Which of the following is NOT part of the SIMMERS framework for developing capital market expectations?

The SIMMERS framework is a structured approach used in developing capital market expectations, and one of its key aspects involves evaluating various inputs to formulate expectations based on market trends and historical data. The relevant components include assessing and interpreting information, determining the most credible sources of data, and analyzing historical performance to guide future expectations.

In this context, the notion of "Perform market arbitrage" does not fit into the SIMMERS framework, as arbitrage refers to trading strategies that exploit pricing inefficiencies in markets, rather than a systematic method for forecasting capital market outcomes. The goal of SIMMERS is to construct a well-rounded and informed view of the capital markets, rather than focusing on execution strategies like arbitrage.

The other components of the framework align closely with systematic processes aimed at gathering and analyzing relevant information to better understand capital market conditions, which is why they are integral parts of SIMMERS.