Macroeconomic Dashboards for Tactical Asset Allocation
从实践者视角展示如何构建宏观经济仪表盘，将宏观因素融入战术资产配置流程，以增强投资决策的纪律性，适合希望结合宏观因素进行资产配置的投资者参考。
A wide body of academic literature suggests that macro factors can be significant drivers of asset returns. And among practitioners, statements such as “stocks make money in expansions and tend to lose money in recessions” are often held as self-evident. However, there is little published on how to use these factors to inform investment decisions. From a practitioner’s perspective, the authors show how to build dashboards to integrate macro factors into a broader discretionary tactical asset allocation process. Importantly, their goal is <i>not</i> to design stand-alone systematic trading strategies based on macro factors. Rather the authors believe that investors should build macro factor dashboards to introduce discipline into their asset allocation process, in combination with other inputs, such as valuations. <b>TOPIC:</b>Analysis of individual factors/risk premia