state 3想确认一下

问题如下：

Which of Gorski’s statements about the differences in the valuation of equities and commodities is least likely correct?

选项：

A.Statement 2 B.Statement 1 C.Statement 3

解释：

Solution

C is correct. While equities represent financial assets, commodities are almost always physical assets (the exception being newer classes of commodities, such as electricity or weather).

A is incorrect because the statement is true. The standard financial instruments that are based on commodities are not financial assets, but derivative contracts with finite lifetimes. These contracts can and do have value, but they are contingent on other factors, such as the price of the underlying commodity.

B is incorrect because the statement is correct. Commodity valuation focuses on supply and demand; stock valuation focuses on discounted cash flows.