Introduction
INVESTING WITHOUT UNDERSTANDING the economy is like taking a trip without knowing anything about the climate of your destination or what season you’ll be in when you get there. Just as inclement weather can wreak havoc with a vacation, putting hard-earned money into the stock or bond market when economic conditions are unfavorable or selling investments for the wrong reasons can destroy financial plans for a comfortable retirement, a new house, or a child’s college education. This is as true today as it was when the first edition of this book was being written in late 2003.
No one understands this better than Wall Street investment banks, brokers, and research institutions. All have adopted a top-down approach to securities analysis ...

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