(11) In the perfectly efficient market, the expected returns are always equal to the required returns, and hence there are no undervalued or overvalued assets. If we strongly believe this, then what is the typical steps/investment philosophy for investment decisions? (Recall what you learned especially from chapter 1, 6 and 7) Direction o Limit answer into a full one page with single space. Must include the terms such as market efficiency, asset allocation, return- risk tradeoff, holding period, diversification, market portfolio (and/or index funds, index ETFs), CML, risk-free assets (and/or money market funds), expected returns, required returns, risk, and so on.)