To prove the CAPM result we assumed that investors hold homogenous (i.e. the same) expectations therefore all desire the tangent portfolio. In the real world, there are uninformed investors that do not have any meaningful expectations at all. Which of the following is most true? The CAPM is still the best model we have despite this issue Uninformed investors rationally buy the market portfolio despite having no opinions on security risks and returns Informed investors each buy the tangent portfolio because it fits their risk tolerance With lots of passive investors in the market, prices become inefficient