Which of the following about efficiently inefficient markets is incorrect?

a. Financial markets are inefficient enough that managers can be compensated for their costs and risks through superior performance.

b. Financial markets are efficient enough that the rewards of investment management after all costs do not encourage entry of new investment or additional capital.

c. Financial markets are inefficient but to an efficient extent.

d. Competition among professional investors makes markets efficient so efforts to beat the market are in vain.

e. A limited amount of capital can be invested with active managers who can beat the market using a few economically motivated investment styles.