In the literature of the performance of investment managers, some researchers have sought to examine whether the performance of certain types of investors tends to persist over time. Why is this relevant

to arguments about market efficiency?

		Evidence of return persistence has no relevance to arguments about market efficiency.
		If certain types of investors are found to consistently earn abnormally low returns relative to their benchmarks, this is weak evidence in favor of market inefficiency, as it suggests that some investors are able to consistently pick overpriced securities
		If certain types of investors are found to consistently earn abnormally high returns relative to their benchmarks, this is weak evidence in favor of market inefficiency, as it suggests that some investors can consistently find underpriced securities and beat their benchmarks.