问题
单项选择题
The efficient market hypothesis implies that fundamental analysis:（）
A. can achieve superior returns by extrapolating historical data.
B. will be successful if transaction costs are minimized by focusing on a limited number of large-capitalization stocks.
C. requires the analyst to predict movements in relevant variables that affect rates of return.
答案
参考答案：C
解析：
The efficient market hypothesis implies that, to be successful, fundamental analysts must be able to both identify and predict variables that are relevant to the valuation process.