1.)Give your opinion on the following section "What is the role of the investment manager in this new world? On average, outperforming a benchmark that represents the average manager is difficult, particularly after all fees and expenses are accounted for. But this understanding does not deny the reality that skilled managers can outperform. Successful asset management is, therefore, a skill that must be demonstrated...".Brown S. (2020), 'The Efficient Market Hypothesis, the Financial Analysts Journal, and the Professional Status of Investment Management',Financial Analyst Journal,p.5 (300)

2.)Concentrate on the following section: "Although recent research challenges the view that active management cannot add value, outperformance remains elusive and requires skill. In my view, at least, it is not accidental that in the same issue of the Journal in which Jensen (1967) appeared, there was a significant discussion about the need to establish and reaffirm the professional status of security analysis (Ketchum 1967). Skill cannot be assumed. It must be demonstrated and shown." Brown S. (2020), 'The Efficient Market Hypothesis, the Financial Analysts Journal, and the Professional Status of Investment Management',Financial Analyst Journal,p.6.Read and get more information, elaborate on the above section, and give your view. (300)

3.)Concentrate on the following section: "How to determine skill has been the subject of much research... [which Jones and Wermers (2011) surveyed....However], skill alone is not enough. As Cremers (2017) explained, success as an active manager also requires the right judgment, willingness to choose prudently among the alternatives identified, and sufficient opportunity (or absence of practical obstacles) to do so persistently. But professional expertise of this kind is expensive. Berk and Van Binsbergen (2015) found strong empirical evidence that active mutual fund portfolio managers have skill and add value but that this value is often absorbed by the fees they charge". Brown S. (2020), 'The Efficient Market Hypothesis, the Financial Analysts Journal, and the Professional Status of Investment Management ',Financial Analyst Journal,p.7.Elaborate on the above section and give your informed opinion.