A portfolio manager comes up to and says: "This past year my returns were 18%. The S&P500 only delivered 12%, the Russell 2000 (a small cap index) only delivered 13%, and the Vanguard Value Index Fund (a high B/M index fund) delivered 16%. Therefore I am a better stock picker and a great money manager because I beat all the FF risk factor portfolios and you should put your money with me." 

Name two ways in which this conclusion might be faulty.