Which of the following could be effective strategies for producing excess returns if a market is inefficient?

I. graphing past prices searching for patterns

II. holding a randomly selected stock

III. studying the latest financial analysts' reports

IV. analyzing a firm's financial statements

A) I and III only

B) I and IV only

C) I, II, and III only

D) I, III, and IV only

E) I, II, III, and IV