How macro matters
Dylan Grice of Societe General penned on excellent piece on how to incorporate macro analysis (the environment around you) into your micro analysis (equity valuation).
I also used to think I only needed to focus on bottoms-up analysis. Having learned some painful lessons, I decided to start rectifying that situation about 6-9 months ago. Now I give more consideration to the macro environment as I make investment decisions (my latest example is here http://caps.fool.com/Blogs/i-feel-it-is-time-for-caution/390409)
Enjoy and Fool on!