1. Malkiel in Random Walk Down Wall Street says this: only 4 or 5 people in the world can do what Warren Buffett does, consistently outperform the index over a long period of time. Write him a letter questioning whether he really means there are so few outperforming portfolio managers.
2. What would happen if the tens of thousands of security analysts no longer did what they do. Would the markets remain as efficient as they are? HINT: Start with a very brief definition of market efficiency, using metrics and a few words of explanation, along with a concise explanation of what security analysts do.
3. You have already tasted finance theory in your core course, whatever version of Finance 101 you took wherever and whenever you took it. Discuss the relevance of 'theory to practice' in relation to Items 7 & 8 readings.
4. State your prediction for annual WRORCYRE for 2022, 2023, 2024, 2025, 2026 with a brief justification. Cite a specific percentage, not a range. Use this link for a long term view of S&P 500 Index performance: https://markets.ft.com/data/indices/tearsheet/charts?s=INX:IOM                                                   include references please