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Suppose the market is made up of identical stocks, each of which has the same market capitalization, the same mean and variance of return, and

Suppose the market is made up of identical stocks, each of which has the same market capitalization, the same mean and variance of return, and the same correlation
p >0, with every other individual stock. Consider the limit as the number of stocksin the market increases. What is the Sharpe ratio of an equally-weighted portfoliothat contains N stocks divided by the Sharpe ratio of the market portfolio? Interpret.

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