Directions: In the following question, four statements are provided. These statements form a coherent paragraph when properly arranged. Select the alternative representing the proper and logical sequencing of these statements.

(A) The gut instincts that have made people like Warren Buffet such great fund managers were not allowed free play among the smart men and women handling the Asian, and for that matter, other funds. (B) The safest way to ensure that the funds performed close to the benchmark was to buy blue chip stocks, which made up the region's main indexes. (C) Their bosses - and, to be fair, their clients - were obsessed by performances linked to benchmark fund indexes such as the MSCI Emerging Markets index. (D) The fund managers cannot be held solely to blame for relatively poor performance because there was a tendency in the fund management industry to give diminishing degrees of independence to those managing the funds.