Q10. Adapted from CFA Level 1 exam. As you learned from Fin 132, analysts are generally classified as either fundamental analyst or non-fundamental analysts. We need both groups in the industry. Please assign each of the following analysts as either a fundamental analyst or non-fundamental analyst.

Case 1: John believes that cash flow (including EPS), discount rate, and the growth rate of cash flows determine the fair value of a stock. So, John is a

a. Fundamental analyst

b. Non-fundamental analyst

Case 2: Mary believes price trend and quantity of orders (bid and ask as they arrive and fluctuate) determine the fair value of a stock. So, Mary is a

a. Fundamental analyst

b. Non-fundamental analyst.