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In the top-down approach to asset allocation, industry analysis should be conducted before company analysis because: A. most valuation models recommend the use of industry-wide average required returns, rather than individual returns. B. the goal of the top-down approach is to identify those companies in non-cyclical industries with the lowest P/E ratios. C. an industry's prospects within the global business environment are a major determinant of how well individual firms in the industry perform. |