Warren earns 5 percent per year over five years, with a Sharpe Ratio of 5 . Kathie has average returns of 15 percent per year over this time, with a Sharpe Ratio of 1 . The risk-free rate was 1 percent for the entire period. Which of the following choices best describes the best portfolio manager of the two according to financial economics theory presented in class this semester? Kathie is the better portfolio manager because her excess return is 15 percent. Warren was the better portfolio manager because he earned a Sharpe Ratio five times as large as that of Kathie and earned an excess return of 4 percent. Kathie is the better portfolio manager, as she earned 3x as much as Warren. She knows how to take risk and win and can be relied on to earn more than Warren in the future. Warren was the better portfolio manager because he earned a Sharpe Ratio five times as large as that of Kathie and earned an excess return of 5 percent