SET YOUR SIGHTS ON THE BIG PICTURE
Macro Specialist Designation
From François Trahan
Institutional Investor’s Only Hall of Fame Portfolio Strategist
All-America Research Team Hall of Fame Welcomes François Trahan | Institutional Investor
What is the Macro Specialist Designation?
Macro has a huge influence on financial markets but still occupies very little mindshare in financial market analysis. The Macro Specialist Designation, or M2SD, is a study program designed to help financial professionals understand how macro trends impact equity markets and how to successfully implement macro techniques in their investment analysis.
Watch An Introduction To The M2SD Program
Hear More About What You'll Learn In The M2SD: Money Life With Chuck Jaffe
The M2SD teaches a practical macro framework designed for hands-on investors.
Your methodology has impacted how I view markets more than any other influence.
- Michael W.
I can’t tell you how excited I was to read about the M2SD … When I saw your program, I about fell out of my chair.
- Chris P.
I also intend to be a brand ambassador as I fully believe in this approach to managing money. In fact, upon my completion of level 1, we will be having our firm employees begin their level 1.
- Andrew S.
Why Is Top-Down Analysis Important?
What’s the issue?
Simply put, today’s money managers are not well-versed in macro frameworks and principles. Macro forces account for nearly 75% of the changes in stock returns yet fundamental factors like earnings occupy more collective mindshare than macro drivers in market analysis.
The Macro Specialist Designation aims to fill the void created by academia and current financial industry certifications that exclude thorough macro teachings from their structured financial curricula. Most academic programs in finance and business focus almost exclusively on bottom-up, stock-specific fundamental analysis, while excluding top-down macro analysis.
ON AVERAGE, ONLY 32% OF LARGE-CAP FUND MANAGERS HAVE BEATEN THEIR BENCHMARKS ANNUALLY OVER THE LAST DECADE
How Is The M2SD Structured?
The Macro Specialist Designation is structured around three levels of study to obtain a complete perspective on practical macro frameworks. Level 1 examines the principles of macroeconomics, the various forms of policy, and how these forces influence financial markets. Level 2 focuses mainly on the global backdrop and portfolio strategy.
Finally, Level 3 is centered around the study of stock selection and portfolio modeling. The entire program can be completed in as little as 18 months. The goal of the M2SD is to better prepare investors for today’s rapidly changing markets by helping them gain the knowledge to invest under all sorts of possible macro backdrops.
Meet Curriculum Creator
Trahan Macro Research
Founding Partner and President
- UBS U.S. Equity Strategist
- Cornerstone Macro Founder and Managing Partner
- Wolfe Trahan & Co. Vice Chairman
- International Strategy and Investment Group Chief Investment Strategist
- Bear Stearns Chief Investment Strategist
Undergraduate and graduate degrees in Economics from the University of Montreal
“The Era of Uncertainty: Global Investment Strategies for Inflation, Deflation, and the Middle Ground”
The only equity portfolio strategist inducted into the Institutional Investor All-America Research Team Hall of Fame based on the annual survey of Wall Street professionals.
With education costs on the rise, the Macro Specialist Designation provides a practical and cost-effective alternative to an MBA or other financial-related degrees. The three-level program can be completed in as little as 18 months, while maintaining a full-time career.
The Essentials Of Applied Macro
Chapter 1: The Basics
Chapter 2: A Guide to Practical Economics
Chapter 3: The Data
Chapter 4: Leading Economic Indicators (LEIs)
Chapter 5: Anticipatory Economic Indicators (AEIs)
Chapter 6: Monetary Policy
Chapter 7: The Yield Curve
Chapter 8: Fiscal Policy
Chapter 9: The Currency
Chapter 10: Other Long-Term Influences
Chapter 11: The Equity Market
Chapter 12: Earnings Expectations (EPS)
Chapter 13: Market Multiples (P/Es)
Chapter 14: An Alternative Take On Dividends
Chapter 15: Market Cycles
Chapter 16: Market Valuation Models
Chapter 17: Fixed Income Markets (Bonds)
Chapter 18: Behavioral Finance
A Global Approach To Portfolio Strategy
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History Of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Chapter 24: The Eurozone
Chapter 25: Japan
Chapter 26: China
Chapter 27: Asset Allocation Is A Global Affair
Chapter 28: Sector Positioning And The Business Cycle
Chapter 29: The Technology Sector
Chapter 30: The Consumer Discretionary Sector
Chapter 31: The Communication Services Sector
Chapter 32: The Industrials Sector
Chapter 33: The Financials Sector
Chapter 34: Defensives: Health Care And Staples
Chapter 35: Cyclicals: Energy And Materials
Chapter 36: Rate-Sensitives: REITs And Utilities
Translating Macro Into Micro
Chapter 37: The Use And Misuse Of The Size/Style Matrix
Chapter 38: Growth Investing In The New Normal
Chapter 39: Value Investing In The New Normal
Chapter 40: The Classic Factors And Their Applications
Chapter 41: Valuation
Chapter 42: Manipulation (Quality)
Chapter 43: Governance
Chapter 44: Operating Efficiency
Chapter 45: Profitability
Chapter 46: Factor Leadership And The Business Cycle
Chapter 47: Model Building In The Era Of Uncertainty
Chapter 48: Monitoring A Portfolio For: Credit Downgrades
Chapter 49: Monitoring A Portfolio For: M&A Activity
Chapter 50: Monitoring A Portfolio For: Sentiment/Crowding
Chapter 51: Monitoring A Portfolio For: Red Flags And Torpedoes
Chapter 52: Strengths & Weaknesses Of Classic Investment Strategies
Chapter 53: Value Traps And Other Common Pitfalls
Chapter 54: The Do’s And Don’ts Of Stock Selection