Which of the following events could offer evidence against the strong form of the efficient market hypothesis?

A. After comparing 10 years of daily returns on the S&P 500nand widely held S&P mutual fund, you discover that S&P consistently outperform the index mutual fund.

B. XYZ Mutual fund has outperformed the MSCI EAFE Index (international, non U.S.) in all of the last 15 years in which the index declined, but it underperformed the Index in all of the years that the Index rose. The XYZ Mutual fund strategy is to enter short positions on non U.S. stocks.

C. A federal court convicted Bernard Z. to a lengthy jail term for inside trading. Mr. Z had been a director for six publicly traded corporations, and over the past 9 years had traded exclusively in the stock of the six corporations for which he served on the board. A complete study of his performance revealed that his average annual yield far surpassed the performance of the S&P 500.

D. A study of money manager performance disclosed that of the 5000 top managers in the U.S., seven outperformed the Dow Jones Industrial Average in at least nine of the past ten years.