Which Is not an Implication of the EMH

Which is not an implication of the EMH?

A) To do superior industry or company analysis you must understand the variables that affect returns and do a superior job of estimating these variables.
B) Aggregate market analysis that involves very detailed analysis of reliable historical economic data should outperform a simple buy-and-hold policy.
C) A superior analyst is one who can consistently select stocks that provide positive abnormal returns on a risk-adjusted basis.
D) If a portfolio manager does not have any superior analysts, he/she should consider investing funds in an index fund.
E) If a portfolio manager has some superior analytical skills, they should be encouraged to concentrate in second tier stocks which have liquidity, but may be neglected.

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