Terry and Ravi are risk averse investors.

Compared to Ravi, the fraction of wealth that Terry invests in risky assets will dependon

I. whether Terry is more risk averse than Ravi

II. Terry's estimate of the Sharpe Ratio of the tangent portfolio

III. Ravi's estimate of the Sharpe Ratio of the tangent portfolio

Options

III only

II only

I and II

I, II and III

I only