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Example: Expected Returns StockA Stock B State (i) Recession Neutral Boom 0.25 0.50 0.25 1.00 -20% 15% 300/0 15%

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Example: Expected Returns StockA Stock B State (i) Recession Neutral Boom 0.25 0.50 0.25 1.00 -20% 15% 300/0 15%

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