No company is an island

Many fund managers claim to be pure 'bottom-up' stockpickers, but as the recent stockmarket environment has proved, no company is an island. Companies can quickly become unstuck through macroeconomic factors such as interest rates or inflation. Exchange rate factors will influence any company that imports or exports goods and high commodity prices will raise costs. What are the main macroeconomic influences on markets and to what extent do fund selectors bring them into their decision-making? Macroeconomic influences such as inflation, economic growth and employment have a major influence...