职场新人如何选择股票：高回报

　　For the professional investor, he has to take another step of deciding the sequence of analysis. This will have an impact on how the investor divides his money among different countries and stocks. Basically, the investor decides whether the market as a whole or the company itself is more important in determining stock prices. Both factors definitely influence stock prices but the degree of influence is the issue.

　　对专业投资者来说，他们还必须决定分析的步骤。这将影响投资者把资金分配于不同市场和

　　The top-down approach or sometimes known as the Economy-Industry-Company (EIC) model emphasizes the market over the company. It starts with the analysis of different economies to determine which country could offer the investor better returns.

　　In the selected economy, it searches for industries that provide better prospects and it picks the best companies within these industries. The top-down approach offers a systematic and structured way to analyze stocks. It advocates that the economy and industry effects are significant factors in determining the total return for stocks.

　　从上至下的方法侧重于整体市场。它首先决定哪个市场能带来较高的回报，然后再选择具投资展望的行业和属于这一行业的公司。这是个系统化的股票分析方式，认为经济和行业是决定股票回报的重要因素。

　　The bottom-up or stock picking approach believes in finding stocks that are undervalued which can provide superior returns irrespective of the market and industry factors. The company effect is the dominant factor in determining stock return.

　　而从下至上的选择股票方式，无视市场和行业因素，重点是选择市值低于股值的股票，认为公司本身是决定回报的最重要因素。

　　There is no overwhelming evidence to suggest which approach offers superior returns to the investors. The most important thing is that an investor is comfortable with a particular method, understands its strengths and limitations, experiments with it, finds that it works for him and abides by the method.

　　哪个方式能带来较高的回报，并没任何研究证明。最重要的是投资者懂得所选择方式的优缺点，并尝试使用。