10.7 Efficient Markets Hypothesis What are the implications of the efficient markets hypothesis for investors who buy and sell stocks in an attempt to "beat the market"? 10.8 Stocks versus Gambling Critically evaluate the following statement: Playing the stock market is like gambling. Such speculative investing has no social value, other than the pleasure people get from this form of gambling. 7. Calculating Returns and Variability Using the following returns, calculate the arithmetic average returns, the variances, and the standard deviations for X and Y