Top-down is an investment strategy which first finds the best sectors or industries to invest in, and then searches for the best companies within those sectors or industries. This investing strategy begins with a look at the overall economic picture and then narrows it down to sectors, industries and companies that are expected to perform well. Analysis of the fundamentals of a given security is the final step.

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Note added at 14 hrs (2007-02-17 10:32:24 GMT)
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There are more options:
ملف المعلومات للتعامل مع فرص الاستثمار شموليًا ثم تفصيليًا
ملف معلومات التعامل مع فرص الاستثمار شموليًا ثم تفصيليًا
ملف معلومات التعامل مع فرص الاستثمار من أعلى إلى أسفل

ترجمة طويلة نسبياً للتعريف بغرض التوضيح ويمكن اختصاره
بأنه منحنى توزيع الموارد من أعلى لأسفل أو لعلك تجد ما هو أفضل

Resource envelope: the upper limit for expenditure for the upcoming budget based on expected revenues and deficit and debt targets. Ideally the resource envelope should be set during the strategic phase of the budget process so that expenditure is planned within a realistic constraint. In a good system resource envelopes will have a multi-year horizon.

The "top-down resource envelope" is fundamentally a macroeconomic model that indicates fiscal targets and estimates revenues and expenditures, including government financial obligations and high cost government-wide programs such as civil service reform. To complement the macroeconomic model, the sectors engage in "bottom-up" reviews that begin by scrutinizing sector policies and activities (similar to the zero-based budgeting approach), with an eye toward optimizing intra-sectoral allocations.

الترجمة تعطي أقرب معنى للمصطلح الاقتصادي الحديث، حيث أن ما يستجد من مصطلحات تكون مبنية على ما سبقها بشكل منطقيي يصعب على الترجمة التقليدية تتبعها

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Note added at 22 hrs (2007-02-17 18:10:47 GMT)
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Envelop
يمكن أن تترجم هنا "المجموع" أو "المحتوى " أو "المنهج الخاص بتحليل الموارد" وهو ما وضع في الترجمة

The author is listing three items.. the resource envelope, AND (but we don’t use and unless until very the end) MTEF, AND *ultimately* the matching, etc, etc. Thereupon, the sentence requested by Mr. Wadan should not be confused and has nothing to do with the following sentence because the following sentence is NOT a predicate.

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Note added at 21 days (2007-03-09 21:58:22 GMT)
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Perhaps I should clarify that the confusion was not on the part of Mr. Wadan.