PRINCIPLES OF MACROECONOMICS & IMPACT ON CAPITAL MARKETS TRAINING COURSE

LONDON

 4-5 JUNE 2018 

UNDERSTAND WHAT SHAPES ECONOMIC

 OUTCOMES 

WHERE DO YOU GO FOR INVESTMENT INSIGHT?
As the information explosion gathers pace, the sheer volume of data may make finding and evaluating investment opportunities increasingly complex. MiFID II is also changing the way you purchase and consume research. Even experts in the investment industry can overlook the impact macro factors have on markets.
  • Do you know how a strong currency in one part of the world will affect demand elsewhere?
  • What do interest rate rises mean for manufacturing in the U.S, Chinese exports, or bond yields in Germany?
  • To succeed in today’s investment industry, it’s essential to understand these relationships. Assessing trends and exploring how movements in one asset can influence returns in another all form a key part of an asset managers’ decision-making toolkit. Macro factors exert a huge influence - to ignore them is to expose a portfolio to unnecessary risk.

ATTEND AND

 LEARN 

ATTEND THIS PRACTICAL TWO-DAY COURSE AND LEARN
  • Practical economic forecasting techniques and basic statistical methods
  • How to evaluate an economy using a macro framework
  • What drives fiscal and monetary policy, and how these policies impact markets
  • BCA Research’s analytical approach to markets: valuation, liquidity, and momentum
  • Practical applications in foreign exchange, bonds, and equity markets
  • How the feedback loops link the economy, policy and financial assets

COURSE

 AGENDA 

DAY ONE:
THE "MAP":
Review of basic statistical and economic concepts The "Economic Map".
CASE STUDY 1:
EM Bull Market (2001-2011)
THE ECONOMY
  • Economic Forecasting 101
  • Is the economy below or above trend GDP (gauging the output gap)
  • Cyclical sectors of the economy
  • Profits, wages, employment, inflation, and the Phillips curve
CASE STUDY 2:
Examining The Secular Stagnation Thesis
DEBT
  • What is debt? Factors encouraging debt accumulation
  • How debt affects the real economy
  • Banking and money growth
  • Debt reduction strategies
CASE STUDY 3:
U.S Housing Bubble - Causes And Consequences
POLICY
  • Fiscal policy and the economy
  • Monetary policy, the economy, and asset markets
  • Liquidity trap and the zero lower bound
CASE STUDY 4:
Does QE Work? A Look At The Fed's Experience
EXTERNAL ACCOUNT
  • Current account and the savings/investment balance
  • Implications for liquidity, growth, and exchange rates
DAY TWO:
BCA'S ANALYTICAL FRAMEWORK:
  • Valuation
  • Liquidity
  • Momentum
FOREIGN EXCHANGE
  • Regime types
  • Valuations
  • Determining the cyclical outlook
  • Momentum and technicals
CASE STUDY 5:
Dollar Bull Markets (Early 1980's, Late 1990's, Today)
BONDS
  • Real rates, inflation expectations, and the term premium
  • Valuation determinants
  • Inflation and the economy
  • Fiscal and monetary policy
  • Corporate bonds, credit derivatives, and structured products
EQUITIES
  • Valuation techniques: multiples, fair value, equity risk premium and spreads
  • Liquidity and cyclical outlook
  • Earnings interaction with growth, inflation, and policy
  • Profit margins, yield curve, and sectors
BRINGING IT ALL TOGETHER
Summary and conclusions
CASE STUDY 6:
Why Being Bullish In 1982 Paid Off
ADDITIONAL MATERIAL
Participants will receive reading materials that will supplement the in-class learning experience. Included in this package will be various case studies as well as seminal reports written by BCA Research over the past several decades. Take-home exams will also be available for students that wish to test their macro knowledge before and after the course.

METHODOLOGY

The training consists of classroom-based teaching sessions combined with some assigned readings. Case studies will be used during the two-day session to ensure that participants are effectively learning how to apply the various concepts to actual situations.

OUR

 INSTRUCTORS 

ON THIS COURSE:
JIM 
MYLONAS
Jim Mylonas is a Chief Strategist with BCA Research. Jim has a cross-functional role that includes shaping the research view and communicating this message to BCA clients. Jim joined BCA in 2011 with the Global Investment Strategy team, and then moved to the Geopolitical Strategy group. Jim is also a lead instructor of BCA’s macro training program. He holds an Honors BA in economics and political science from the University of Toronto and an MA in international affairs from the Norman Paterson School at Carleton University. Jim has published in peer-reviewed academy journals and has also been quoted in major newspapers.
MATHIEU 
SAVARY
Mathieu Savary joined BCA Research in 2004 and is the Chief Strategist of the Foreign Exchange Strategy service. Previously at BCA, he was Senior Editor of the Global Investment Strategy service. Additionally, Mathieu has been one of the principal developers and is a lead instructor of BCA’s macro training program. He has also worked at Brandywine Global Investment Management. Mathieu has a BCom in Finance and Economics from McGill University and holds the CFA designation.
VENUE:
LONDON, UNITED KINGDOM
4-5 JUNE 2018

YOUR TRAINING VENUE WILL BE CONFIRMED SIX WEEKS PRIOR TO THE COURSE START DATE. ATTENDANCE IS LIMITED. PLEASE REGISTER EARLY.

Contact Us
+1 514 499 9550