2.While stock selection is best approached from the bottom-up, ignoring the top-down can be extraordinarily expensive. The bottom-up can also inform the top-down. As Ben Graham pointed out True bargain issues have repeatedly become scarce in bull markets (James Montier) 2.1. Differentiate between the bottom-up and top-down approach to fundamental analysis.(3) 2.2. Do you think investors should choose between the two approaches, or do you believe that they are complimentary? (3)