In The Super investors of Graham-and-Doddsville, Warren Buffett asks readers to imagine 225 million investors competing in a national coin-flipping contest. Which of the following statements is/are true according to the article? Please choose all correct statements.

Select one or more:

a. The efficient market hypothesis cannot explain why so many investors consistently win (beat the market).

b. The fact that some investors can consistently win (beat the market) proves the market is inefficient and there is a 100% effective winning strategy.

c. In an efficient market, it is possible that all successful investors or winners come from a small town or a family.

d. The efficient market hypothesis cannot explain why most of the successful investors or winners share the same intellectual theme of fundamental analysis but do the analysis in very different ways.

e. Warren Buffett’s key argument is that the stock market is strong-form efficient.