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

1. Weak-form market efficiency

2. Semi-strong form efficiency

3. Strong form market efficiency

A) only 1

B Only 2

C) Only 3

D) 2 and 3

E) 1 and 2