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A friend of yours tells you that they have been making abnormal profits (more than can be explained by the CAPM or other multi-factor risk

A friend of yours tells you that they have been making abnormal profits (more than can be explained by the CAPM or other multi-factor risk models) by reading on-line message boards and investing in the stocks that are recommended there. If true, explain what form(s) of the efficient markets hypothesis this result might violate (if any).

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