Table 1 Estimated Total Returns
State of the Economy	Probability	T-Bond	SETX	Golden	S&P 500
Recession	5%	5%	-19%	20%	-14%
Below Average	15%	5%	2%	13%	3%
Average	45%	5%	9%	10%	11%
Above Average	25%	5%	34%	5%	22%
Boom	10%	5%	25%	-5%	33%

Value Line indicates that non-utility businesses will account for much of SETX's earnings growth. Suppose Value Line specified that an increasing portion of SETX's assets would be devoted to non-regulated businesses in the future (i.e. greater diversification). Would this fact affect the validity of Value Line's 1.05 beta for decision purposes? If so, how? (Hint: Value Line bases its beta estimates on historical returns over the past 5 years.)