^&* 11. Market Efficiency Implications (LO2, CFA2) Assume the market is semistrong form efficient.

The best investment strategy is to:

a. Examine the past prices of a stock to determine the trend.

b. Invest in an actively managed mutual fund whose manager searches for underpriced stocks.

c. Invest in an index fund.

d. Examine financial statements to find stocks that are not selling at intrinsic value.