D Question 2 1 pts Take a look at the figure below. At the top of the figure, we start out with 1,000 experts, each of whom flips a coin to predict whether the market will go up in the following year or down. At the end of five years, just 31 out of 1,000 experts will have been right five years in a row. (Anyone familiar with the probability theory knows that it is unlikely that exactly 31 will remain. The authors knew it and just made the story simple to make the point which is the answer to the following question.) What does this hypothetical experiment tell us? (This question might be difficult. Instead of trying to find the answer in the text directly, think hard about what the experiment really tells us.) 1,000 experts flip a coin. Half say the market will go up. Half say the market will go down. Wrong Right 500 - - - - After one year Cowen/Tabarrak, Modern Principles of Economics, Se @ 2021 Worth Publishers Wrong Right 250- - - After two years Wrong Right 125 - - - After three years Wrong Right 62- - . . After four years Wrong Right Market geniuses! - After five years O Warren Buffett is a genius. O Warren Buffett just got lucky. O The experts who were lauded as geniuses on CNBC were just lucky. O Regardless of their abilities, we will always have a small number of people who do really well in the stock market