for me it's a little of both. Closest to body I will place an h1 with company name and then a short h2 of a keyword dense sentence (much like a meta description). If needed I'll go ahead and add another p tag and give more content. Enough to get noticed, but not cause a screen reader to go on for ever before getting to any type of navigation.
So this is my 2 cents. Put some keyword heavy content as close to the top/body as makes sense. But not necessarily all your content before the navigation.
Either way, content is king in this web world! No matter where it is... but it should be everywhere!