9) The efficient market hypothesis suggests that (CFA Question) A active portfolio management strategies are the most appropriate investment strategies B. passive portfolio management strategies are the most appropriate investment strategies C. either active or passive strategies may be appropriate, depending on the expected direction of the mar D. a bottom-up approach is the most appropriate investment strategy 10) An intermediary that pools and manages funds for many investors is called A. an investment company C. an investment banker B. a savings and loan D. a commercial bank