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.
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
304 pages, Hardcover