PLEASE EXPLAIN ANSWER AND SHOW WORK SO I MAY UNDERSTAND. NO HANDWRITING PLEASE. I WILL GIVE THUMBS UP. THANK YOU.

The efficient market hypothesis suggests that:

1. Investors should buy no-load mutual funds, which have low management fees.

2. Investors can use advice of technical analysts to outperform the market.

3. Investors let unexploited profit opportunities go by, if they adopt a buy and hold strategy.

4. None of the above.