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Callum Thomas

Founder and Head of Research at Topdown Charts, an independent chart-driven global macro and asset allocation research firm based in Queenstown, New Zealand.

Dec 11, 2025

14:48
I'll leave you to describe it yourself.
14:51
Yeah, so I think, well, there's a few things come to mind.
14:55
And so I think the first one would be just, I guess, going back to the process where, again, you know, it's a lot of the way I kind of construct things or go about things is to actually go and look at each asset class.
15:12
by itself first.
15:14
And so, you know, I guess it's almost a bottom-up, top-down approach, whereas, you know, some top-down, you know, maybe the classical top-down interpretation is that you come up with some, you know, grand macro view and then every other view kind of trickles down off of that.
15:34
But I think it's quite a good approach from the standpoint that, you know, Well, it kind of keeps you grounded in what's going on with each of those assets so that if you do happen to get this broad macro grand story mixed up or wrong, and we always have to remind ourselves that failure is always an option, then at least you've started by having the other calls sort of grounded in this kind of base reality where that can help you you know, keep you out of trouble again, but also just keep you into things that, you know, that you might have missed if you had been just sticking to that.
16:21
Like if you just said, oh, it's recession, you know, and that guided everything else, then that's, you know, that's going to have, you know, lead you into places that, or lead you out of places that you might or might not want to be.

10 MINS LATER

26:38
I don't know if you had a chance to, to noodle on that and kind of consult your studies.

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