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Investing From the Top Down: A Macro Approach to Capital Markets: A Macro Approach to Capital Markets [NOOK Book]

Overview

In Investing 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) ...

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

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Overview

In Investing 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 plummets




Investing from the Top Down covers 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 Down provides 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.
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Product Details

  • ISBN-13: 9780071641562
  • Publisher: McGraw-Hill Education
  • Publication date: 9/12/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 304
  • File size: 4 MB

Meet the Author

Anthony Crescenzi, chief bond strategist at Miller Tabak & Co., is the author of The Strategic Bond Investor and Stigum's Money Market, 4th Edition. He frequently appears on business and finance programs, including NBC's “Wall Street Journal Report,” CNBC, and Bloomberg. He is a contributor to realmoney.com.

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Table of Contents

Section I: Investing from the Top-Down





The Leading Top-Down Factors:





When to Buy





When to Sell





Section 2





Equities





Consumer cyclicals





Basic materials





Financials





Health care





Oil & gas





Technology





Utilities





Fixed-Income Securities





U.S. Treasuries





Investment-grade corporate bonds





Junk bonds





Agency Securities





Mortgage-backed securities





The money market





Emerging debt markets





Commodities





Grains





Metals





Industrials





Currencies





Real estate





Private equity





Section 3





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



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