Tests of the EMH suggest that ______

I. if technical trading rules can predict profit opportunities, they are very short-lived.
II. very few fundamental indicators offer forecasting power.
III. despite the ability of Value Line forecasts to predict stock returns, trading profits are unlikely after adjusting the returns for transactions costs.

Explanation: All of these statements are conclusions of efficient markets tests. Despite that fact that we find several market inefficiencies, it is still the case that the individual investor and even many professional investors cannot profit from these known inefficiencies.