The BCA Way: Our principles, your portfolios

Our framework – which we call the BCA Way – has guided BCA Research since 1949. It has enabled us to become the largest independent macro research firm in the world. And it allows us to spot market turning points when it matters most.

We unapologetically focus on what matters. Here’s what sets us apart.

We are:

Macro-obsessed. Asset allocation – not stock picking – drives portfolio performance, and that has been core to our longevity. Our focus is on the big picture, addressing all major asset classes, whether equities, fixed income, FX, commodities, energy or private markets. We aim for long-lasting, positive impact on our clients’ portfolios.

Specialized. From China to commodities, fixed income to private markets, we rely on seasoned, specialist professionals for deep insights. Complex areas demand coordinated expertise. Our range of expertise allows us to connect the dots across all asset classes, markets, and regions and produce sound investment research for our clients.

Data-driven. We do not cherry-pick information to fit narratives – we let the data take the lead. We bring key data to clients, preventing them from drowning in the details. As a firm, our heritage is deep, and we have built 75 years’ worth of proprietary data, providing evidenced backing behind all our calls and predictions.

Ideology-neutral. We tap into the best ideas across all macroeconomic schools and use various frameworks as and when we find them relevant. But with 75 years of history, we know that liquidity, debt, and credit cycles are key. We use the same framework in our geopolitical analysis, remaining free from national and ideological biases.

Fiercely independent. We do not trade, run money, or provide investment banking services. Our loyalty is to one thing: delivering sharp, unconflicted insights on behalf of our clients. We call it like we see it, even when it’s bold, controversial or against consensus. When the market zigs, we’re not afraid to zag – and we’re more than happy to make our positions known in the public domain. Peter Berezin ’s against-consensus bullish stance in 2023 on the S&P 500 is just the most recent example (he’s bearish now).

Qualitative. Economic insights are vital, but markets don’t always play by the rules. We bridge the gap between economic science and markets, balancing data drawn from trends and current affairs, ensuring every piece of our analysis undergoes a “So what?” test. Macro investing is more of an art than a science.

Contrarian (not argumentative). If you’ve ever watched BCA Live & Unfiltered, the broadcast of our daily meeting, you’ll know that our views emerge from robust internal debates, challenges and intellectual sparring matches. Debate sharpens our insights and acts as quality control for our analysis.

Big thinkers, big team. With the largest macro-focused team among independent research houses, we marry deep expertise with broad thematic thinking. We have six offices across the globe, sixteen senior strategists and 60-plus researchers – a vast, borderless reach of expertise.

The BCA Way has allowed BCA Research to thrive for 75+ years and cements the strong relationship we have with our clients.

Today, this approach continues to produce bold calls. Whether it’s Marko Papic forecasting a bond market riot or Matthew Gertken predicting a major oil supply shock, we are looking around corners and seeing trends others do not.

At BCA, we’re not just another research firm. We’re your partners in navigating the chaos and making the big calls.

Curious to find out more? Click here to connect with an account manager.

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