Many experts agree there is no perfect method for individual stock selection; the choice of what procedure to follow depends upon each individual investor. Most experts agree that at the very beginning of developing your stock portfolio, you should engage in intensive research. In the research phase, you may identify themes, markets, segments, industries, or brands on which to focus. This may be followed by an analysis of such fundamental variables as the potential target’s size, debt load, P/E ratio, competitive threats, and earnings potential. Some experts will even test to see how the stock price moves upon the release of news, or how the stock price reacts to certain events that may occur during the course of a year or other historical period. Other investors who seek growth in a stock’s price from the date of purchase may look at the company’s asset value to see if there is hidden value the market seems to have missed. Many experts assert the importance of knowing at what price to acquire a stock, since if you acquire the equity at a relatively high price, it may take a much longer time to realize your goal for the expected rate of return on the investment.