Can you please provide the explanation for the answer if possible. Thank you.

10. To test whether an investment strategy beats the market, you have to adjust the returns on the strategy for risk. excess returns after adjusting for risk using the CAPM (with beta used t risk). Which of the following conclusions could you draw? (3 points) Assume that you test a strategy and find that it makes o measure a b. c The strategy beat the market during the testing period The CAPM is not the right model for risk The your strategy CAPM is the right model for risk but you misestimated the beta of d. Any of the above