Rodney has a portfolio of risky assets that represents his entire risky investment. To evaluate the performance of Rodney's portfolio, in what order would you complete the steps listed?

I) Compare the Sharpe measure of Rodney's portfolio with the Sharpe measure of the best portfolio.
II) State your conclusions.
III) Assume that past security performance is representative of expected performance.
IV) Determine the reference portfolio that Rodney would have had if he had chosen a passive strategy.

I, III, IV, II

III, IV, I, II

IV, III, I, II

III, II, I, IV

III, I, IV, II