问题
单项选择题
Assuming market efficiency, which of the following statements regarding technical and fundamental analysis is FALSE（）
A. Technical analysis that relies exclusively on historical data has no value.
B. Evidence indicates it is possible to obtain superior returns by investing in mid-cap firms since they tend to be followed by fewer analysts.
C. The only way to obtain superior results using historical data is to perform a top down analysis examining first the market, then the industry and then individual firms.
答案
参考答案：C
解析：
Assuming market efficiency, any approach, including a top down approach, will not produce superior results as long as it relies exclusively on historical data.