Which of the following statements are true if the strong-form efficient market hypothesis holds?

Select one or more:

1. All stocks must have the same expected return.

2. Stock returns may be predictable using information not widely known to the public.

3. In the long run, investors with better access to information about the companies will have higher risk-adjusted returns.

4. All investors make investment decisions that are fully rational.

5. Stock prices should not fluctuate.

6. Changes to stock prices are unpredictable.

7. Stock prices reflect all information.

8. Riskier stocks have higher expected returns than safer stocks.