Introduction
Investing without understanding the economy is like taking a trip without knowing anything about the climate of your destination. Inclement weather can wreak havoc on a vacation, especially if it involves outdoor activities. Just so, putting hard-earned money into the stock or bond market when economic conditions are unfavorable can destroy financial plans for a comfortable retirement, a new house, or a child’s college education.
No one understands this better than Wall Street investment banks, brokers, and research institutions. All of these have adopted a top-down approach to securities analysis that begins with a forecast of the general economic climate, including interest rate projections, currency forecasts, and estimates of ...
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