Question $71$: $(3$ points$)$

An inappropriate performance benchmark to evaluate the performance of a perfectly hedged zero$-$cost Long$-$Short portfolio would be:

$($a$)$ Currency return.

$($b$)$ Market return.

$($c$)$ Index fund return.

$($d$)$ Industry ETFs.

$($e$)$ Warren Buffet's value$-$tilted portfolio.