Historical returns support which one of the following statements?
a) The financial markets appear to be highly efficient because, on average, they outperform professional money managers.
b) Financial markets are highly inefficient as suggested by behavioral finance.
c) Historical data supports the statement that arbitrage results in a 100 percent totally efficient market.
d) Professional money managers tend to outperform the Vanguard 500 Index fund about 60 percent of the time on average.
e) The longer the time span, the more likely a professional money manager will outperform an index fund, such as the S&P 500.
