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A risk-averse investor who makes an investment choice based on the expected utility of the return on his investment portfolio is equivalently making investment choices

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"A risk-averse investor who makes an investment choice based on the expected utility of the return on his investment portfolio is equivalently making investment choices based on the expected return and variance of the portfolio." [Blake, D. (1999) Financial Market Analysis. Wiley, pg. 465) Prove or disprove this statement

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