 Test of strong form efficient market hypothesis have analyzed returns over time for different identifiable investment groups to determine whether any of these groups have been earning consistently abnormal returns in the market. And if it is the case, this means that such group have access to the private information and such group has also the ability to use public information well before the other investor in the market in order to earn an abnormal return. Strong form efficient market hypothesis says that stock prices fully reflect all information both public and private. This implies that no group of investor has access to the private information that allow them to consistently earn the above average risk adjusted or abnormal returns in the market. There are four types of investment groups that have been studied by researchers in this particular case. These groups are the carpet insiders stock exchange specialists, security analysts and professional money managers. So far as the carpet insiders are there, the studies show that insiders include major carpet officers, directors and the holders of equity portion that is more than 10 percent of the firms overall equity. These insiders generally experience above average risk adjusted return, particularly on the purchase transactions. This implies that many insiders have private information which they used to derived the above average return on the transaction of their own company's stocks. Studies showed that the public investors traded with the insiders based on the announced transactions have enjoyed the abnormal returns, but now it seems that the markets have corrected this anomaly. There are other studies that indicate that one can increase his abnormal return while using the insiders provided information in combination with the accounting ratios in case of the decisions taking during the buying or selling of the stock. So far as the stock exchange specialists are concerned, they have particularly monopolistic access to the information on unfilled limit orders. The empirical data support this expectation of deriving the above average risk adjusted or the abnormal returns from using this particular information. And the third case is the security analysts. The tests in this case have considered to check the possibility to identify the ability of an analyst to select an undervalued security. A significantly abnormal return is available for those analysts who for those investors who follow the recommendations given by such analysts. Evidence exists in the literature in support of in the favor of superior analysts who appropriately possess private information. The last investment group is the professional money managers trained professionals working full-time at any investment manager management group have been studied in this particular case. The studies show that if any investor can achieve the abnormal return, it should be the professional money managers group. If any non-insider can obtain inside information, it would be this group particularly due to the extensive management interviews they have in their portfolios. Test examine mutual funds also and the results indicate that risk adjusted after expenses of the mutual funds. Such returns generally show that most funds did not match the aggregate market portfolio. The conclusion for the test in testing the strong form efficient market hypothesis is there that it we have mixed results and much support in this particular efficient market hypothesis. The test for corporate insiders stock exchange specialist do not support the hypothesis because both groups seem to have monopolistic access to the private information and they use it to derive above average or the abnormal returns. Individual analyst recommendations seem to contain significant information and performance of professional money managers seem to provide support for strong efficient market hypothesis.