A market strategist claims that her asset allocation model consistently beats

the MSCI Emerging Markets index. A good way to determine whether the model is

actually delivering superior performance is to:

a)See whether it performs well in back tests.

b)See whether the model outperforms a three-factor Fama-French model.

c)See whether the model outperforms a model augmented with emerging market

factors representing value, risk, growth, and momentum.

d)See whether it also outperforms a broader global index.