A conclusion of the semi-strong form of the efficient market hypothesis (EMH) would be that: It is possible for analysts and company insiders to earn market beating returns, but not the general public. It is possible for all market participants to earn market beating returns, but only when investing in highly traded, large cap stocks for which information is widely available. It is possible for all market participants to earn market beating returns, but only when investing in illiquid, low volume stocks that are not widely followed by the industry. It is possible for only company insiders or those privy to private information about companies to earn consistently market beating returns.