A friend of yours is a financial analyst. She has been studying all firms that have been mentioned in past Wall Street Journal articles with a rumor that the firm is going to declare bankruptcy soon. She has done some empirical work that shows that, if you buy the stocks of these firms the day after the article comes out and hold the stocks one year, this portfolio has had a higher return than the S&P 500 historically. She argues that this is evidence that the stock market is predictable and that markets are not efficient. How would you evaluate her argument? That is, do you think she is right?