Which of the following observations would most contradict the weak-form efficiency of the stock market?...

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Which of the following observations would most contradict the weak-form efficiency of the stock market? a) Momentum strategy that buys past 12-month winners outperform the market every month even after controlling for the level of risk. b) 50% of mutual fund managers outperform the market c) Higher the beta of a stock, higher the expected return of the stock d) Average market raw return is positive

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