Markets have been proven to be largely efficient. What does this suggest for the individual investor?

a. Investors should not expect to generate long-term superior returns through their own research or that available from brokers or fundamental analysts.

b. Investors should not expect to be able to pick experts (brokers, analysts, mutual funds) that can produce future returns that will beat the market averages over the long-term.

c. Most investors are best served by investing in one or more low cost index funds.

d. Keeping costs low is the single-best thing most investors can do to enhance their long-term investment performance.

e. All of the above.