2. You believe arbitrage price theory is a model for equity market returns. Your iend tells you she has found an investment manager who has consistently produced Jensen's alpha over the past ten years. You are skeptical because: A. She cannot tell you the investment manager's information ratio B. You believe this alpha is explained by unidentied risks within the manager's portfolio C. You suspect your friend has not included the risk free rate in her analysis D. Income taxes typically eliminate any alpha a manager may earn on a pre-tax basis