题5 Research has revealed that the performance of professional money manager tends to be:
A. equal to the performance of a passive investment strategy
B. Inferior to the performance of a passive investment strategy
C. superior to the performance of a passive investment strategy
答案为B 不解
原因：之前有说到Weak semi-strong, strong form EMH 只有当strong form 情况下Professional Management 无用。其余都有用，即使在strong form 情况下 portfolio managers 也能add value by assisting with portfolio diversification 或者asset allocation...
为什么题目臆断Money manager 的Performance一定差于Passive investment strategy(被动持有)呢？
1. 从已有的基金历史数据来看，绝大多数基金经理是不能Beat the market。也就是说 那些funds under active management 从历史数据来看盈利情况都要差于 market portfolio。
2. Passive investment strategy 一般都是 holding the market portfolio 所以 diversification benefit一般都比active investment strategy 大。 EMH strong form 的情况下，没有人会想要managing the fund actively. 所以不存在 active portfolio management 会 add value by diversification.
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