Which of the following observations would provide evidence against the strong form of efficient market theory? (a) Mutual fund managers do not on average make superior returns. (b) In any given year, approximately 50 percent of all pension funds outperform the market and 50 percent of all pension funds underperform the market. (c) Managers who trade in their own firm's stocks make superior returns. (d) Mutual fund managers do not on average make superior returns and, In any year, approximately 50 percent of all pension funds outperform the market.