Question: Given the vast resources available to mutual fund managers, these managers on average have generally: underperformed the market on a risk-adjusted basis. beat broad-based indexes.

Given the vast resources available to mutual fund managers, these managers on average have generally:

underperformed the market on a risk-adjusted basis.
beat broad-based indexes.
outperformed the overall market on a risk-adjusted basis.
proved the market to be strong form efficient.
eliminated excess profits for arbitrageurs.

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