If the Financial Markets Are Highly Efficient, Then

Multiple Choice

If the financial markets are highly efficient, then:

A) investing based on technical analysis is highly recommended.
B) holding a diversified, low-cost, passively managed portfolio is probably your best investment strategy.
C) you should adopt an investment strategy based on market timing.
D) having a professional manager who actively trades your portfolio is most likely your best investment strategy.
E) it does not matter which securities you invest in as all securities will provide relatively equal returns.