问题如下：
At the PZ Company’s morning meeting between analysts and the sales staff, Fund manager Matthew gave a short presentation on the investment report. He is concerned that analyst of PZ Company overstates its strategy breadth, Matthew makes two conclusions:
Conclusion one: All the stocks in a given industry that are responding to similar influences cannot be counted as completely independent decisions, so breadth is lower than the number of assets.
Conclusion two: If there is price momentum effect in stock market, analysts who claim to evaluate securities each month will overstate their estimates.
Which of the following statement is most likely correct?
选项：
A.Conclusion one is correct.
B.Conclusion two is correct.
C.Both conclusions are correct.
解释：
C is correct
考点：practical limitations of the fundamental law
解析：
Conclusion one: 同一行业的股票，如果受相同因素影响，那么分析师采取的分析方法是相同的，股票与股票之间的预测不独立，因此预测次数少于股票个数的。
?Conclusion two: 由于股票市场是有惯性的，也就是涨的股票会持续上涨，跌的股票会持续下跌，那么一旦分析师观察到股票上涨，他很有可能预测下个月同样上涨。因此独立的实际预测次数是小于一年12次的，也就是会高估自己的预测次数。
老师您好momentum efffect也是体现在rou上面吗？还是需要用其他的方法来adjust？
