The efficient markets hypothesis states that:

A.	markets display cognitive dissonance, so look for stocks with high price-to-equity ratios.
B.	the price of every stock equals the value of the stock, so no stock is a better buy than any other.
C.	market participants can earn extra long-run returns, which drive up the price of a stock.
D.	the price of every stock is greater than the value of the stock, so look for stocks with high prices.