Which of the following statements is true about the importance of understanding the decisions that management makes when estimating the intrinsic value of the company that they work for?

1.Failing to understand how management makes decisions may lead to them making unethical decisions

2.Failing to understand how management makes decisions may lead to the market becoming inefficient

3.Failing to understand how management makes decisions may lead to them undertaking risky projects

4.Management's decisions ultimately determine the profitability and risk of the company