Following the Theory of the "Efficient Market Hypothesis" All of the Following

Multiple Choice

Following the theory of the "efficient market hypothesis" all of the following are true EXCEPT

A) at any point in time, security prices fully reflect all public information available about the firm and its securities, and these prices react swiftly to new information.
B) since stocks are fully and fairly price, it follows that investors should not waste their time trying to find and capitalize on mispriced (under- or over-valued) securities.
C) securities are typically in equilibrium, meaning they are fairly priced and their expected returns equal their required returns.
D) the Warren Buffets of the market have proven that stocks are not fully and fairly priced, so investors should spend time searching for mispriced (over- or under-valued) stocks.