Surveying the past decade, one could say that macro-analysis fell into two camps, one questioning the propriety of the Fed’s balance-sheet expansion, the other saying “Don’t fight the Fed.” The Fedophobes lost big and the Fedophiles won big. But who’s to say that relationship won’t reverse this decade? This podcast (5:38) argues that the problem with macro-analysis is that it’s all too often a binary affair. A better approach, exemplified by Mohamed El-Erian’s recent interview in Investment News, raises good questions, warns of potential dangers and builds in portfolio flexibility. Learn more about your ad choices. Visit megaphone.fm/adchoices