问题
单项选择题
The performance of professional money managers taken as a whole has been:（）
A. below average.
B. above average.
C. better than a simple buy and hold strategy.
答案
参考答案：A
解析：
The implication of the strong-form tests is that money managers as a group have not outperformed the buy-and-hold policy. In fact after accounting for fees, mutual funds, bank trust departments, pension plans, and endowment funds are not able to match the performance of a simple buy-and-hold policy.