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a) What does it mean to say that markets are efficient, and what factors may cause them to deviate from efficiency? What are the implications

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a) What does it mean to say that markets are efficient, and what factors may cause them to deviate from efficiency? What are the implications of inefficient markets? (20 marks) b) What factors are taken into account in an investor's Investment Policy Statement (IPS) and how will these affect the construction of their investment portfolio? (15 marks)

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