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 imp0rtant 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，并尝试运用。
