1. Industry Life Cycle Discuss the industry life cycle, how this concept can be used by security analysts, and the limitations of this concept for security analysis. 2. P/E Ratio The price/earnings ratio, or multiplier approach, may be used for stock valuation. Explain this process and describe how the "multiplier" varies from the one available in the stock market quotation pages. 3. Financial Statements In an increasingly globalized investment environment, comparability problems become even greater. Discuss some of the problems for the investor who wishes to have an internationally diversified portfolio.