In the mid to late 1990s, the performance of the pros was unusually poor on the order of 90 percent of all equity mutual funds underperformed a passively managed index fund How does this bear on the issue of market efficiency ...

Taken at face value this fact suggests that markets ...

In the mid- to late-1990s, the performance of the pros was unusually poor-on the order of 90

Question:

In the mid- to late-1990s, the performance of the pros was unusually poor-on the order of 90 percent of all equity underperformed a passively managed index fund. How does this bear on the issue of market efficiency?

Mutual Funds
Mutual funds are like a pool of funds gathered by different small investors that have simalar investment perspective about returns on their investments. These funds are managed by professional investment managers who act smartly on behalf of the...