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 "loser$$s 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 author$$s conviction that the expense ratio on actively managed portfolios often is a tough challenge.

V$.$ Markets are less efficient.