Amazon stock price is very high in recent years. It is reported that Amazon CEO Jeff Bezos sells 1 billion dollars of his Amazon stocks every year to fund his new technology company Blue Origin. This means:

I. Amazon stock price should be overvalued in recent years.

II. Market efficiency is important. If Amazon is overvalued, then Jeff Bezos may exploit such overvaluation by selling the Amazon stocks to do other things.

III. Market efficiency is important. If Amazon is fairly valued, then the high price of Amazon is a fair recognition of Bezos ability to run technology companies.

I and II

I, II, and III

I and III

II and III