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What is the implication for major financial markets, when empirical research showed that professional money managers had not been able to outperform simple market indexes?
What is the implication for major financial markets, when empirical research showed that professional money managers had not been able to outperform simple market indexes?
The markets are producing greater than average returns.
The markets are not operating efficiently.
The markets are too competitive for excess profit.
The markets are not competitive enough.
The markets are operating efficiently.
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