If a bond portfolio manager believes:

I) in market efficiency, he or she is likely to be a passive portfolio manager.

II) that he or she can accurately predict interest-rate changes, he or she is likely to be an active portfolio manager.

III) that he or she can identify bond-market anomalies, he or she is likely to be a passive portfolio manager.

1.I only.

2.II only.

3.I and II.

4.I, II, and III.

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