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Only half of US households own any stocks, either directly or indirectly through a retirement account. According to the mean-variance theory that you learned in

Only half of US households own any stocks, either directly or indirectly through a retirement account. According to the mean-variance theory that you learned in class, is it optimal to not own any stocks? Give a reason why the theory may not apply to actual US households, which would explain why some households do not own any stocks

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