Which One of the Following Statements Is Correct Concerning the One

Which one of the following statements is correct concerning the one stage approach being theoretically superior vis-a-vis the two-stage approach to security selection?

A) The two-stage approach allows managers too much freedom to violate the risk-return preferences of the client.
B) The two-stage approach does not allow managers to specialize in one particular asset class.
C) The one-stage approach is superior because it uses all available information relevant to the construction of an optimal portfolio.
D) The one-stage approach is preferred by most investment managers because it is simpler and cheaper to implement.