An investor uses the following trading strategy: They wait until a company announces quarterly earnings and then purchase long those companies that beat their earnings target, and sell short those stocks that miss their earnings target. They hold these positions for two months, liquidate, and then repeat at the next earnings announcement. If this strategy earns a positive alpha on average, which of the following statements must be true? Check all that apply:

The market is not semi-strong form efficient

The market is not weak form efficient

The market is not strong form efficient