What is the most accurate about cyclical industries such as manufacturing?

		They have strong stock returns during recessions
		They generally have higher betas than non-cyclical (defensive)
		They have lower betas than non-cyclical (defensive)
		They are deemed "safe-haven" assets

What explanation best describes why the Sharpe Ratio is so important in the investment world?

		Because it helps investors find investments with the highest intrinsic value
		Because it allows investors to find investments that have the most efficient balance between their expected returns and the risk that they are taking
		Because it allows investors to create portfolios of the risk-free asset and risky assets
		Because it allows investors to balance the Beta against expected returns in an optimal way.