Select all that is correct according to this fragment.

a.

Individual investors who trade more actively tend to earn lower returns than passive investors

b.

It is possible to conclude that individual investors are bad at selecting the best stocks as the data shows that stocks sold by individual investors perform better than the stocks that individual investors buy.

c.

Transaction costs are largely irrelevant for individual investor performance over the long run.

d.

Buy-and-hold investors earn smaller returns than individual investors who trade frequently.