Which of the following statements is not implied by the efficient market hypothesis? Stock prices fully reflect available information You should follow a passive investment strategy. You cannot earn positive returns from investing in stocks. Attempts to predict stock price movements based on past prices have no merit Question 11 (2 points) Which of the following statements is not correct about the optimal risky portfolio? An investor's complete portfolio consists of the optimal risky portfolio and the risk-free asset. The optimal risky portfolio is the one with the highest Sharpe ratio. The optimal risky portfolio depends on the investor's degree of risk aversion. The capital allocation line connecting the risk-free rate and the optimal risky portfolio has the steepest slope among all possible capital allocation lines