1. Eugene Fama has won the Nobel Price in financial economics recently. He argues that stock market is efficient in three forms. Which one of the following best describes the information reflected in market prices if the financial markets are weak form efficient?

   		all information of any kind
   		all public information and you cannot beat the market by analyzing financial statements.
   		all private information and you cannot beat the market by using insider information.
   		only historical price information and you cannot beat the market by analyzing the historical market trend.