There are only two investors in the market: John and Richard. Only two assets exist in the market: Stock ABC and Stock XYZ. John owns 30% of the total market value of all assets (Stock ABC and Stock XYZ) in the market. The proportion of the total market value of all assets (Stock ABC and Stock XYZ) owned by Richard is 70%. In John's portfolio, the portfolio weight of Stock ABC is 80% and the portfolio weight of Stock XYZ is 20%. Richard's portfolio consists of Stock ABC with 40% portfolio weight. The beta of stock ABC is 1.6. What is the beta of stock XYZ?