YOUR FINANCIAL EDGE

Praise for Your Financial Edge "Paul McCulley is the man to heed. His knowledge of financial markets runs deep, and his experience has been the best. Beyond all his financial and economic wisdom, he is a human being with inborn instincts of kindness and thoughtfulness-attributes that bring to the reader something richer than just hard facts and sage advice. Jonathan Fuerbringer is the perfect partner for this project, a master of lucidity and a longtime observer of the best and the worst habits of investors." -Peter Bernstein, bestselling author of Against the Gods "Paul McCulley's insightful observations on the economy and financial markets are key inputs to our investment thinking. This book provides analytical tools and actionable advice that can greatly improve your ability to navigate today's complex financial environment. Learn from a master (and maybe even future Federal Reserve Board member) and become a better investor." -Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management "Paul McCulley is just the man to bring 'that ole-time religion' of economics into the new age of investing and help the reader to make coherent sense of just what is going on here. I should know...I listen to his counsel every day here at PIMCO, and for anyone who lacks a key to our door, this is the next best thing! Profit by the prophet-and yes-enjoy." -William H. Gross, Managing Director, PIMCO "In this highly readable book, McCulley and Fuerbringer provide valuable insights, including how the world of policy making impacts investment decisions. Their entertaining and thoughtful analysis is accompanied by a series of penetrating real-life examples that demonstrate the choices facing investors as they seek to maximize returns and minimize risk. With its wisdom and unique perspective, this book will be of interest to both institutional investors and policymakers." -Dr. Mohamed A. El-Erian, President and CEO, Harvard Management Company, member of the faculty, Harvard Business School, and Deputy Treasurer, Harvard University "There's a reason Paul McCulley is a favorite among financial pros and journalists all over the world. He anticipates investment trends before they happen and helps both professional and amateur investors stay ahead of the curve. This is a must-read book for anyone who wants to build and protect their portfolio in the risky decades ahead." -Consuelo Mack, Anchor and Managing Editor, Consuelo Mack WealthTrack

Paul Mcculley is a portfolio manager and Fed watcher who has been with PIMCO, one of the nation's largest and most prestigious fund companies, since 1999. He is an economist who has an MBA from Columbia University and has worked on Wall Street for twenty-five years—with stints at EF Hutton, Columbia Savings and Loan, and UBS Securities. McCulley has written about interest rates, the falling dollar, the impact of China, Alan Greenspan, and much more.
Jonathan Fuerbringer was a reporter for the New York Times for twenty-four years and, before that, for the Washington Star and the Boston Globe. When he was based in Wash-ington, he wrote about the Federal Reserve, Congress, and presidential economic policy. He also covered the Washington fallout from the crash of 1987. From New York, Fuerbringer followed the stock market bubble of the 1990s and the aftermath of 9/11.

Acknowledgements.
Introduction.
1. New Steps.
2. More Than Stocks, More Than Bonds.
3. What Can Go Wrong.
4. Reading the Federal Reserve.
5. Prices and the Fed.
6. McCulley.
7. Speaking Of...
8. Driving Your Portfolio.
Notes.
Index.
About the Authors.