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In selecting an asset allocation: An investor should first understand his/her utility function first, then optimize it. An investor should always use leverage becaus leverage

In selecting an asset allocation:

An investor should first understand his/her utility function first, then optimize it.

An investor should always use leverage becaus leverage increases expected returns.

An investor should always use mean-variance optimization because it has a solid mathematical background.

An investor should always minimize downside risk.

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