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Global Macro: Theory and Practice

Edited By Andrew Rozanov

Overview

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.


"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

Publish date: 5 Nov 2012

Availability: In stock

Product Unit Price Qty
Global Macro: Theory and Practice
£145.00
eBook - Global Macro: Theory and Practice
EPUB
£110.00
OR

Book description

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.

Book details

ISBN
Book 9781906348908 / EBook 9781782720010
Publish date
5 Nov 2012
Format
Hardback
Size
230mm x 280mm

Editor biography

Andrew Rozanov

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.

Table of contents

Introduction
Isaac Souede, Permal Group

1.        Global Macro: Origins, History, Prospects
           Andrew Rozanov, Permal Group

2.        Discretionary Global Macro: A Manager’s Perspective
           Kenneth G. Tropin, Graham Capital Management, L.P.

3.        Systematic Strategies: A Quantitative Approach to Global Macro
           Menachem Sternberg, Eagle Trading Systems, Inc

4.        The Different Shades of Macro
            Igor Yelnik

5.        The Role of a Global Macro Strategist
           Grant Wilson, Civic Capital

6.        Emerging Markets in Global Macro Investing
           Gene Frieda, Moore Capital

7.        Risk Management in Global Macro Funds
           Barry Schachter

8.        Geopolitical Risk in Global Macro Investing
           David Murrin, Emergent Asset Management

9.        Global Macro: A Prime Broker’s Perspective
           Barry Bausano, Deutsche Bank Securities

10.     Understanding Global Macro Leverage
          John Casano, Financial Diligence Networks LLC

11.     Global Macro: An Investment Consultant's Perspective
          Simon Fox, Mercer

12.     Global Macro: a Fund of Hedge Fund’s Perspective
          Omar Kodmani and Andrew Rozanov, Permal Group

13.     The Case for Global Macro in Institutional Portfolios
          Arjan Berkelaar, KIMC U.S. Inc

14.     GTAA and Global Macro for Long-Term Institutional Investors
          Gerlof de Vrij, Roy Hoevenaars and Pieter Jelle van der Sluis, Blenheim Capital Management BV

Testimonials

"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, Gávea Investimentos, and former Governor of the Central Bank of Brazil

"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

"…a compulsory read for investors who want to fully understand the different styles, strategies and challenges of macro."
– COLM O’SHEA, Founder and Chief Investment Officer, COMAC Capital LLP

"A well-conceived and superbly executed volume that is a must read for anyone interested in portfolio management... The central takeaway: a properly constructed
and sized allocation to global macro managers will improve the expected risk-adjusted returns of any investment portfolio."
– F. HELMUT WEYMAR, Founding Chairman and Chief Executive Officer, Commodities Corporation

Customer Reviews

Average customer reviews for Global Macro: Theory and Practice

Excellent/Important investment reading

An excellent/thorough compendium covering global macro strategies. I enthusiastically endorse it for both investors and practitioners.
Really important reading!
Review by MJW , 28/11/2012

Read more reviews

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