Which of the following statements about market efficiency is NOT correct?

a. If markets are weakly efficient, technical analysis won't be consistently useful

b. If markets are only weakly efficient, analyzing corporate financial reports may help you get insight and develop useful investment strategies.

c. If the Efficient Market Hypothesis holds, the prices of stocks are equal to their intrinsic values. Therefore, investors can pick any stock and will not lose money.

d. If markets are semi-strong efficient, investors will be better off buying low-fee market index funds than high-fee actively managed mutual funds