如何選擇股票（雙語）
However, analysts have not yet agreed on what PE ratio each industry or company deserves and there is no one way to determine the right PE ratio. Both approaches attempt to predict the future price movement of a stock. Fundamentalists study the cause of market movement while technicians believe that the effect is all that they need to know.
Despite their differences, both approaches try to increase your probability of picking up the right stock at a right price. However, these methods only increase your chances but do not guarantee complete success. Some believe that fundamental analysis is good for picking the right stock while technical analysis is appropriate to decide the right price or time to buy.
對于每個(gè)行業(yè)的本益比應(yīng)是多少，分析員們到目前為止還沒有定論，而且也沒有計(jì)算正確本益比的方式。技術(shù)分析和基礎(chǔ)分析都嘗試預(yù)測股價(jià)今后的走勢。它們的做法雖然不一樣，但都盡可能幫助投資者以合適的價(jià)格買入有增值潛能的股票。不過，它們都只能提高可能性，而不能保證成功。有些人認(rèn)為，基礎(chǔ)分析較適合用于選擇股票，而技術(shù)分析則適用于決定買入的時(shí)機(jī)和價(jià)格。
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.
對專業(yè)投資者來說，他們還必須決定分析的步驟。這將影響投資者把資金分配于不同市場和股票的決定?；旧希麄儧Q定市場的整體走勢還是公司本身對股價(jià)的影響比較大。這兩個(gè)因素都會(huì)影響股價(jià)，但程度可能不同。
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.
從上至下的方法側(cè)重于整體市場。它首先決定哪個(gè)市場能帶來較高的回報(bào)，然后再選擇具投資展望的行業(yè)和屬于這一行業(yè)的公司。這是個(gè)系統(tǒng)化的股票分析方式，認(rèn)為經(jīng)濟(jì)和行業(yè)是決定股票回報(bào)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.
而從下至上的選擇股票方式，無視市場和行業(yè)因素，重點(diǎn)是選擇市值低于股值的股票，認(rèn)為公司本身是決定回報(bào)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.
哪個(gè)方式能帶來較高的回報(bào)，并沒任何研究證明。最重要的是投資者懂得所選擇方式的優(yōu)缺點(diǎn)，并嘗試使用。
