Andy is more risk-averse than Cindy. Neither can buy on margin. Using the Capital Allocation Line, which statements MUST BE FALSE? [I] Cindy may have a negative position in the risk-free asset. [II] Cindy will invest more in the risk-free asset compared to Andy [III] Both will hold positive positions in the risky portfolio and risk-free asset.

		1) I & III
		2) I & II
		3) II only
		4) I only
		5) None of the statements must be true