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What to read to learn about macro?
I often get approached by university students or graduates asking me what books they should read to learn about macro or investing. I don't have a definitive answer, but I can share some books that have heavily influenced my personal journey. In general, I have found that books on bottom-up investing or the psychology of investing tend to be higher profile and more well known. There are fewer well-known books on top-down analytical frameworks. 3 of my favorites in no particular order:
1. The Volatility Machine by Michael Pettis
2. Capital Returns: Investing Through the Capital Cycle: A Money Manager’s Reports 2002-15 by Marathon Asset Management & Edward Chancellor
3. Expected Returns by Antti Ilmanen
By Tian Y, Research