Suppose that you are interested in analyzing a hedge funds performance. The fund claims to identify mispricing and exploit them at very high frequencies. The fund has high average excess returns over the last five decades. You regress the funds returns on factors that capture all relevant systematic risks and obtain an alpha that is not significantly different from zero.

	A.	The fund would be able to achieve even higher returns if it would increase the amount of assets under management.
	B.	The funds high average excess return is potentially compensation for taking risk.
	C.	The funds performance is likely to be particularly superior in economic crises.
	D.	The funds superior performance is a result of market inefficiency.