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If you do fundamental analysis and cannot beat the stock market over a long period of time, which of the following might be true? I.

If you do fundamental analysis and cannot beat the stock market over a long period of time, which of the following might be true?

I. The market is weak-form efficient

II. The market is semi-strong form efficient

III. The market is strong form efficient

1. I and II

2. II only

3. III only

4. I only

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