Which of the following provides evidence that would disprove the semi-strong form of EMH? (10 pts)

A. Less than half of active stock mutual funds outperform the market in any given year after subtracting fees and transaction costs.

B. All investors have learned to exploit fundamental, technical & sentiment signals about the stock markets future performance.

C. Trend analysis is worthless in determining stock prices.

D. Low P/E stocks tend to have positive abnormal excess returns over the long run.