true or false

by holding the market porfolio, every investor can hold the most well-diversified and optimal risky portfolio. Moreover, it is known that mutual fund managers who actively manage their portfolios cannot earn positive alphas after controlling FF 3 factors and fees. Therefore, no research effort can be justified in an efficient market.

when low P/E stocks tend to have positive abnormal returns over the long run, it is violation of weak-form efficient market.