Which of the following statements represents an implication of the efficient market hypothesis to investors? A. Prior returns on an equally weighted portfolio of gold stocks predict gold returns. B. Fundamental analysis can be used to earn abnormal profit. C. The best portfolio management style is a passive one. D. Stocks with larger-than-anticipated earnings tend to continue to rise even after the announcement. E. If the price-to-book value ratio is low, then the stock tends to outperform