Q$1)($a$)$ What does it mean to say that a market is efficient?

$($b$)$ Your Aunt Soledad is very proud of her investment advisor, Judy. Aunt Soledad says that Judy claims that she has helped your aunt$$s mutual fund beat the market by $120$ basis points $(1\mathrm{.}2\%)$ annually during the past four years. Given you are her favorite niece$/$nephew and are graduating from CU with a finance degree, your aunt is asking for your opinion about her mutual fund performance.