Which of the following most appears to contradict the proposition that the stock market is strong-form efficient (i.e., which of the following statements indicates that the stock market is not strong-form efficient)?

1. Insiders earn abnormal trading profits.
2. Over 25% of mutual funds outperform the market on average.
3. Low P/E ratio stocks earn higher average risk-adjusted returns than high P/E ratio stocks.
4. Every January, the stock market earns above normal returns, especially for small firm stocks.
5. Small firm stocks tend to earn higher risk-adjusted returns than large firm stocks.