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4. Assume two investors A & B have essentially the same belief that US stocks are trading at fair value meaning they expect to earn

4. Assume two investors A & B have essentially the same belief that US stocks are trading at fair value meaning they expect to earn the historical risk premium over the next 5-10 years. Use utility theory to explain why investor A might sell his holding in an ETF that tracks the S&P 500, while investor B might buy it.

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