Chapter 1 deals with the relative importance of countries, sectors, and industries in the developed markets and contains tests for what drives the average stock return and the homogeneity of each class of asset. Chapter 2 examines the opportunities available for stock selection within countries and sectors and attempts to relate these opportunities to those available to top-down decision makers and Chapter 3 closes with a discussion of ideas for further research related to implications for the information coefficients of stock selection versus those of country selection