Find a false statement on market efficiency.

Multiple choice question. choose the right option

$-$ As the financial market is competitive enough and efficient, no research effort can be justified.

$-$ Among mutual fund managers, very few show consistent stock$-$picking ability.

$-$ The financial market history shows that most actively managed mutual funds under$-$performed index funds.

$-$ Skilled mutual fund managers with abnormal performance attract new capital and thus the funds grow in size.