55.) Which of the following statements regarding fundamental analysis is NOT true?

a. Fundamental analysis values securities based on expected future cash flows.

b. Information used in fundamental analysis may be found in a company's 10-K filings.

c. Fundamental analysis requires an evaluation of macroeconomic conditions.

d. Fundamental analysis may look at contrarian indicators to determine buy or sell recommendation.

56.) Which of the following statements regarding fundamental analysis is(are) true? (1) The top-down approach begins with economic analysis, then industry analysis, and lastly company analysis. (2) The middle-out approach begins with industry analysis, then company analysis, and lastly economic. Analysis. (3) The bottom-up approach begins with company analysis, then industry analysis, and lastly economic analysis.

a. 1 and 3.

b. 2 only.

c. 1, 2 and 3.

d. None of the statements are true.