Betas typically vary by industry. For instance, Engineering and Construction firms had an average unlevered Beta of $1\mathrm{.}05$ over the

last few years, while Food and Grocery Retailers had an average unlevered Beta of $0\mathrm{.}41.$ Use your knowledge to explain this

observed difference. Try to generalize your argument to the universe of industries$/$firms and not just these two examples.

Now imagine that the people in your life had "Betas". I would argue that your close friends and family are like the low beta assets

in a portfolio $($perhaps even like portfolio insurance$),$ while professional acquaintances $($or other entourage$-$like individuals$)$ are the

high beta assets. Try to explain this parallel.