When conducting discounted cash flow analysis, which of the following is most accurate? It is most sensible to run multiple scenario analysis using various discount rates that consider various levels of risk before making a decision regarding the valuation of an asset. You should always use the WACC to determine the discount rate It makes no difference to the valuation model whether you use WACC or Markowitz CAPM model as the two are interchangeable and are independent of risk Net Present Value most accurately represents the intrinsic value of an asset when using CAPM approach Question 6 5 pts Which of the following is true regarding active versus passive investing? Active investors can generate marginal return gains over passive investors, but because of tax efficiencies. lower costs, and risk-adjusted returns of passive portfolios, these gains can be minimal A savvy investor that actively analyzes investments has distinct competitive advantage over a passive investor due to the information asymmetry that is always present in analyzing a company's financial statements Passive investors always have a distinct advantage over active investors because of the efficient market hypothesis Active investors generate better risk-adjusted returns over passive portfolios by building actively managed tax efficient portfolios that minimize arbitrage