Which of the following is considered a strategy for timing the market and adding value to actively managed portfolios?

a. Time the markets by shifting between different types of securities based on market forecasts and estimated risk premiums.
b. Shift funds between the various equity sectors, industries, investment styles, etc., in order to take advantage of the "hot" concept before the remainder of the market does.
c. Individual stockpicking in order to buy low and sell high.
d. Choices a and b only
e. All of the above

E