Investing From the Top Down: A Macro Approach to Capital Markets

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-10-03
  • Publisher: McGraw-Hill Education
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InInvesting from the Top Down, Anthony Crescenzi, esteemed financial author and chief bond strategist for Miller Tabak & Co., explains how to develop new, highly effective investment strategies by taking a macro view of the factors shaping industries and markets. Emphasizing the importance of economic and market cycles (as opposed to a bottom-up approach, which places valuation ahead of the big picture) top-down investing is better suited for today's global economy and will likely become the dominant strategy in the future.Crescenzi provides more than fifty tools for analyzing domestic and international trends and indicators, such as GDP growth rates, inflation, interest and exchange rates, and energy prices. He then explains how to narrow your search down to region, total sales, price levels, competition, and entry/exit from market to make astute buying and selling decisions. Crescenzi explains why "thematic" investing is the ideal approach for: Taking full advantage of exchange traded funds (ETFs) Using the policies of central banks to steer your investments Designing diversification best suited for the long term Using sector selection to insulate your portfolio from risk Maximizing profits when market sentiment spikes or plummetsInvesting from the Top Downcovers every major financial instrument and investment choice, from bonds, treasuries, and currencies to real estate, private equity, and emerging markets. Crescenzi concludes with an extensive list of market indicators, providing specific advice on how to exploit them using a top-down investment strategy. Investing from the Top Downprovides everything you'll need to develop a sound strategy rather than making isolated choices. Comprehensive and forward-thinking, it will place you ahead of the game today and take you well into the 21st Century.

Author Biography

Anthony Crescenzi is Chief Bond Strategist at Miller Tabak & Co. as well as the author of The Strategic Bond Investor (0-07-138707-2) and coauthor of Stigum's Money Market, Fourth Edition (0-07-144845-4).

Table of Contents

Investing from the Top-Down
The Leading Top-Down Factors:
When to Buy
When to Sell
Consumer cyclicals
Basic materials
Health care
Oil & gas
Fixed-Income Securities
U.S. Treasuries
Investment-grade corporate bonds
Junk bonds
Agency Securities
Mortgage-backed securities
The money market
Emerging debt markets
Real estate
Private equity
Stock up or reduce inventories
Invest in capital equipment
Hire new workers
Choose a fixed rate or a floating rate debt obligation
Invest abroad
Manage foreign exchange risks
Table of Contents provided by Publisher. All Rights Reserved.

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