Which of the following statements is (are) false? Statement 1. Empirical studies of technical analysis do not generally support the hypothesis that such analysis can generate superior trading profits. One noticeable exception is the apparent success of momentum-based strategies over long-term horizons. Statement 2. Proponents of the efficient market hypothesis often advocate passive as opposed to active investment strategies. The policy of passive investors is to buy and hold a broad-based market index. They expend resources neither on market research nor on frequent purchase and sale of stocks. Passive strategies cannot be tailored to meet individual investor circumstances. Statement 3. Several anomalies regarding fundamental analysis have been uncovered. These include the value versus growth (book-to-market) effect, the small-firm effect, and post-earnings-announcement price drift. Whether these anomalies represent market inefficiency or poorly understood risk premiums is still a matter of debate. Statement 4. Fundamental analysis focuses on the determinants of the underlying value of the firm such as profitability and growth prospects. Technical analysis focuses on stock prices patterns and on proxies for buy or sell pressure in the market