证券市场策略分析的三要素是什么？如何运用？

如题，证券市场策略分析的三要素是什么？如何运用？请高手解答，论坛币不多，只悬赏10个吧。谢谢啦。

一、确定投资目标，进行风险评估。
二、资产配置，在股票投资多少，在债券投资多少，在其他领域投资多少。
二、调仓频率，结果评价。

http://www.finweb.com/investing/basic-investment-strategies.html

Your investment strategy deals with the overall, long-term guidelines that you set up and implement in an attempt to ensure success in meeting your financial goals. Most strategies used to invest in the stock market fall into three general categories: (1) fundamental analysis, (2) technical analysis, or (3) buy and hold the market. Let's examine each technique.

The fundamental analysis approach is primarily concerned with value; it examines factors that determine a company's expected future earnings and dividends as well as the continued dependability of those earnings and dividends. It then attempts to put a value on the stock accordingly. Therefore, an investor who uses this approach seeks out stocks that are a good value; in other words, stocks that are priced low relative to their perceived value. The assumption is that the stock market will later recognize the value of the stock and its price will consequently increase.

The investor who uses technical analysis attempts to predict the future price of a stock or the future direction of the market based on past price and trading volume changes. This approach assumes that stock prices and the stock market follow discernible patterns, and if the beginning of a pattern can be identified then the balance of the pattern can also be predicted well enough to yield returns in excess of the general market. Most academic studies of this approach have generally concluded that investing based on purely technical analysis does not work well.

The buy-and-hold-the-market approach is the benchmark against which any other approach to market investing should be measured. This strategy provides the returns that would be obtained by buying and holding the stock market, often defined as the Standard & Poor's 500. Of course, no individual investor would likely buy all 500 stocks that make up the index (although this can be achieved by buying shares in an S&P 500 index mutual fund). By investing in a large number of well-diversified stocks, however, an investor can build a portfolio which closely resembles the S&P 500.

The buy-and-hold-the-market investment approach is used as a benchmark because no other investment approach based on analysis is valid unless it can outperform the market over the long run. When an investment produces a return that's above the market return with the same risk, the difference between the two returns is referred to as an excess return. The excess return represents the added value of the approach that's used.

The type of strategy that you ultimately employ will depend in large measure on your conceptual views of two basic stock market theories. According to the efficient market theory, stock prices reflect all publicly available information concerning that stock and so are extremely close to the true value of the stock. This is not to say that prices reflect the stock's true value at all times, but that prices on average reflect the stock's true value. Variations about this average price can exist. Conversely, the random walk theory (named for the seemingly random steps of a drunken person) expounds that these variations are unpredictable; sometimes they are positive and sometimes negative. As such, they are unpredictable; they cannot be used to obtain excess returns.

Therefore, the investor who believes that the market is efficient would see no point in pursuing the fundamental approach which seeks to find stocks that are selling significantly above or below their value, because the price very closely reflects the stock's true value. Alternatively, this investor would concentrate on developing a more efficient portfolio rather than concentrating on specific stock selection, a portfolio that provides returns closest to the market's return at a specified level of market risk. The investor simply determines the amount of risk that he or she is willing to bear and then builds the portfolio accordingly.

Investors who believe that the market is inefficient proceed on the assumption that variations in the way people receive and evaluate information cause the prices of some stocks to deviate significantly from their true value. Therefore, they see occasions for finding under- and overpriced stocks through diligent analysis, and believe that they're able to outperform a buy-and-hold-the-market strategy.

Based on substantial research evidence, many analysts believe that the market often is inefficient, and that there are indeed opportunities for outperforming the market. The excess return potential generally appears to be in the range of 2 to 6 percent annually. Over a lifetime of investing, even relatively small additional returns such as this can lead to substantially greater wealth.

在cfa或证券中就是公司面　基本面和技术面；　我们国家分析与标准理论讲还会加一个政策面，或把政策面归到基本面中

  
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Instructions

    Big Picture
        1

        Look at the economy as a whole to get the big picture. The economy underlies everything the stock market does. By understanding the macroeconomic view you can get an idea of trends in the market. Start by looking at the Gross Domestic Product growth rate to see how fast the economy is growing.
        2

        Look up current rates of inflation to see how much a dollar today will be worth tomorrow. Inflation is tracked with indexes such as the Consumer Price Index and Producer Price Index.

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        3

        Research other economic data such as job growth statistics and reports from the Federal Reserve. The Federal Reserve Board regulates banks, controls inflation and stimulates economic growth. Because it has a powerful regulatory role the market watches the Fed's reports closely and they often become self-fulfilling prophecies.
        4

        Read a newspaper to find out what external forces may be affecting the stock market. Look closely at politics, world events and current fashions.
    Current Performance
        5

        Look at current performance in the stock market. Market indexes such as the Dow Jones Industrial Average or the S&P 500 provide a summary of the market's current performance.
        6

        Determine which industries are up and which are down. Also look for companies that are moving opposite their industry. This can be a sign of unique characteristics or it could be a sign of things to come for the whole industry.
        7

        Try relating this information with the macroeconomic information that you gathered. It may be helpful to look at financial news sources for additional explanations of current performance.
    Fundamentals
        8

        Choose a company to research in depth. Perhaps you found a company that is behaving differently than its competitors. This would be a good target for further analysis. Otherwise choose a stock you may be interested in buying.
        9

        Look up the company's public financial information. A recent annual report or quarterly earnings statement will be sufficient.
        10

        Consider information in per share terms. You can't compare across companies with total numbers like revenues or earnings, but if you convert them to per share information, the comparison is easy. You can find per share data on many websites and in some of the financial reports filed be the company. Or you can convert the data yourself by dividing the total figures by the number of shares outstanding.
        11

        Compare quarterly growth using percentages. If a company increased its sales from $1 per share to $1.10 last year, then this year it will have to grow by more than $.10 per share to continue growing at the same rate.
        12

        Examine the companies' balance sheet. The information there is an effective way to compare the financial strength of two or more companies.
    Technical Perspective
        13

        Analyze your stock's technical situation. Technical analysis interprets trends in volume and share price to determine when to buy or sell stocks.
        14

        Gather charts showing per share price and volume fluctuations over different periods of time. Check if your stock is below or above its 50 and 200 day moving averages.
        15

        Research technical indicators that will help you understand your company's stock better. One helpful tool is the stock's moving average.
        16

        Check your stock charts for any indicators that you consider helpful.


Read more: How to Analyze the Stock Market | eHow.com http://www.ehow.com/how_2053527_ ... .html#ixzz1uqpMDq4f

如果是技术分析可以答价格、成交量、时间