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With the recent release of our iPad App 3.0, an upcoming meeting of our Research Advisory Board, and the imminent launch of our first interactive service, New Daily Insights – we thought we’d provide a refresher on why we are one of the world’s leading providers of independent macro investment strategy.

B CA Research is a world leader in the provision of macro investment research. Since 1949, the firm has provided its clients with leading-edge analysis and forecasts of the major financial markets, with clear and focused investment strategy recommendations and backed by countless proprietary models and leading indicators. BCA provides its services to financial professionals in more than 90 countries through a wide range of products, services, and meetings.

macro research | macroeconomic research

Macro Research: Our Methodology

Our methodology is grounded in a thorough understanding of the macroeconomic environment and key investment themes. This in-depth, long-term research forms the foundation of our investment strategy recommendations, market analysis and forecasts.

BCA strategists incorporate fundamentals, technical analysis, models and sound judgment. Working in a collaborative environment conducive to independent thought, strategists and research analysts work together to arrive at big picture investment themes that will shape the investment outlook. Through applying these comprehensive themes as an overlay to our individual strategy services (geographic, asset class), we are able to produce the most thoughtful, leading-edge macro investment research available. BCA’s integrated and proven methodology has, over the past six decades, allowed BCA clients to experience exceptional returns and/or mitigate significant portfolio risks.

The BCA Competitive Advantage

Analysis and forecasts for all asset classes and economies

BCA’s macroeconomic research covers every corner of the globe including U.S., Global, Emerging Markets, and China; asset class coverage includes equities, fixed income, FX, commodities and energy, real estate – including the geopolitical issues affecting the investment climate.

Over 60 research staff including 17 Chief Strategists

We have tremendous continuity amongst our team of strategists; 9 have been with the firm for more than a decade, and the total cumulative tenure is 140 years. BCA strategists are supported with an environment conducive to independent thought.

Proprietary Models and Leading Macro Economic Indicators

With over 150,000 data series, BCA controls a vast treasure of historical data, including countless proprietary leading indicators and predictive economic models.

Dedicated Account Management and Client Service

BCA has a dedicated Client Relationship Team for quick response and efficient fulfillment of client requests. The team is also available to assist with the provision of chart books and in the interaction between clients and BCA’s macro research strategists.

External Macro Research Advisory Board

BCA attaches great importance to having close links with a broad range of external experts in terms of exchanging views and ideas regarding the economic and financial market outlooks. Members of our Research Advisory Board all have tremendous knowledge and experience.

BCA iPad App 3.0

macroeconomic researchOur new App contains a wealth of new and improved features including a streamlined user interface and enhanced navigation. The App also adds an advanced annotation tool set, allowing users to share/send annotated pages or entire reports via email. Other new features include keyword searches within a document, bookmarking specific page(s) in a document, adding reports to a reading list, and the ability to print.

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How To Read The News? Slow Down And Take A Deep Breath

What do the Greek general elections, the U.S. Supreme Court decision on the Affordable Care Act (ACA or ‘Obamacare’), and the Italian general elections, have in common?

T he press initially misreported all three, causing investors to make split-second decisions with incorrect information.

What happened?

  • In Greece, the media initially reported that the left-wing SYRIZA won the election. However, SYRIZA only appeared to be in the lead because the heavily left-wing urban center votes were counted first. As the vote streamed in from other parts of the country, the center-right New Democracy slowly emerged on top.
  • As the Supreme Court decision on ACA was read, the Drudge Report made an incorrect call that the Court had struck down Obamacare. The analysis was wrong; the Drudge Report simply did not understand the decision.
  • As we watched the Italian election results today, most news outlets confused the regional Senate election results from Lombardi as the results for the entire country. Former PM Silvio Berlusconi was pronounced the winner of the Senate by reporters who likely did not even know where Lombardi is.

How To Read The NewsMore broadly, the media failed. In today’s twittersphere universe, journalists have to respond to events within minutes, not days. Often, they are responding to events that they have no experience covering. How many Reuters or CNN journalists remember the last Greek election? Or know to wait for the Italian Senate vote to be announced in full? Or are constitutional law experts?

This inadequacy is not necessarily the media’s fault. Journalists are responding to the demand for instant news and to competition from blogs, pseudo-news outlets, and twitter, which are more than willing to provide a fresh view every 10 seconds. I receive at least a dozen emails a month, asking me to interpret analyses of portending doom from obscure sources as if they were the Dead Sea Scrolls.

Ironically, the proliferation of monitoring and global connectivity has made the media’s job tougher and its reporting worse. In the past, journalists had the time to work their network, to connect with a source who did know how politics in certain countries worked before they filed their piece for morning publication. Today, because of pressure from non-traditional outlets, they barely have the time to copy/paste the report from a wire service before someone with a twitter account beats them to it.

Mitt Romney’s campaign adviser, Stuart Stevens, recently gave an interview in which he made several revealing comments. The first was that because of the prevalence of twitter-speed reporting, journalists are under pressure to constantly report on stories, even when there are none to report. The second point was that “news is whatever people decide news is.”

The media’s objective is to have its readers ‘gasp.’ However, good investment decisions are not made while holding one’s breath. My advice to investors trying to weather this environment is to slow down and stay on the sidelines until the fog of uncertainty dissipates. Sure, some potential returns will be missed, but in the long term, more calls that end up being correct will be made (and less ulcer medication consumed).

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