According to Citigroup strategist Robert Buckland, the financial advisory business operates largely on trends. "We still meet too many fund managers who, two years ago, were diehard stock pickers and would never see a strategist. Now they are all over the latest moves in the Shanghai market or the ISM [Institute for Supply Management] index," Buckland says. "The bear market has bullied them into becoming much more top down, and their view on the market/economy is often the reason why they are reluctant to get on board the rally in riskier or more cyclical stocks." However, he says that more funds managers are now shifting back to stock picking, which can lead to higher returns.

Considering the Microsoft investors who put in $10,000 in 2004 have $3.5 million today, it's no surprise that top financial advisors are out on the hunt for "the next big thing." Industry-wise, some of the best stocks are in title insurance, retail, hotels, basic materials, movie production, confections, jewelry stores, silver, resorts and casinos. By contrast, some of the worst stock picking industries are wholesale, banking, auto parts wholesalers, food, diversified utilities and aluminum. Some people believe that "industries don't fall — companies do," so they try to spread their dollars across one dominant industry or two that seem to be bringing in decent returns consistently.

There are many different types of stock picking strategies. Some of the most common include Fundamental Analysis, Qualitative Analysis, Value Investing, Growth Investing, GARP Investing, Income Investing, CAN SLIM, Dogs of the Dow and Technical Analysis. While there is limited space to delve deeply into these complex strategies here, more information can be found at Investopedia (www.investopedia.com/university/stockpicking/stockpicking1.asp). Even when consumers learn financial investment techniques, there is no guarantee, however. According to Investopedia: "The bottom line is that there is no one way to pick stocks. Better to think of every stock strategy as nothing more than an application of a theory; a 'best guess' of how to invest."

For beginners, the idea of stock picking can be overwhelming. Before offering up hard-earned capital, it would behoove new investors to read a few books to understand how the system works. According to Amazon, some of the top-rated, best-selling stocks and investment strategy books include, If It Doesn't Go Up, Don't Buy It (by Al Thomas), Buffett: The Making of an American Capitalist (by Roger Lowenstein) and Get Your Assets in Gear! Smart Money Strategies (by Jan Dahlin Geiger). After reading up, some Americans wish to try stock meandering themselves, while others ask a financial advisor for assistance.

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