单选题

Compared to investors with long investment time horizons, investors with short investment time horizons most likely require（）。

A、 Less liquidity and less emphasis on capital appreciation.
B、 Less liquidity and greater emphasis on capital appreciation.
C、 More liquidity and less emphasis on capital appreciation.

【正确答案】 C

【答案解析】

Investors with short time horizons generally have a greater need for liquidity and lower risk tolerance because they have less time to recover form any performance shortfalls. Capital appreciation is an aggressive strategy that would not be appropriate.