Goodwin is most likely using a top-down approach to credit strategy, given the focus on trends in the global economy and believing the recent spread caused by geopolitical risks was an overreaction.
A top-down approach to credit strategy focuses on a broader set of factors affecting the bond universe in contrast to the more detailed and issuer specific bottom-up approach.
Macro factors critical to credit investors include economic growth, real rates and inflation, changes in expected market volatility and risk appetite, recent credit spread changes, industry trends, geopolitical risk, and currency movements.
这题完全答偏了，没想到问的是top down还是bottom up。这个问法是协会常规问法吗？identify the credit strategy appraoch，是不是问approach就一定是top down这些，如果就问identify the credit strategy我回答的就还行？因为他的目的是“ gain broad credit exposure while limiting transaction costs.“ short CDS应该是满足这个点的