问题如下:
Judy, a financial analyst, met three important clients and talked about their investment strategies separately this morning.
Client 1: I prefer to use long option during the investment, because in my experience long option position gives me excess returns with small risk. I am sure it has low probability of loss and will invest more long option products in the future.
Client 2: I have 25 years of investment experiences. I know that market prices can be affected by emotions of investors, therefore I focus on the buy and sell signals. I trust those analysts who also take price-volume analysis into consideration.
Client 3: I have my own investment strategy, which proves to outperform most investors' strategies: I sell a stock when its price goes up by 15% or when its price goes down by 10%.
Which client least likely support the weak form of efficient market hypothesis?
选项:
A.Client 1.
B.Client 2.
C.Client 3.
解释:
B is correct.
考点:EMH理论 - Weak-Form EMH的推翻
解析:如果weak form of efficient market hypothesis成立,技术分析是无法获得超额收益的。本题题干指出,要找到哪位客户不支持弱式有效市场假说,也就是这个客户认为技术分析是可以获得超额收益的。 Client 2 关注buy and sell signals和price-volume analysis,这些都是技术分析常用的方法。技术分析所研究的anomaly确实是来源于投资者的非理性决策,非理性的决策比如说追涨杀跌,追涨会使价格持续上涨,杀跌会让价格持续下跌,因此技术分析师可以通过价格趋势找到市场异常。所以选B。
请问client 3的说法不属于technical analysis中的trading range break吗?那么client 3的说法属于什么范畴呢?