After all, that's what the name "Global Macro: Theory and Practice" suggests to me. I got none of that, so if that's what you want, don't buy this book.
In the end, I might even say I learned nothing about actual global macro investing from a $200+ Global Macro book. But would I trade back the knowledge I gained about Macro Funds back for a mere $200? Not a chance. Because I do already have an investment methodology, and I have investment experience in global macro (and I bought the book hoping to gain further insights). But I've always focused on my own investments, from the perspective of an individual proprietary investor. This book expands the scope, showing in exact detail how to apply it effectively in the context of 100 other investment systems within the environment of a global macro hedge fund and then understand and evaluate your own performance through the eyes of the managers of that multi-billion-dollar fund. Where else will you find that? Nowhere, as far as I know.
The book gets 5 stars, but know what you're buying.
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