San Francisco
Apr 24-25, 2017

REGISTER

Principles of Macroeconomics & Impact on Capital Markets Training Course

 

Macroeconomics is too important to ignore

This unique, expert-led two-day training course, The Principles of Macroeconomics & Impact on Capital Markets, draws on BCA's analytical approach to teach the complex links between macroeconomics and markets.

Macroeconomics is simply too important to ignore, as it directly impacts all financial assets. Yet the various relationships between the economy and markets are often overlooked or misunderstood by investors - increasing the risk that macro factors undermine portfolio returns.

This course emphasizes the fundamental macroeconomic concepts that drive financial markets. Participants will learn BCA Research's time-tested analytical framework to examine the three major financial markets: currencies, fixed income and equities. Our course provides training on how to apply academic and professional macroeconomic analysis techniques to investment strategies.

In addition to learning how to read and interpret major economic trends, we'll explore how movements in certain assets can influence returns in other financial assets. We'll teach you simple and accessible methods that are critical to understanding how global macro works.

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 liquidity and credit really are

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

Understanding the feedback loops that link the economy, policy, and financial assets

 

BCA Academy for:

Investment Managers & Strategists

Investment Managers & Strategists

  • Incorporate BCA's proprietary macro analytical framework into your investment process
  • Debate practical issues with like-minded professionals
  • Qualify for ongoing professional credits
New Graduates

New
Graduates

  • Experience personalized training in a small setting
  • Gain a robust grounding in macro and financial market analysis
  • Maximize comprehension of financial and economic research
Executives

Executives

  • Evaluate the key global macro and market risks and opportunities
  • Debate and discuss critical economic issues with expert practitioners
  • Experience courses constantly adapted to reflect current issues
HR & Training Managers

HR & Training
Managers

  • Provide a unique opportunity for staff to develop and apply skills
  • Support growth and professional development programs
  • Provide ongoing professional credits

$5,995 USD

REGISTER

BCA client and CFA member discounts available. Contact us.

Your Registration Fee Includes: The two-day training course, refreshment breaks, continental breakfasts, lunches and course materials. Travel and accommodations are not included.
Terms & Conditions

CE Qualified Activity - CFA Institute

As a participant in the CFA Institute Approved-Provider program, BCA Research Inc. has determined that this program qualifies for 17 hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE tracking tool.

CPD Member

BCA Research Inc. is recognized by the CPD Certification Service. This training course complies with global Continual Professional Development (CPD) standards and has been approved for continuing professional development certifications.

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 1980s, Late 1990s, 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.

Instructors


Instructor, Jim Mylonas

Jim Mylonas

Jim Mylonas is a Chief Strategist with BCA Research. Jim has a cross-functional role that includes both shaping the research view while communicating this message to BCA clients at an executive level. 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.

Instructor, Ryan Swift

Ryan Swift

Ryan Swift joined BCA Research in 2010 and is currently the Chief Strategist of the U.S. Bond Strategy service. He spent the first six years of his career at BCA as a fixed income strategist, after completing his studies in finance at Concordia University. Ryan holds an MSc in finance from Concordia University and a BCom from McGill University.

 

Venue

San Francisco
Apr 24-25, 2017

San Francisco,
United States

Your training venue will be confirmed six weeks prior to the course start date.

Attendance is limited. Please register early.