25. Which securities have the highest liquidity? a. Zero coupon bonds b. Mutual funds c. Stocks d. T-Bills e. All of the above f. None of the above 26. If you are making an investment and your portfolio contains 75% of stocks, 15% of mutual funds and 10% of bonds, you are considered as a. Ultra-high portfolio b. C. d. e. f. Average portfolio investor Risk averse investor A risk taker None of the above All of the above 27. A portfolio has an annual return of 13%, a beta of 0.7, and a standard deviation of 17%. The market index return is 14 percent, with a 21 percent standard deviation. What is Jensen's portfolio alpha if the risk-free rate is 5%? a. 0.10 b. 0.67 C. 0.34 d. 0.017 e. All of the above