A momentum investor should have which of the following philosophies about markets.

Select one:

a. Exchange traded funds are a more efficient investment vehicle compared with closed-end funds.

b. Past prices have no information content for future returns.

c. Any observable mispricings from deviating from the benchmark are subsumed by transaction costs.

d. Markets are perfectly efficient.

e. Investor expectations about prices may be biased due to behavioural factors.