Burgandy Asset Management: Top-Down vs. Bottom-Up

Top-Down vs. Bottom-Up by Joe Rooney, Burgandy Asset Management There are two common categories of investors: “top-down” and “bottom–up.” These terms refer to an investor’s starting point when approaching a potential investment. Top-down investors begin by evaluating the macroeconomic environment, while bottom-up investors start by researching individual companies. The debate between top-down versus bottom-up investing is not new and there is strong conviction on both sides. Burgundy has been a bottom-up investor since the day we opened our doors and this will not change. It is part of our philosophy and has contributed to an investment process that is both…