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.