If the securities market is efficient, an investor need only throw darts at the stock pages to pick securities and be just as well off as they would be with a professionally-developed portfolio.

a. This is true because there would be no significant difference in risk and return.

b. This is true because in an efficient stock market all portfolios earn the market rate of return.

c. This is false because professionals guarantee higher returns given the same level of risk.

d. This is false because investors may not hold a desirable risk-return combination.

e. This is false because the markets are controlled by the institutional investors.