Global Macro Theory and Practice Andrew Rozanov Books
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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 includeThe 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.
Global Macro Theory and Practice Andrew Rozanov Books
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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Global Macro Theory and Practice Andrew Rozanov Books Reviews
This book is very insightful and informative on global macro. Reading through this book is a very enjoyable experience because the best experts are approaching global macro from very interesting and distinctive prospective. So if you want to know about global macro, I guess this book is the one to go.
However, there are a few things I don't like about this book. First is that some chapters are less satisfying than others because I personally feel there was not much useful information in the lengthy chapter. Secondly, I still feel the treatments of GTAA, managed futures and discretionary macro are not very systematic. I would enjoy a more in-depth and thorough discussion on these topics.
In the end, I have to say I like the author's own chapters so much. They are especially helpful to me in understanding global macro.
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 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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