(5 points) Suppose the riskless rate for borrowers is higher than that for lenders. If two investors, after performing the Markowitz mean-variance portfolio analysis, decide to hold two risky assets in different relative proportions (for example, one holds twice as much IBM stock as Microsoft stock, while the other holds three times as much), the following must be true: A) The two-fund separation theorem holds. B) All investors choose complete portfolios along the CAL. C) Both investors are lenders. D) The investor whose portfolio has a lower Sharpe ratio must be less risk averse. E) None of the above