The capital asset pricing model implies that, if the market is efficient and all assets are fairly priced, ___________________________________

		tthe most efficient strategy (one that yields the highest expected return for any given level of risk) is to invest all of ones money in Zoom stock.
		investors should not invest in the market portfolio as it is too risky.
		the most efficient strategy (one that yields the highest expected return for any given level of risk) is to identify positive alpha securities.
		Apple stock should lie below the capital market line.