1. Appraisal based returns data is most applicable to _____________, which causes volatility to be _____________.
   1. Mutual funds; represented correctly
   2. Hedge funds; overstated
   3. Private equity; understated
2. When forecasting capital market expectations, this approach weights sample estimates with other parameters to reduce impacts of extreme values.
   1. Multi-factor estimators
   2. Time-series estimators
   3. Shrinkage estimators