You peruse the available records of some Federal Reserve officials in your area and notice that they persistently gain higher returns on their stock portfolios than the market average. As a believer in efficient markets, what explanation for these rates of returns seems most likely to you?

	A. Federal Reserve officials have access to inside information and they use the information to guide their investment decisions.
	B. The efficient market hypothesis only applies to those that work in the private sector and so it is not valid to use it to assess the portfolios of Federal Reserve officials.
	C. Federal Reserve officials have a lower than average appetite for riskier investments that have being doing well.
	D. Federal Reserve officials have simply been unlucky.