An analysis based on ratios should be supplemented with judgmental considerations such as the possible effects of new competitors like the Internet on newspapers, labor problems such as those experienced by the U$.$S$.$ auto industry, environmental problems such as those facing the U$.$S$.$ electric utilities, and the like. If the fundamentals of an industry change, then strong historical ratios won't help its future performance. True or false?

a$.$ True

b$.$ False