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Invest with the Fed: Maximizing Portfolio Performance
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Create a winning portfolio using Federal Reserve actions as your guiding star
Based on 25 years of research, Invest with the Fed reveals direct connections between successful portfolio performance and Fed policy. The authors’ analysis extends beyond U.S. equity markets to include foreign equities of both emerging and developed markets, fixed income securities, real estate, and commodities.
Invest with the Fed provides guidance on navigating the investment landscape while avoiding common pitfalls, offering practical advice in an easy to understand terminology that can be applied by the casual investor or the investment professional.
Robert R. Johnson, Ph.D., CFA, CAIA, is a senior executive with over fifteen years of C-level experience, performing at the highest levels of strategic positioning, leadership, and global management. He was the Senior Managing Director and Deputy CEO at the CFA Institute and is currently a finance professor at Creighton University’s School of Business.Gerald R. Jensen, PhD, CFA, is a professor in the finance department at Northern Illinois University, where he also teaches in the Executive MBA program. He is a member of the CFA Institute Council of Examiners.
- Sales Rank: #566441 in eBooks
- Published on: 2015-02-20
- Released on: 2015-02-11
- Format: Kindle eBook
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.
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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