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估值的股票，认为公司本身是决定回报的最重要因素。