Getting Started
Welcome to the Topdown Charts Entry-Level Service!
I want to personally thank you for joining the service and I hope you get the most out of your subscription.
This section will help you get the most out of your subscription (including troubleshooting) + provide a bit of background on what this service is all about and what you get as a subscriber.
Here is what I will cover in chronological order:
Key features of the Topdown Charts Entry-Level service
Who is behind this? What are the goals of this service?
Reading List (timeless insights, notes)
FAQ and Troubleshooting
Reviews & Testimonials
1. Key features of the Topdown Charts Entry-Level service
Paid subscribers have access to the following key reports and benefits listed below, in addition to the resources available to free subscribers such as: the Chart Of The Week, Education section and occasional special reports.
A. The Weekly Insights Report
The Weekly Insights Report (sent out on Mondays) draws key charts and findings from the Global Cross Asset Market Monitor and Weekly Macro Themes reports of the Professional Service (i.e. the full version/institutional research service —which includes all the reports and greater access, in contrast to the more affordable and concise Entry-Level service here).
Key Features of the Weekly Insights report:
Global markets update (key price developments across asset classes and markets, notable charts, encompassing: commodities, global equities, fixed income, FX).
Market themes (short-term ideas or risk alerts, important trends)
Macro/market radar (key events and data in the week ahead, important price developments to keep tabs on, research agenda)
Ideas & Insights Section (specific investment ideas, risk alerts, macro themes)
Ideas Inventory (collation of current live ideas/views)
Basically it helps you keep tabs on the global macro-market pulse, brings you a flow of interesting ideas, helps you stay alert to emerging risks, and explores important macro themes and trends to help you get ahead.
B. Monthly Asset Allocation Review
The Monthly Asset Allocation Review draws from the monthly Market Cycle Guidebook of the Professional Service — which is designed to be a reference guide for asset allocators and fund managers who require top-down perspectives.
Key Features of the Monthly report:
Big picture outlook
Cycle/Monetary/Valuations map
Past month asset class performance commentary
Global economic outlook and risk backdrop
Summary short-term and medium-term view across asset classes
Asset Class ratings + tactical asset allocation model
Capital market assumptions (longer-term expected returns)
The monthly report is sent out at the start of the month and helps round out the service by giving you important perspectives to make your job of managing portfolios and asset allocation easier —helping you avoid blind spots, providing a consistent basis for decision making, and building clarity on the key drivers of risk and return.
C. Special Reports, Archives, Comments Section (+Q&A)
Along with those core parts of the service, we also send out occasional special reports (e.g. End of Year Special Report, start of year outlook/charts, educational and research process notes). Subscribers also get access to the full archive of reports and are warmly welcomed to partake in the comment section discussion + Q&A (questions and requests are encouraged).
Other Services by Topdown Charts
Paid subscribers of Topdown Charts Entry-Level or Professional services also are entitled to (on an opt-in basis) The Weekly ChartStorm (weekly collection of charts and commentary on US markets), The Gold Market Chartbook (monthly chart pack on gold), and The Australian Market Valuation Guidebook (Aussie markets/assets). This considerably raises the value of a paid subscription to Topdown Charts services given the cost savings involved in this and additional resources gained.
2. Who am I? What are my goals with this?
Topdown Charts was founded in 2016 by Callum Thomas (see bio below):
Topdown Charts is a New Zealand registered and headquartered company, and is a 100% independent pure investment research firm (no conflicts of interest, no embedded biases). The focus of the research is global economics and asset allocation. The aim is to serve as a trusted and valued resource for portfolio managers and investment advisors. This is achieved by delivering high quality insights powered by innovative and original charts/indicators, and personalized service - with the perspective of a multi-asset portfolio manager front of mind.
The Entry-Level Service — How it started…
As noted, Topdown Charts is focused on providing high quality global asset allocation research to some of the world’s largest institutional investors.
BUT! …we kept getting requests from people who were either not in that category -- or who were in that space but either lacked the budget for the full service, or simply just lacked the bandwidth to consume all the glorious detail of the full service…
So the intent here was to create something that condenses down what we do with the full service, to provide a highly useful entry-level experience for:
People who are time poor: they just want the key points
but they don’t want to miss emerging themes and ideas
and/or don’t have the institutional budget
and who want a selection of charts that capture critical issues, but also want the context, the conclusion — the “so what?“
Key Benefits:
[Better Investment Decisions] Get onto emerging risks + opportunities
[Perspective] Stay informed on macro trends, market developments
[Access] Exclusive charts with a clear “so what?“
It’s like having an investment strategist in your corner, helping you stay on top of macro and markets — pointing out critical risks and opportunities so you can save time and get ahead in your investment goals.
Our Goal: our goal is to bring you interesting ideas, risk management alerts, and keep you informed on the big picture themes that will impact your portfolios one way or another —within the context of a global multi-asset portfolio.
Simply put: We help you make investment decisions with confidence.
Feedback from subscribers, performance of views and ideas, and simply the fact Topdown Charts has faced the test of time (been in business for almost a decade now) gives me confidence I am delivering on this goal —but while also constantly raising my standards and quality over time.
3. Reading List (of timeless articles)
You can find the latest reports on the home page, you can also read them in the Substack App, or simply in your email inbox. Aside from that you can browse the full archives back to 2021 [Here].
Aside from the regular reports, I’ve collated a few articles which I think will be useful regardless of the current market situation but also notes that give a good insight into how we approach things and a demonstration of our work and track record.
Research Approach and Process Insights
End of Year Special Reports [collection of the year’s Best/Worst/Favorite charts — basically a report card for the year]:
Chart of the Week (timeless charts)
See Also: ChartStorm Perspectives Pack (2025 Update)
n.b. If there is something in particular that you would like me to cover in greater detail or go over in a deep-dive session, simply let me know and I will put it on the agenda.
4. FAQ and Troubleshooting
I am always happy to help, but here’s some guidance and links to easy-to-follow instructions to help resolve the most common issues that get raised.
How to Log On — if you have trouble logging on see detailed instructions here [click].
Not Receiving Emails — the first thing to check is make sure the emails haven’t landed in your spam/junk box (maybe add the sending address i.e. topdowncharts [@] substack.com to your contacts or whitelist), but failing that please see detailed instructions here to fix it [click].
Change your Email Address — please note I am unable to change your email on my end, you will need to do that yourself in Substack, detailed instructions here [click].
Update Credit Card Details — simply visit the account settings page for the email your signed up under at Substack, see detailed instructions here [click].
Cancel Subscription — you can easily unsubscribe at anytime but clicking the unsubscribe button, or you can log-in to Substack and update your settings, see detailed instructions here [click].
For anything else either get in touch (you can click the below button to direct message me, or you can reply to any email from me, or post in the comments section).
Please also review the Substack Support section for any other technical matters that may arise around your account, access, or admin/billing etc.
But otherwise I hope you have a smooth and trouble-free experience with us, which the overwhelming majority of people do.
5. Reviews & Testimonials
The Topdown Charts Entry-Level service has been up and running for 4 years now, and our paid subscribers by all accounts have plenty of great things to say about it.
Surveys show 90% of paying subscribers think that the service is either good or very good — and would happily recommend Topdown Charts to friends and colleagues.
Most respondents said they subscribed for the charts, naturally, but subscribers also appreciate the commentary, and how it helps make them think, identify ideas, and expand their knowledge base. I think that’s important I’d say for all of us, and quite valuable too if you think about it.
Other themes and comments in feedback we’ve received:
Unbiased and independent
Gives me an edge over my peers
Simple but powerful, usable insights
Helpful in visualizing the big picture
Great summary of current macro perspective
Material is concisely and thoughtfully presented
Efficient insight into markets and market behavior
To check out all of the reviews, surveys, stats, and testimonials click through to the reviews section below:
