Question: 6. Several mutual fund managers practiced stock-picking based on P/E ratio or book-to- market ratio. All of them generated above average return for investors. Does

6. Several mutual fund managers practiced stock-picking based on P/E ratio or book-to- market ratio. All of them generated above average return for investors. Does it mean the market is efficient or inefficient and in what form? Explain why. (5 points)

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