An implication of the efficient market hypothesis is that

1)

Prices follow a particular pattern

2)

Investors have perfect forecasting ability

3)

Investors are irrational

4)

Prices adjust instantaneously and without bias to new information

5)

Investors' personal biases enter into their investment decisions

6)

The risk-return performance of a portfolio of securities will exceed the risk-return performance of any single security in the portfolio