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We routinely assume that rational investors are risk-averse return-seekers; i.e., they like returns and dislike risk. If so, why do we contend that only systematic

We routinely assume that rational investors are risk-averse return-seekers; i.e., they like returns and dislike risk. If so, why do we contend that only systematic risk is important? (Alternatively, why is total risk not important to rational investors, in and of itself?)

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