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

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

by Anthony Crescenzi

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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.

Product Details

ISBN-13: 9780071543842
Publisher: McGraw-Hill Professional Publishing
Publication date: 09/12/2008
Pages: 304
Sales rank: 1,198,074
Product dimensions: 6.10(w) x 9.10(h) x 1.00(d)

About 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.

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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