[单项选择题] Compared to investors with long investment time horizons, investors with

[单项选择题] Compared to investors with long investment time horizons, investors with short investment time horizons most likely require:（）

A. Less liquidity and less emphasis on capital appreciation.

B. Less liquidity and greater emphasis on capital appreciation.

C. More liquidity and less emphasis on capital appreciation.

C

Investors with short time horizons generally have a greater need for liquidity and lower risk tolerance because they have less time to recover form any performance shortfalls. Capital appreciation is an aggressive strategy that would not be appropriate.