An investor must first construct a $($model$/$trading strategy$/$insider information ring$)$ of value and use this model to identify $($mispriced assets$/$illiquid bonds$/$stocks that will soon be bankrupt$).$ They will normally then $($sell underpriced securities$/$sell overpriced securities$/$buy overpriced securities$/$buy fairly priced securities$)$ but should always remain conscious that $($their decisions are exposed to model risk$/$trading fees will always eliminate abnormal returns$/$security regulators may attack them$)$

PLEASE SELECT ONE OF THE CHOICE IN EACH PARAGRAPH