什么情况下可以分别用技术分析，基本面分析得到超额收益呢

问题如下：

If a market is weak-form efficient but semi-strong-form inefficient, then which of the following types of portfolio management is most likely to produce abnormal returns?

选项：

Passive portfolio management.

Active portfolio management based on technical analysis.

Active portfolio management based on fundamental analysis.

解释：

C is correct.

If markets are not semi-strong-form efficient, then fundamental analysts are able to use publicly available information to estimate a security’s intrinsic value and identify misvalued securities. Technical analysis is not able to earn abnormal returns if markets are weak-form efficient. Passive portfolio managers outperform fundamental analysis if markets are semi-strong-form efficient.

考点：Efficient Capital Market And Its Forms

题目说的是在弱势有效但是半强无效的情况下，半强无效说明我们还能通过分析基本面信息来获得超额收益。而弱势有效只能说明通过分析历史的价量信息不能获得超额收益。