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In the Nov 2 0 1 6 AAII Journal article Competition has made Indexing a Winners Game by Charles Ellis, which of the following is

In the Nov 2016 AAII Journal article Competition has made Indexing a Winners Game by Charles Ellis, which of the following is true:
I. The author points out that investing is a "losers game". He asserts that the outcome is controlled by the loser.
II. Almost everybody should be indexing.
III. Investing is a changed field from what it was 60 or so years ago.
IV. It is the authors conviction that the expense ratio on actively managed portfolios often is a tough challenge.
V. Markets are less efficient.

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