What is the difference between top-down and bottom-up as an approach to security valuation and selection?

A. Top-down is always a better choice for investors who are fiduciaries.

B. Top-down begins with global and macro analysis and ten moves toward a specific industry and then a specific company.

C. Top-down and bottom-up and roughly equivalent in their strategies.

D. Bottom-up begins with global and macro analysis and ten moves toward a specific industry and then a specific company.