The minicase in Chapter 3 contains an excerpt from a ValuEngine analyst report about the firm Aetna. The report states that ValuEngine’s forecasting models capture important features of stock price dynamics, such as short-term price reversals, interme- diate-term momentum continuation, and long-term price reversals. ValuEngine claims to use a distinct forecasting model for each time horizon and for every industry. Discuss ValuEngine’s contention in the context of Chapter 13.