[Solved] Which is <b>not</b> an implication of the EMH? A) To do superior industry or company analysis you must understand the variables that affect returns and do a superior job of estimating these variables. B) Aggregate market analysis that involves very detailed analysis of reliable historical economic data should outperform a simple buy-and-hold policy. C) A superior analyst is one who can consistently select stocks that provide positive abnormal returns on a risk-adjusted basis. D) If a portfolio manager does not have any superior analysts, he/she should consider investing funds in an index fund. E) If a portfolio manager has some superior analytical skills, they should be encouraged to concentrate in second tier stocks which have liquidity, but may be neglected. STI: Sexually Transmitted Infection; an infection transmitted through sexual contact, caused by bacteria, viruses, or parasites. Revenge Porn: The distribution of sexually explicit images or videos of individuals without their consent with the intent of causing distress or harm. Sexted: The act of sending sexually explicit photographs, messages, or videos via mobile phone or other digital devices. Familism: A social structure where the needs and interests of the family are more important and prioritized over the interests of any individual family members.