Which of the following statements concerning investment clubs is INCORRECT?

Question $15$ options:

A$)$

The investing behavior of investment clubs is consistent with the disposition effect.

B$)$

The rapid growth of investment clubs is one example of the socialization of investing.

C$)$

The investing behavior of investment clubs shows some of the same characteristics of psychological biases as individuals do$.$

D$)$

The investing behavior of investment clubs is consistent with overconfidence.

E$)$

It is true that between $60\%$ to two$-$thirds of the investment clubs beat the market.