发亮_品职助教 · 2019年02月15日
这样理解没问题。
Top-down一般会先从Macro factors出发,然后由Macro因素决定 Industry sector allocation,有Industry的决策。
看这两句:
A credit investor has conducted extensive research on the European chemicals and consumer staples industries. He is constructing a portfolio of bonds issued by companies in these industries.
这个例题就是直接在行业里面选个股了。所以Bottom-up更适合。