Consider an optimal risky portfolio (= P*) and a risk-free asset (= F). The optimal risky portfolio P* consists of two stocks, S1 and S2. Suppose that all investors will need to choose a mix of P* and F. According to the separation property, which of the followings can be different from one investor to another investor?

Group of answer choices

Proportion of S1 and S2 in the investor's mix of P* and F

Proportion of S1 and S2 in P*

Capital allocation line (CAL) for the investor's mix of P* and F

Sharpe ratio for the investor's mix of P* and F