9. In the process of estimating optimal portfolio weights, you need to form estimates of the mean and variance of a set of portfolios. You plan to use historical return data to estimate the mean portfolio returns, but you notice an odd pattern in mean return estimates. If you use average daily returns to estimate mean return, the annualized average return for your small- stock strategy portfolio is 40% per year. Alternatively, if you use average monthly returns, 3 the annualized average return for the same portfolio is 15% per year. Which input is more reasonable for your portfolio optimization procedure? Justify your answer. 9. In the process of estimating optimal portfolio weights, you need to form estimates of the mean and variance of a set of portfolios. You plan to use historical return data to estimate the mean portfolio returns, but you notice an odd pattern in mean return estimates. If you use average daily returns to estimate mean return, the annualized average return for your small- stock strategy portfolio is 40% per year. Alternatively, if you use average monthly returns, 3 the annualized average return for the same portfolio is 15% per year. Which input is more reasonable for your portfolio optimization procedure? Justify your