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Reviewed by Marta Tandori for Readers' Favorite
Dr. Javier Gonzalez, the author of How to Make Money with Global Macro, states that global macro is a higher dimensional puzzle that is difficult to explain in a linear manner, and also states that this book is a work of financial macro literature intended to provide a framework to interpret global macro events and trends by studying the past. It would seem that Dr. Gonzalez has provided just that.
Wikipedia defines “global macro” as an investment strategy based on the interpretation and prediction of large-scale events related to national economies, history and international relations. What most of us do not know is that global macro trends shape the lives of random billions around the world – business men and women in Malaysia, programmers in Silicon Valley, financial analysts in London, England, and coffee growers in Brazil; all are shaken by seemingly unpredictable forces, forces known in the world of global macro as Black Swans. The author describes the various structural changes that affect global macro such as technological change, secular change, climate change, political change, changing perceptions as well as fundamentals and prices, and admits that investors like to profit from trends. The author discusses some important events in recent history such as the 1987 crash, the Viet Nam war, the oil supply glut, Brady Bonds, the end of the Cold War, the end of the Japanese bubble, and the Gulf War and their impact on global macro. Finally, he discusses where to invest and what to avoid.
It’s very difficult when writing this type of book to decide the extent of the information and the depth of detail to be included. It would seem that Gonzalez has managed to find a balance between the two in How to Make Money with Global Macro. Some may argue that he’s merely scratched the surface in trying to articulate all factors that affect global macro. However, the author succeeds in giving his readers the necessary introduction and insight into the foundations of global macro in a straightforward and engaging manner, peppering his insights with quotations from arguably some of the most prolific economists and investment strategists of this century; Warren Buffett, Alan Greenspan and George Soros. All in all, a succinct and intelligent offering that is sure to appeal to future investors and current investors alike.