Which of the following would NOT be a reason for market, industry, and company analysis（）
A. Firms within a given industry perform differently.
B. The market is generally a very important component of security returns.
C. Single industries perform consistently over time.
参考答案：C
解析：
The second step in the top-down, three-step valuation process is to identify those industries that will prosper or suffer during the time frame of your economic forecast. You should consider the cyclical nature of the industry under study. Some industries are cyclical, some are contra-cyclical and some are non-cyclical. Finally, your analysis should also account for foreign economic shifts. In general, an industry's prospects within the global business environment determine how well or poorly individual firms in the industry do. Thus, industry analysis should precede company analysis.