Both need to answer plz

Which of the following statements is FALSE? The book-to-market is the observation that firms with high book-to-market ratios have positive alphas. Portfolios with low book-to-market rations will have negative alphas if the market portfolio is not efficient. If the market portfolio is not efficient, then a portfolio of high book-to-market stocks will likely have positive alphas. Portfolios with high market capitalizations will have positive alphas if the market portfolio is not efficient. Which of the following is not considered a difficulty with regards to the CAPM? Betas are not observed. Expected returns are not observed. The market proxy is not correct. Investors risk preferences are not observed