You believe you have found a trading strategy that could make significant profits. It requires looking at analyst forecasts and purchasing stock where there has been an upgrade in the recommendation and selling shares where there has been a downgrade in the recommendation.

a. Describe which form the Efficient Market Hypothesis will be viola ed if you are able to make significant profits from your trading strategy in the future.

b. List three factors that you may be overlooking in assessing the profitability of your trading strategy.

C. Discuss whether you think markets in general are actually weak-form efficient, semi-strong form efficient or strong-form efficient.