It Is Very Hard to Statistically Verify Abnormal Fund Performance

Multiple Choice

It is very hard to statistically verify abnormal fund performance because of all except which one of the following?

A) Inevitably some fund managers experience streaks of good performance that may just be due to luck
B) The noise in realized rates of return is so large as to make it hard to identify abnormal performance in competitive markets
C) Portfolio composition is rarely stable long enough to identify abnormal performance
D) Even if successful, there is really not much value to be added by active strategies such as market timing