$1.$Please explain the roles of IPOs and PE providers on maritime public$/$private equity markets. Do you agree when the economic is in recession, PE capital will be more preferred?$2.$If your portfolio has a positive investment in every asset, can your portfolio return be greater than an individual asset? Give an example to support your answer describing the risk involved$\mathrm{.}3.$Why cant we use standard variations to measure risk in well$-$diversified portfolios? Does the security market line $($SML$)$ best depict the relationship between portfolio return and risk? Are there any other measures you think are better?