Выражение встречается в следующем контексте:
In the same way that I approach each instrument, spread, or ratio from a technical perspective, when I look at the macroeconomic data, I want to slice and dice the data in every way possible, over as many time frames as possible, to get the full picture. Just as things evolve technically, the macroeconomic fundamental backdrop evolves from the bottom-up, with evidence of a potential shift in trend first exhibited in the microdata.
Herein lies the conundrum in approaching the markets with a top-down strategic methodology; analysis, as it applies to macroeconomic trend reversals, appears first at the bottom and evolves upward.

Заранее спасибо