 Having the mixed results of testing the three sub-hypothesis of the efficient market hypothesis phenomena in the existence of a capital market. It is important to consider the implications of these contradicting results in the presence of efficient capital markets. This means that there is a particular case of security evaluation and portfolio management. In this case, we have first case of technical analysis. Technical analysts develop systems to detect movement to a new equilibrium and any trade which is based on such new equilibrium. It contradicts rapid price adjustments indicated by the efficient market hypothesis. And if the capital market is a weak form efficient, any trading system that depends on the past data can have no value for the investor. Then second, we have the fundamental analysis in efficient capital market. The analysts believing the fundamental analysis believe that there is a basic intrinsic value for the aggregate stock market, various industries or even any individual security. And these values depend on certain underlying economic factors. These fundamental analysts believe that an investment's intrinsic value should be determined at a point in time and it is to be compared with the market value. And any superiorly estimated intrinsic value will help in earning superior market timing decision in earning the above average or the abnormal returns. It is said that intrinsic value analysis should start with the aggregate market industry, company analysis and the portfolio management. Then we have aggregate market analysis with the capital market, efficient capital markets. Efficient market hypothesis phenomena implies that examining only the past economic events is not likely to lead to outperforming the buy and hold policy because the market adjusts rapidly to the non-publicly available information and the economic events. And mere use of historical data to ensure future value is not possible or it is inappropriate. Therefore the relevant variables that cause long run movements must also be estimated by the investor. Then we have industry and company analysis with efficient capital markets. It is said that wider distribution of returns from different industries and companies justify the industry and company analysis. Therefore the investor or the analyst must understand variables that affect the rate of returns. Then it is better to estimate future values of the relevant variables than merely looking at their past data. The studies show that fundamental analysis based on earning price ratio, size and book to market ratio can lead to differentiating future return patterns.