Your Financial Edge: How to Take the Curves in Shifting Financial Markets and Keep Your Portfolio on Track
Your Financial Edge
"Paul McCulley is the man to heed. His knowledge of financial markets runs deep, and his experience has been the best. Beyond all his financial and economic wisdom, he is a human being with inborn instincts of kindness and thoughtfulness-attributes that bring to the reader something richer than just hard facts and sage advice. Jonathan Fuerbringer is the perfect partner for this project, a master of lucidity and a longtime observer of the best and the worst habits of investors."
-Peter Bernstein, bestselling author of Against the Gods
"Paul McCulley's insightful observations on the economy and financial markets are key inputs to our investment thinking. This book provides analytical tools and actionable advice that can greatly improve your ability to navigate today's complex financial environment. Learn from a master (and maybe even future Federal Reserve Board member) and become a better investor."
-Bill Miller, Chairman and Chief Investment Officer,
Legg Mason Capital Management
"Paul McCulley is just the man to bring 'that ole-time religion' of economics into the new age of investing and help the reader to make coherent sense of just what is going on here. I should know...I listen to his counsel every day here at PIMCO, and for anyone who lacks a key to our door, this is the next best thing! Profit by the prophet-and yes-enjoy."
-William H. Gross, Managing Director, PIMCO
"In this highly readable book, McCulley and Fuerbringer provide valuable insights, including how the world of policy making impacts investment decisions. Their entertaining and thoughtful analysis is accompanied by a series of penetrating real-life examples that demonstrate the choices facing investors as they seek to maximize returns and minimize risk. With its wisdom and unique perspective, this book will be of interest to both institutional investors and policymakers."
-Dr. Mohamed A. El-Erian, President and CEO,
Harvard Management Company, member of the faculty,
Harvard Business School, and Deputy Treasurer, Harvard University
"There's a reason Paul McCulley is a favorite among financial pros and journalists all over the world. He anticipates investment trends before they happen and helps both professional and amateur investors stay ahead of the curve. This is a must-read book for anyone who wants to build and protect their portfolio in the risky decades ahead."
-Consuelo Mack, Anchor and Managing Editor,
Consuelo Mack WealthTrack
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Chapter 1 New Steps
Chapter 2 More Than Stocks More Than Bonds
Chapter 3 What Can Go Wrong
Chapter 4 Reading the Federal Reserve
Chapter 5 Prices and the Fed
Chapter 6 McCulley
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abroad Alan Greenspan asset average beneﬁts Bernanke billion bond market Brady bonds budget deﬁcits capital central bank Chapter China compound annual return correlation currency current account deﬁcit debt deﬂation difﬁcult diversiﬁcation dollar economic growth emerging market countries emerging markets equity euro Fed Focus fed funds rate Fed policy makers Fed’s Federal Open Market Federal Reserve ﬁght ﬁgure ﬁnancial markets ﬁnancing ﬁnd ﬁrst ﬁscal ﬁxed—income ﬂows FOMC forecast foreign stocks going Greenspan higher increase inﬂa inﬂation rate inﬂation target inﬂationary interest rates investment Japan junk bonds Keynes Lehman Brothers long—term longer-term lower McCulley McCulley’s monetary policy money managers move MSCI mutual fund Ofﬁce ofﬁcial percent PIMCO portfolio recession reﬂect rise risk sector Sharpe ratio short-term interest rate Standard 86 Poor’s stock market bubble stocks and bonds threat tightening tion total return Treasury securities United vestors volatility Volcker worry yield curve