1. To gain long exposure to the Euro, a U.S. investor could (a) buy stocks in the UK; (b) invest in the Vanguard ETF with symbol VGK; (c) buy commodities; (d) sell short European ADRs.
IV. Efficient markets hypothesis
2. The peak price earnings ratio for the stock market prior to 1999 was: (a) higher than during the Internet bubble; (b) below 20; (c) during 1929; (d) occurred in the 19th century;
3. Most no load mutual funds fail to beat the S&P 500 index because: (a) they are poor stock pickers; (b) their picks are no better than random and they charge large expenses to share holders; (c) their managers are not paid to beat the index; (d) commissions eat into your returns.