Which of the following hypothetical phenomena would be either consistent with the efficient market hypothesis?

A. Stocks that perform well in one week perform poorly in the following week

B. Stock prices of companies that announce increased earnings in January tend to outperform the market in February

C. Money managers who outperform the market (on a risk-adjusted basis) in one year are likely to outperform the market in the following year

D. Nearly half of all professionally managed mutual funds are able to outperform the S&P 500 in a typical year