The Bank Credit Analyst

Competitive Advantage

  • Combines technical and fundamental analysis to deliver a multi-dimensional perspective on the investment outlook.
  • Draws attention to the major thematic ideas that are shaping investment strategy while providing rigorous macro analysis in an accessible and informative manner.
  • Delivers thought-provoking discussion of key macro drivers affecting global markets, with emphasis on identifying underlying investment risks or opportunities.

Forecast and analysis of trends in major investment markets, with particular emphasis on equities, business conditions, inflationary trends, interest rates, commodities and currencies.


For over 60 years, The Bank Credit Analyst, often known as the little grey book, has provided big-picture insight and analysis of major investment trends, covering equities, fixed income, currencies and commodities.

Special Reports
In addition to discussing key macro developments over the preceding month, each issue contains a Special Report that focuses on a particular area of interest to investors. Past topics have included the Debt Supercycle, productivity growth, demographics, and the outlook for monetary policy and inflation.

Annual Outlook
Every December, clients receive a special issue discussing the outlook for the coming year. Drawing on the collective wisdom of BCA’s Chief Strategists, this report highlights our highest-conviction calls across all asset classes.

Ian MacFarlane, Chief Strategist

Ian MacFarlane joined BCA Research in 2006 and is currently the Chief Strategist of The Bank Credit Analyst service. During his tenure at BCA, he has served as Chief Strategist of the European Investment Strategy service, as well as the Global Asset Allocation service. This followed a 25-year career in senior roles as an economist, strategist and fund manager in Johannesburg, Hong Kong, London and New York. He has covered all the major asset classes in both developed and emerging markets, using both qualitative and quantitative investment tools in portfolio construction. Mr. MacFarlane has wide-ranging experience in initiating research and developing research products, and has also advised governments and policymakers on topics as diverse as pensions and economic statistics. He holds a BSc (Honors) in Economics from Hull University, England.

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