1. John is a sophomore (second year student) at the North West University business school. He has just finished lectures on investment management in his financial management module. He borrowed R500000 from the bank and invested in a portfolio of equities listed on the Johannesburg stock exchange. He believes that his investment in the portfolio of shares should be actively managed otherwise he will suffer great losses. Explain whether his belief is justifiable according to the efficient market hypothesis[3 marks]