while equity valuation focuses on discounted cash flows.

问题如下：

Tomas Gorski recently joined Wabash as a commodity analyst after several years with another firm as an equity analyst. He meets with a senior commodity analyst at Wabash, Pilar Moreno. She asks Gorski, “What differences are there between valuing commodities and valuing equities? In response, Gorski makes the following statements:

Statement 1 Commodity valuation focuses on supply and demand, while equity valuation focuses on discounted cash flows.

Statement 2 Commodities do not generate future cash flows beyond what can be realized through their purchase and sale.

Statement 3 Equities and commodities are both considered financial assets.

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：

Equities represent financial assets, whereas commodities are almost always physical assets (the exception being newer classes of commodities, such as electricity or weather).