Janet wants to invest her $1 million inheritance. She was planning to invest the entire amount in a mutual fund made up solely of Bank of Canada treasury bills. The expected return on this mutual fund is 8% per annum. Her husband Stan insists that she invests in the following portfolio: Asset: Mortgage, Investment: $250,000, Expected Future Return: 9.50% Asset: Computer Company Stocks, Investment: $200,000, Expected Future Return: 13% Asset: Apartament Building, Investment: $550,000, Expected Future Return: 17% Total Investment: $1,000,000 Janet is concerned about portfolio efficiency. Stan told her: "this portfolio earns the maximum possible expected return and is the optimal portfolio. Its efficiency is irrelevant".

Do you agree with this statement? Explain with reference to portfolio efficiency and Janet's risk preferences.