All the following statements regarding efficient market hypothesis are true except:

a. Securities are typically in equilibrium, meaning they are fairly priced and their expected returns equal their required returns.

b. Since securities are fully and fairly priced, it follows that investors should not waste their time trying to find and capitalise on mispriced (undervalued or overvalued) securities.

c. Investors should spend time searching for mispriced (overvalued or undervalued) securities since it had been observed that shares are not fully and fairly priced.

d. Changes in investors' assessments of a firm's outlook lead to changes in the supply and demand for its shares, which can cause a change in the price of the shares.

e. At any point in time, security prices fully reflect all public information available about the firm and its securities, and these prices react swiftly to new information.