Which of the following is true? Multiple Choice Historically, while active Instment managers underperform the S&P500 in most years, their rotura exhibit performance persistence, whereby managers who butterform in one year are more likely to outperform in the subsequent year as well The CAPM assumes that all Investors use identical input lists, but in reality SEC regulation prohibiting insider trading requires investors to register and differentiate their input lists, leading over regulated assets to enjoy a regulation promover under regulated assets The CAPM assumes borowing and lending the market, but in reality inson borrowing require risk tolerant investors to holdless leveraged positions in the more than they would like leading them to demand more high-beta assets and thereby driving down returns of high beta sets None of the above is correct According to the CAPM some such bor income, an non tradeable. Therefore, stocks of which costs of wages provide natural hedging instrumento individuals who are most of the income from labor leading those individuals to push up prices of and thereby increase turns to those