6. A hedge fund with a beta of 2.0 has outperformed the market index over the last decade. It can be inferred that the fund manager A. must have had superior security selection ability. B. must have had superior asset allocation ability.

   C. must have had superior market timing ability. D. must have been taking advantage of the market inefficiency. E. may or may not have outperformed the market index on a risk-adjusted basis.