Please give a detailed explanation. Thank you!

10. Which one of the following statements best defines the semi-strong form of efficient market hypothesis? A. Investors can find positive net present value investments by doing fundamental analysis in an efficient market. B. Investors can find positive net present value investments by doing technical analysis in an efficient market. C. All securities in an efficient market are zero net present value investments no matter what information investors have. D. Securities in an efficient market can be positive net present value investments if investors have inside information. E. People always earn the same return in an efficient market no matter what investment they make.