Global Macroeconomic Investing

International macroeconomics provides an analytical framework that underpins portfolio construction and thematic overlays under both systematic and discretionary trading strategies implemented in speculative short-term investments by hedge funds and the deployment of long-term pools of capital by real money asset allocators and asset owners in the endowment, family office, equity fund, credit fund, and pension-fund spaces. This course builds on the Core Global Economic Environment curriculum to equip students with toolkits for applying open-economy macro frameworks, models, and insights to the analysis of the fundamental forces shaping sectoral, national, and international economic turning points and the development of systematic and discretionary public-market trading strategies around them. Key concepts in global macro investing are delivered through a mix of interactive lectures, case-study discussions, and directed conversations with practitioners. The course features: (1) a review and extension of core macroeconomic principles, an annotated discussion of key macroeconomic indicators, a structured look at the principal features of major risk assets (i.e., equities, currencies, fixed income, and commodities), and the development of frameworks for global macro trading strategies and risk management; (2) a series of case studies around recent, disruptive major global macro inflection points and related trades; and (3) the practical application of the course’s key learning objectives to the development of broad global macro trading strategies around prevailing macroeconomic conditions, special cases, and instances of asset mispricing. This course is not focused on individual security selection, but it is structured to guide students on the concrete application of its key concepts. This course will provide introductory knowledge and skills for students wishing to pursue activities in markets-focused macroeconomic research and strategy, global tactical asset allocation (GTAA), the application of macroeconomic overlays on a wide range of investment platforms (e.g., leveraged hedge funds, long-run real money management, alternatives, etc.), in strategic planning, and in policy development.