QUESTION 51 The likelihood of an investment newsletter's successfully predicting the direction of the market for three consecutive years by chance should be between 10% and 25% between 50% and 70% less than 10 between 25% and 50% QUESTION 52 Stock A and B are identical in terms of their expected cash flow. Investors like stock A more than stock 8 today for reasons unrelated to expected cash flows. They should pay price today to buy than to buy B. As a result, stock A is expected to have expected return than stock Higher, Lower Higher, Higher Lower, Lower Lower, Higher