单选题 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.

【正确答案】 C

【答案解析】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.