Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy, by Robert R. Johnson, Gerald R. Jensen, Luis Garcia-Feijoo
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Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy, by Robert R. Johnson, Gerald R. Jensen, Luis Garcia-Feijoo
Best Ebook PDF Online Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy, by Robert R. Johnson, Gerald R. Jensen, Luis Garcia-Feijoo
A research-based portfolio strategy that uses Fed signals to forecast security market performance
It's often said that the chairman of the Fed is the second most powerful person in the world, next only to the president of the United States. Some say the chairman is even more powerful. When Ben Bernanke publicly stated on September 8, 2013, the Fed's intent to continue its policy of quantitative easing, global markets instantly reversed direction from a worrying downward spiral to an exuberant upward surge. Even POTUS can't do that.
The authors of Invest with the Fed take the simple position that correct interpretation of Federal Reserve policy actions leads to better investing decisions. To this end, they present strategies that will help you design a portfolio that takes Fed policy into account.
The result of three decades of research, Invest with the Fed reveals how the nation's bank routinely signals important clues about its future policy--and it explains how you can use these clues to enhance your portfolio performance.
Learn all there is to know about the implications that Fed policy changes have for:
- Value and growth investing
- Behavioral and EMT approaches
- Alternative assets
- Sector rotation
- International stocks
- Hedge funds
- Fixed income securities
If Warren Buffett revealed a nugget of information about one of his future investments, you would likely act upon it. So why wouldn't you act upon information revealed by the institution that controls the U.S. financial markets?
This is the book you need to adjust your investing strategy to take into account advice from the most in fluential financial institution in the world--the U.S. Federal Reserve. PRAISE FOR INVEST WITH THE FED"This book is packed full of intriguing data on how Fed policy impacts asset class returns and can be a useful resource to any steward of capital." -- ADAM THURGOOD, CFA, Managing Director, HighTower
"Invest with the Fed demystifes Federal Reserve policy, shows how different investments are impacted by Fed policies, and provides a practical roadmap for investors to consider Fed policies in their investment strategies. The book is written in a straightforward practical manner that is appropriate for both novice and experienced investors." -- TOM ROBINSON, CFA, CFP, CAIA, CPA, Managing Director, Americas, CFA Institute
"What could be better? In this book, you'll learn how to make money during periods of expansive Federal Reserve policy and protect your portfolio during periods of tight monetary policy. Consider this your best-of-both-worlds guide to investing with the Fed." -- ROBERT POWELL, editor of Retirement Weekly and columnist of "MarketWatch"
"Investors who ignore the ramifications of Fed policy, do so at their own peril, and this text provides effective, holistic techniques for navigating the complicated economic relationships that exist between the Fed and the capital markets. Yet, it is presented in a clear, understandable and concise format." -- MATT SCANLAN, CFA, President and CEO, RS Investments
"Investors finally have a clear and easy-to-follow roadmap for taking advantage of the Federal Reserve's monetary policies. You'll find out how to maximize your long-term returns and reduce your risk in rising, falling, and stable interest rate environments." -- CHARLES ROTBLUT, CFA, AAII Journal Editor and Vice President for the American Association of Individual Investors
Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy, by Robert R. Johnson, Gerald R. Jensen, Luis Garcia-Feijoo- Amazon Sales Rank: #233786 in Books
- Brand: McGraw-Hill
- Published on: 2015-03-23
- Original language: English
- Number of items: 1
- Dimensions: 9.11" h x 1.18" w x 6.76" l, 1.27 pounds
- Binding: Hardcover
- 336 pages
About the Author
ROBERT R. JOHNSON is the president and CEO of the American College of Financial Services and a director of RS Investment Management.
GERALD R. JENSEN is the Board of Trustees Professor of Finance at Northern Illinois University and an associate editor for the Journal of Financial Research.
LUIS GARCIA-FEIJOO is Associate Professor of Finance at Florida Atlantic University and an associate editor of Financial Analysts Journal.
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Most helpful customer reviews
13 of 13 people found the following review helpful. Taking Advantage of Fed Interest Rate Moves By TDOMotFT An excellent assessment of how Fed actions impact stock prices and how to take advantage of Fed interest rate trends. The book ends with a fairly easy approach to equity investing that delivers an amazing return premium of 8.8%/year.Their approach breaks the Fed interest rate changes into Expansive, Indeterminate and Restrictive situations depending on the direction of changes to the Federal Funds Rate and the Fed Discount Rate. Various investment strategies are presented for each of these situations (Value versus Growth, Real Estate, Commodities, Sector Rotation, International, and Fixed-Income among others) with some being highly successful and others not. Their work is summarized with a Rotation Strategy (each consisting of five asset classes) that provides above average results for each of the three Fed interest rate change situations.While the book is fairly helpful in how to use their learning, the one glaring omission is lack of a table showing Fed interest rate changes and the Expansive, Indeterminate, and Restrictive situations they map into. It would be helpful to the reader to see exactly how they determined these periods in order for the reader to correctly identify the Fed stance moving forward.There is much to recommend their approach given the Fed’s influence on the U.S. economy. However, to the extent the future differs from the past, the specific strategies suggested may not provide extra return. For example, part of the investment rotation approach involves investing in energy stocks. Energy prices (and oil company valuations) rose nicely for decades under OPECs dominance of oil prices. Will US fracking (and increased fracking worldwide) reverse this trend? Another part of the rotation involves investment in Emerging Markets. China’s rapid growth has contributed strongly to Emerging Markets results. Will the maturing of China’s economy lessen Emerging Markets future returns?
8 of 8 people found the following review helpful. GREAT READ - RECOMMEND By CIO of a large insurance company The authors address a key influence in today's financial markets- the impact of the Fed and policy positions on investment portfolio performance. This book provides a well presented guide for investing in markets that are increasingly influenced by Fed activity and offer strategy recommendations based on Fed policy shifts. A must read for all serious investors.
7 of 7 people found the following review helpful. A Welcomed Addition to Portfolio Managment Literature By e claggett First, the writing style is easy to read and it flows well. Second, it is very obvious to me that Bob Johnson and his colleagues did an amazing amount of research to back up various statements and themes with facts and examples. Third, all of the suggestions and points are backed up with great logic that make a lot of sense to me. Fourth, the book should have multiple audiences. I think every portfolio manager would need it as a first read and then as a reference book on his or her shelf. They should refer to it periodically as they may be changing their own investment styles from time to time. Finally, maybe the policy makers at the FED should be made aware of the many findings as they may not be aware of the many linkages Johnson, et al have discovered. Aside from these points, as an academic myself, the book serves as a quick refresher on many classic Finance fronts. For example, it brings in the efficient market hypothesis and the various aspects of the methods for measuring risk at many key places. A minor point is, on the Kindle, the bar diagrams and summary tables seem a bit too small to really read.
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