We know that we have implications of both sets of test results of three sub-hypothesis of efficient market hypothesis phenomena. Now there appears two questions, what if the techniques do not work in earning the abnormal return while beating the market or the evidences are insufficient to prove the existence of efficient capital market. Then we need to consider whether is there any other information available or the psychological biases that can be used in order to earn the abnormal return while beating the market. The first question here arises that how to evaluate analysts or the investors in this particular case? It is better to examine the performance of numerous securities that an analyst recommended over time in relation to a set of randomly selected stocks in the same risk class. Then we have done, then the next step is to see that the selected stock should consistently out form the randomly selected stock. This means that we need to do work in two steps, first select those stocks that have been recommended by a professional analyst in the past and in a parallel select the stocks, some other stocks in random order. Then in the second stage we need to analyze the performance of the stocks recommended by the analyst and the stock selected by us randomly. Then the best thing would be if the analysts recommended stock are outperforming the hours selected random stocks. Second is the efficient capital market and the portfolio management. Here we have portfolio managers with two types of analysts, whether the superior analyst or the analyst who are not superior than what to do. The first case is the portfolio managers with the superior analysts. Then it is better to concentrate efforts in mid-cap stock or the medium-capitalized stock that do not receive attention given by the institutional portfolio managers to the top tier stocks. But for these neglected stocks may be less efficient than the well-known larger stocks. But if the portfolio manager is working without the specialist analyst or the superior analyst, in this particular there is a series of steps to perform. First determine and quantify the client's risk preferences, then develop an appropriate portfolio. Third diversify completely on a global basis to eliminate all the unsystematic risk. Then maintain desired risk level by rebalancing the portfolio wherever it becomes necessary and finally try to cut the total transaction costs. See what is the rationale behind the use of index funds. The efficient capital markets and lack of superior analysts imply that many portfolios should be managed passively. This means that their performance matches the aggregate market while minimizing the cost of research and trading. This means that institutions created market are the index funds that duplicate the composition and performance of a selected index series. So what we have insights from the behavioral finance. Behavioral finance is relatively a new domain in the financial economics. Growth companies will usually not be the growth stocks due to the overconfidence of analysts regarding the future growth rates and valuation. It is an insight that can be drawn after a discussion on based on the efficient capital market. Second, the notion of herd money, herd mentality of analysts in the stock recommendations or quarterly earnings estimation is confirmed. So these are the two insights that relate with the behavioral finance.