Assume all investors want to hold a portfolio that, for a given level of volatility, has the
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Assume all investors want to hold a portfolio that, for a given level of volatility, has the maximum possible expected return. Explain why, when a risk-free asset exists, all investors will choose to hold the same portfolio of risky stocks.
The Efficient Portfolio and Required Returns AppendixLO1
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Corporate Finance The Core
ISBN: 9781292431611
5th Global Edition
Authors: Jonathan Berk, Peter DeMarzo
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