Question 1 1 pts If the market is efficient, which of the following must be true? (can have multiple answers) Mutual fund managers cannot beat the market (achieve positive alpha) on average. Security returns, except for that justified by risk, are unpredictable. Security prices always equal the fundamental value. Question 2 1 pts Which of the following reflects overconfidence of investors? (can have multiple answers) Many investors actively pick stock and trade against each other for pure profit motives, Most investors think they are better at estimating fundamental value of securities than the market. Many investors hold passive index funds that aim to replicate market returns