Consider the mutual fund industry. What roles do fund managers play? How well do mutual funds generally perform relative to the overall market?

What is capital$-$market efficiency? What are its implications for investment performance in general?

What are the implications for the fund managers if the market exhibits characteristics of strong, semi$-$strong, or weak efficiency?

Does anything about the Blue Chip Growth Fund's performance surprise you? Why or why not? Given the information in the case, would you invest in this fund in $2016?$ What supports your decision?

What does it mean to beat the market? How do you explain excellent performance?