Throwing darts at the stock pages to decide which companies to invest in could
be a successful stock-picking strategy. Suppose a researcher decides to test
this theory and randomly chooses 100 companies to invest in. After 1 year, 53
of the companies were considered winners; that is, they outperformed other
companies in the same investment class. To assess whether the dart-picking
strategy resulted in a majority of winners, the researcher tested \(H_{0}:
p=0.5\) versus \(H_{1}: p>0.5\) and obtained a \(P\) -value of \(0.2743 .\) Explain
what this \(P\) -value means and write a conclusion for the researcher.