Portfolio management tends to separate the functions
of Asset Allocation and Stock Selection, so the person
responsible for reviewing an expert's report on a
company would typically be choosing between
companies rather than between a company and cash or
bonds. How these choices are made depends on the
investment time horizon, philosophy and style. Two
styles, momentum investing and value investing are
contrasted and the role of valuation methods within the
framework of each style is evaluated. Finally, pricing is distinguished from valuation.