You peruse the available records of some bankers in your area and notice that they persistently gain higher returns on their stock portfolios than the market average. As a believer in efficient markets, what explanation for these rates of return seems most likely to you? The efficient market hypothesis only applies to those that work for stock brokerage firms and so it is not valid to use it to assess the portfolios of bankers, O Bankers have access to inside information and they use the information to guide their investment decisions. Bankers have simply been unlucky. O Bankers have a lower than average appetite for riskler investmens that have being doing well