Which of the following statements is false? Multiple Choice If an analyst believes that the semi-strong form, but not the strong form, of the EMT is true, then he should be able to earn excess returns based on public and private data. If an analyst believes that the weak form, but not the semi-strong form, of the EMT is true, then he should be able to earn excess returns based on public and private data but not on historical prices. The strong form of the EMT states that current stock prices reflect all publicly and privately available information. If the strong form of the EMT is true, insiders would not profit from trading on their information