Assume that ₁, ₂, and ₃ are individual stocks, _f is the risk free rate and _M is market portfolio. Could you tell which of the following are trading strategies or portfolios. For each portfolio and trading strategy that you have identified explain in words what that portfolio/strategy involves doing.

1. a) ₂₁

2. b) 5(_Mf) +3(_{1 f)}

c) 1/3 R₁ + 1/3 R₂ + 1/3 R₃

d) 3R_M + 1/2 R₂ - 7/2 R_f