You buy a stock from the capital market. If the capital market is semi-strong efficient, which of the following statements is NOT correct?

a.

Fundamental analysis of publicly available information will not lead to abnormal returns.

b.

The stock is under-priced.

c.

Past returns cannot be used to predict future stock returns.

d.

You cannot earn any abnormal returns above the required return by trading on public information.

e.

Stock prices reflect all publicly available information.