A work colleague was bragging that the actively managed mutual fund he selected among your employer's $401($k$)$ electives outperformed the S&P $500$ over the past $3$ years. The colleague $($who did not take FINC $561)$ claims that it's a great fund, that the manager is a genius and is urging you to invest in that fund as well.However, you believe that markets are efficient. Do you take your colleague's advice? Does the mutual fund's strong performance prove conclusively that markets are inefficient? Why or why not? $(20$ points$)$