1. Tim Price attempted to dispel the notion that "the efficient market hypothesis should be respected." Of the following arguments, which is one that Burton Malkiel would be unlikely to use against Tim Price's assertion.

   	a.	These outperforming managers Price discussed (Soros, Buffet, Lynch, etc.) are predominately "trend followers" and everybody knows that trend followers persistently outperforman market weighted indexes.
   	b.	Tim Price only shows the outperformance of the successful managers, who may have simply been lucky. He disregards the underperformance of extremely smart active managers who, possibly due to bad luck, failed to beat the index.
   	c.	The returns of the fund managers were compared to a large cap equity index, which might not incorporate unidentified risk factors in these successful money managers' portfolios.
   	d.	If most of these managers had demonstrable access to inside information, then Tim Price's "evidence" refutes only the strong form of the efficient market hypothesis.