Which is NOT an implication of the EMH?

a. To do superior industry or company analysis, you must understand the variables that affect returns and do a superior job of estimating these variables.

b. Aggregate market analysis that involves very detailed analysis of reliable historical economic data should outperform a simple buy-and-hold policy.

c. A superior analyst is one who can consistently select stocks that provide positive abnormal returns on a risk-adjusted basis.

d. If a portfolio manager does not have any superior analysts, he/she should consider investing funds in an index fund.

e. If a portfolio manager has some superior analytical skills, they should be encouraged to concentrate in second tier stocks which have liquidity but may be neglected.