The closely-related fields of discretionary global macro and tactical asset allocation are widely practised in the financial markets. Wealth managers moving from equities to bonds, equity managers moving between offensive and defensive sectors, managers of discretionary macro funds and many others — including, of course, individual investors — seek to use their understanding of a changing political and economic environment to enhance their investment returns.
In my book, Rational Macro, I argue that they should be practised scientifically, and develop that idea into a complete investment process that encompasses the gathering of evidence, the formation of opinions and trade execution. I think of it as a discussion of what it means to be scientific in the field of macro strategy, and as providing a structure for my own work. I hope that it will be of interest to other practitioners.
The book is available on Amazon’s global sites. Links for the US and UK sites are below.