Question: Define autocorrelation in returns. a) What does it mean if returns of a hedge fund have positive autocorrelation? b) What does it mean if returns

Define autocorrelation in returns. a) What does it mean if returns of a hedge fund have positive autocorrelation? b) What does it mean if returns of a hedge fund have negative autocorrelation? c) If hedge fund returns have positive autocorrelation, does it mean that markets are inefficient?

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