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Which of the following is inconsistent with two-fund separation? Two investors hold Tesla and Exxon-Mobil stocks in different relative proportions. An investor holds only one-fifth

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Which of the following is inconsistent with two-fund separation"? Two investors hold Tesla and Exxon-Mobil stocks in different relative proportions. An investor holds only one-fifth of her wealth in the tangency portfolio An investor shorts the risk-free asset. An investor does not hold any wealth in the risk-free asset

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