Determine whether each statement is consistent with the semistrong form of market efficiency.

a. Statement X: A local brokerage firm claims that following their strategy of investing in securities whose company name begins with the letter M, investors can earn a return that more than makes up for the risk associated with these securities.

b. Statement Y: Company Big invested in stocks during 1992 and earned a return of 10%. Company Little earned 15% during the same year.

c. Statement Z: Larry’s investment strategy requires him to buy stocks of those companies that announced earnings higher than last year’s. He claims that he can earn returns that are more than necessary to compensate him for the securities’ risks.