The EIC analysis means that, as a portfolio manager, you should:

a.

define your expectations about the business cycle and just choose the best companies in terms of historical performance in that particular business cycle

b.

always chose the best companies regardless of the industry and the business cycle

c.

define your expectations about the business cycle first, choose the industries that perform better in that business cycle and, finally the companies operating in those industries that seem more attractive.

d.

define the best companies to invest in first, then define your expectations about the business cycle.