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