Which one of the following statements would Janet and John be most likely to agree with?

a. Momentum is the North Star of successful investing in modern markets

b. EMH is not useful for sophisticated investors in today's stock market

c. The volatility of stock prices can mostly be explained by the volatility of expected future dividends

d. The success of value investing strategies is a serious challenge to the joint hypothesis of EMH and CAPM

e. The US stock market is perfectly efficient, as described by the EMH and CAPM