Place the following steps of the Top Down Approach to Fundamental Analysis in the correct order.

- 1. 2. 3.

Due to differing reactions to economic cycles and behavior of market participants, identify industries that will benefit from the current and forecasted economic conditions.

- 1. 2. 3.

Identify the best companies in the most attractive industries using fundamental analysis, including SWOT analysis and ratio analysis.

- 1. 2. 3.

Analyze the entire economy to determine its current state as well as an economic forecast of key variables that will have an impact across a wide range of companies.