Begin Your Ascent to Macro Expertise
The M²SD teaches a skill set that is different from but complementary to what is learned in the Chartered Financial Analyst (CFA®) program. These additive skills can help you navigate any uncharted economic cycles ahead. The M²SD program is online, self-paced, and has two levels of study – the first covers the fundamentals of macro investing and the second drills down to actionable investment techniques. For the second level, you can choose to focus either on portfolio strategy and management or stock selection and model building.
Mount Macro (M²)
Tallest Peak for Macro Views. Gain a higher view of investing.
Level 1: Base Camp
Level 2 (Path A)
Level 2 (Path B)
Level 1: Base Camp (Required)
The Essentials of Applied Macro
Base Camp examines the principles of macroeconomics, various forms of policy, interest rates, and how these forces come together to influence the business cycle and ultimately financial markets.
Chapter 1: Introduction To Macro Principles
Chapter 2: A Guide To Practical Economics
Chapter 3: The Data
Chapter 4: Leading Economic Indicators (LEIs)
Chapter 5: Anticipatory Economic Indicators (AEIs)
Chapter 6: Monetary Policy
Chapter 7: The Yield Curve
Chapter 8: Fiscal Policy
Chapter 9: The Currency
Chapter 10: Other Long-Term Economic Influences
Chapter 11: The Equity Market
Chapter 12: Earnings Expectations (EPS)
Chapter 13: Market Multiples (P/Es)
Chapter 14: An Alternative Take On Dividends
Chapter 15: Market Cycles
Chapter 16: Market Valuation Models
Chapter 17: Fixed Income Markets (Bonds)
Chapter 18: Behavioral Finance
Level 2 (Path A)
A Global Approach to Portfolio Strategy
Level 2 (Path A) focuses on the global economic backdrop and actionable portfolio management techniques.
Chapter 19: From “Great Moderation” To “Era Of Uncertainty”
Chapter 20: Investing In The “New Normal”
Chapter 21: A History of Exuberance And Crisis
Chapter 22: The Investment Backdrop And Why It Matters
Chapter 23: The World’s Influence On U.S. Equities
Chapter 24: The Eurozone
Chapter 25: Japan
Chapter 26: China
Chapter 27: Asset Allocation Is A Global Affair
Chapter 28: Sector Positioning And The Business Cycle
Chapter 29: The Technology Sector
Chapter 30: The Consumer Discretionary Sector
Chapter 31: The Communication Services Sector
Chapter 32: The Industrials Sector
Chapter 33: The Financials Sector
Chapter 34: Defensives: Health Care And Staples
Chapter 35: Cyclicals: Energy And Materials
Chapter 36: Rate-Sensitives: REITs And Utilities
Level 2 (Path B)
Translating Macro into Micro
Level 2 (Path B) focuses on stock selection factors and macro model building for stock pickers.
Chapter 37: The Use And Misuse Of The Size/Style Matrix
Chapter 38: Growth Investing In The New Normal
Chapter 39: Value Investing In The New Normal
Chapter 40: The Classic Factors And Their Applications
Chapter 41: Valuation
Chapter 42: Manipulation (Quality)
Chapter 43: Governance
Chapter 44: Operating Efficiency
Chapter 45: Profitability
Chapter 46: Factor Leadership And The Business Cycle
Chapter 47: Model Building In The Era Of Uncertainty
Chapter 48: Monitoring A Portfolio For: Credit Downgrades
Chapter 49: Monitoring A Portfolio For: M&A Activity
Chapter 50: Monitoring A Portfolio For: Sentiment/Crowding
Chapter 51: Monitoring A Portfolio For: Red Flags And Torpedoes
Chapter 52: Strengths And Weaknesses Of Classic Investment Strategies
Chapter 53: Value Traps And Other Common Pitfalls
Chapter 54: The Dos and Don’ts of Stock Selection
What can I expect?
Getting Started
Study Materials
Exam Locations
Share Learnings
ESSENTIAL Readings
Essential readings are outside reading materials, such as academic articles or portions of books that provide context for the core M²SD content. They are generally authored by experts on the topic at hand and are included in the exam material.
Find out what M²SD has to offer
See how the M²SD program can make you a better investor. Download the course brochure to find out more.