An investor devotes 10% of her portfolio in treasury bills, 60% in stocks, and 30% in corporate bonds. This action reflects which step of the investment process? Security Allocation Asset Selection Security Selection Asset Allocation Question 4 1 pts Which of the following characterizes an efficient financial market? No security is under-priced or over-priced Investors spend huge resources in security analysis Existence of many bargain opportunities or "free lunches" Active portfolio management is necessary and preferred