Question：Which of the following statements about the strong-form efficient markets hypothesis are correct?
1. It implies the ability to forecast future share price changes
2. It implies that share prices are valued fairly, and this is evidenced by continual rises and falls in market prices.
A. Statements 1 and 2 are both correct.
B. Statement 2 only is correct.
C. Neither statement is correct.
D. Statement 1 only is correct.
The correct answer is:Statement 2 only is correct.
解析：Statement 1 is incorrect. The efficient markets hypothesis implies that share prices reflect all available information, not that they can predict all the information about companies that will emerge in the future and affect share prices.
Statement 2 is correct. The hypothesis is that current share prices are 'fair' because they reflect all available information, but the future is uncertain. New information continually emerges that surprises investors and alters their assessments, so that share prices will inevitably keep on rising and falling in a seemingly random way.
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