client 3

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：

Client 1.

Client 2.

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。