Alex has developed trading strategy where he buys firms with a relatively low forward Price/Earnings ration (uses current stock prices relative to expected earnings) to benefit from relatively cheap stock prices. this trading rule has consistently earned a risk-adjusted return of 15% a month for the past 10 years. This is violation of: (select the most correct choice:

I. weak-form market efficiency

II. semi-strong form market efficiency

III. strong form market efficiency

a. 1 only

b. 2 only

c. 3 only

d. both 2 and 3

e. both 1 and 2