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The SML is valid for and the CML is valid for only well-diversified portfolios; only individual assets only individual assets; well-diversified portfolios only both well-diversified

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The SML is valid for and the CML is valid for only well-diversified portfolios; only individual assets only individual assets; well-diversified portfolios only both well-diversified portfolios and individual assets; both well-diversified portfolios and individual assets both well-diversified portfolios and individual assets; well-diversified portfolios only

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