Learn / Macro and markets for investors Go to Overview 1. Growth and the business cycle 2. Inflation and how it is measured, Pro 3. Central banks and the policy rate, Pro 4. The cross asset map, Pro 5. Currencies for a global fund, Pro 6. What the market prices in, Pro 7. From view to position, Pro Flashcards, 0 of 20 reviewed Basic quiz Advanced quiz Terms Macro and markets for investors
0 of 7 lessons
0 of 20 cards How growth, inflation, and central banks move every asset class, how a global fund handles currency, how to read what the market already expects, and how a macro view becomes a sized position.
A Advanced4 lessons 4 The cross asset map Growth and inflation, each rising or falling, give four regimes. Each asset class has a regime it likes and one it hates, and the sign of the stock bond correlation depends on which risk dominates. 11 min 5 Currencies for a global fund A US investor who owns European stocks owns the euro too, unless they hedge. The forward rate sets the cost of hedging, and the cost comes from the interest rate gap, not from a forecast. 11 min 6 What the market prices in A view only makes money where it differs from what prices already assume. Futures tell you the market's rate path; your job is to say where you disagree and why. 10 min 7 From view to position A macro view becomes a trade through four steps: scenarios with probabilities, the instrument that best isolates the view, a size set by the loss you can take, and a point at which you admit you are wrong. 12 min Q Advanced quiz 10 questions, 80% passes