Produktbild: Trading Global Macro Markets

Trading Global Macro Markets

97,99 €

inkl. gesetzl. MwSt., Versandkostenfrei

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Beschreibung

Produktdetails

Verkaufsrang

35461

Einband

Gebundene Ausgabe

Erscheinungsdatum

04.05.2026

Verlag

John Wiley & Sons Inc

Seitenzahl

400

Maße (L/B/H)

24,8/17,3/2,6 cm

Gewicht

696 g

Sprache

Englisch

ISBN

978-1-394-27375-1

Beschreibung

Produktdetails

Verkaufsrang

35461

Einband

Gebundene Ausgabe

Erscheinungsdatum

04.05.2026

Verlag

John Wiley & Sons Inc

Seitenzahl

400

Maße (L/B/H)

24,8/17,3/2,6 cm

Gewicht

696 g

Sprache

Englisch

ISBN

978-1-394-27375-1

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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Die Leseprobe wird geladen.
  • Produktbild: Trading Global Macro Markets
  • CHAPTER 1 Introduction 1
    1.1 Acknowledgments 4

    CHAPTER 2 Global Macro Rules 7
    2.1 Long-Term Performance of Macro Funds is Strong 7
    2.2 How Do Macro Funds Make Money? 8
    2.3 A Bright Future 1: Equities are Expensive 9
    2.4 A Bright Future 2: Volatility Rises During QT 10
    2.5 A Bright Future 3: Rates Bets with Highest Sharpe Ratio and More Profitable with Rates Substantially Above Zero 11
    2.6 A Bright Future 4: Performance Cushion from Non-zero SOFR 11
    2.7 A Note on Process and Does History Really Rhyme? 13
    2.8 What is Good Performance? 14
    2.9 Summary 15

    CHAPTER 3 It's the Business Cycle, Stupid 17
    3.1 From Boom to Bust and Back 17
    3.2 What is Leading-Fundamentally? 19
    3.3 But Who is Really in Front? 21
    3.4 Crystal Balls or False Prophets: How Useful are the Leading Indicators? 26
    3.5 Trading in the Rearview Mirror 29
    3.6 How to Trade a US Recession 33
    3.7 Pricing Price Changes 40
    3.8 The Third Mandate 41
    3.9 Rhyming it Does, but not Repeating 45
    3.10 Born in the USA 47
    3.11 From China with Love 48
    3.12 Trailing the Tide: Europe usually a Follower 49
    3.13 India as the Next China? 53
    3.14 Summary 56

    CHAPTER 4 Temporary Turmoil: Markets and (Geo) Politics 57
    4.1 Geopolitical Risk the Bad Old Days 57
    4.2 From Conflict to Barrel 60
    4.2.1 Hedging Conflict 65
    4.3 Warfare by Tariff 66
    4.4 Volatility at the Ballot Box 67
    4.5 Summary 77

    CHAPTER 5 How to Trade Rates: A Framework 79
    5.1 A Treasure to Behold 79
    5.2 It's the Fed, Stupid 82
    5.3 How to Trade a Hiking Cycle 87
    5.4 Hikes are Oily 91
    5.5 The Wisdom of Equity Markets 93
    5.6 How to Trade an Easing Cycle 94
    5.7 Trading the Curve 104
    5.8 The Weight of Supply 107
    5.9 Valuation-Use Sparingly 111
    5.10 Trend Following-Only in the Short Term 112
    5.11 TIPS-The True Treasure 113
    5.12 When Rates Markets Roar 117
    5.13 Summary 118

    CHAPTER 6 How to Trade Rates: The Tactics 121
    6.1 The Anatomy of a Rates Sell-off 121
    6.2 The Wisdom of the FOMC 126
    6.3 Trading the Nonfarm Catalyst (NFC) 128
    6.4 CESI-a Busy Man's Guide to the Economy 130
    6.5 When Safety Backfires 132
    6.6 A Season for Bonds? 133
    6.7 Summary 134

    CHAPTER 7 How to Trade Rates: Globalizing 135
    7.1 Can Global Fixed-Income Markets Diverge from the Fed? 135
    7.2 Bonding with Bunds 140
    7.3 Gilded Gilts? 142
    7.4 At the Periphery 146
    7.5 Is Japan Different? 149
    7.6 Is China Different? 152
    7.7 EM Rates-Wagged by the Global Macro Dog 153
    7.8 One-way or Two-way Traffic? 154
    7.9 Summary 157

    CHAPTER 8 How to Trade Equities: A Framework 159
    8.1 Equities in the Big Picture: The Only Way is Up 159
    8.2 Equities and the Business Cycle 161
    8.3 Equities and the Fed 163
    8.4 Equities and Earnings 171
    8.5 Equities and Liquidity 179
    8.6 Equities and Bubbles 180
    8.7 Valuation Not Very Valuable 189
    8.8 Winners Keep Winning 191
    8.9 Small, Not Often Beautiful 193
    8.10 Summary 195

    CHAPTER 9 How to Trade Equities: The Tactics 197
    9.1 Spotting the Peaks 197
    9.2 Bottom Watching 198
    9.3 Positioning Pain Trades 205
    9.4 Insiders have Insight 205
    9.5 Buybacks-Don't Have Your Back 208
    9.6 There is a Season for it 209
    9.7 Of Good News Bears-and Vice Versa 213
    9.8 The FOMC Effect 217
    9.9 Summary 218

    CHAPTER 10 How to Trade Equities: Globalizing 221
    10.1 The Cycle goes Global 221
    10.2 Global Equities meet FX 225
    10.3 Trading Tokyo 226
    10.4 Trading Frankfurt 228
    10.5 Trading London 229
    10.6 Trading Shanghai 232
    10.7 Trading the Rest of EM 240
    10.8 Tactical Considerations 243
    10.9 Summary 245

    CHAPTER 11 How to Trade Credit 247
    11.1 Credit in the Big Picture 247
    11.2 Defaults in Motion 250
    11.3 No Credit to the Fed 252
    11.4 (Dis)crediting Value 254
    11.5 Carrying Credit 256
    11.6 Junk or Quality? 257
    11.7 Rising Angels and Falling Stars 257
    11.8 The Supply Fallacy 259
    11.9 The Credit Canary 260
    11.10 The Loans Logic 265
    11.11 Choosing Sides in Credit: EM Versus US 266
    11.12 Limited Foreign Supply, Unlimited Demand? 267
    11.13 Summary 268

    CHAPTER 12 How to Trade FX: The Framework 269
    12.1 USD Smile, Smirk, or Cloud? 269
    12.2 The USD and the Business Cycle 272
    12.3 A Composite Model 276
    12.4 The USD in Bubbly Times 277
    12.5 JPY is Special 278
    12.6 Factors for FX 282
    12.7 Living Off Carry 283
    12.8 Value Works Too 288
    12.9 Riding the Trend 289
    12.10 Hide in Surprise 291
    12.11 Summary 292

    CHAPTER 13 How to Trade FX: The Tactics 293
    13.1 The Fed and the USD 293
    13.2 Intervention-Burning Reserves, Buying Time 295
    13.3 Go with the Flow or Against? Do Both! 299
    13.4 Technicals: Intraday Reversals 300
    13.5 No Basis for the Basis 301
    13.6 Summary 302

    CHAPTER 14 How to Trade Commodities 303
    14.1 Commodities: They Have Their Moments 303
    14.2 Commodities and the Business Cycle 310
    14.3 Riding Commodity Trends 313
    14.4 Carry in the Ground 313
    14.5 Bottom's Up 315
    14.6 Ace of Base 318
    14.7 Gold: A 3,000-year-old Bubble that Refuses to Burst? 323
    14.8 How to Trade with Energy 329
    14.9 How to Trade OPEC Meetings 332
    14.10 Positioned for Failure 335
    14.11 Summary 335

    CHAPTER 15 How to Allocate 337
    15.1 A Regime Investing Approach 337
    15.2 How to Protect Against Stagflation 342
    15.3 Strategic Asset Allocation for Regime Agnostics 346
    15.4 The Choice of Equity Versus Credit Risk 347
    15.5 The Choice of Government Bonds Versus Equities 348
    15.6 Don't Risk Your Budget, Budget Your Risk 352
    15.7 Tactical, Tactical, Asset Allocation 354
    15.8 Summary 356

    CHAPTER 16 Non Traditional Assets: Private Assets and Crypto 357
    16.1 Macro and Crypto-A Match Made in Heaven 357
    16.2 How Much to Allocate to Bitcoin? 360
    16.3 Following the Crypto Trend 361
    16.4 Publicizing Private Assets 362
    16.5 A smooth ride? 363
    16.6 Infrastructure (and Real Estate) for Stagflation 365
    16.7 All Managers are Not Created Equal 366
    16.8 Summary 368

    Bibliography 369
    Index 375