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Which of the following is NOT a step in the portfolio management process? Group of answer choices: A) Analysis of the risk and return characteristics

Which of the following is NOT a step in the portfolio management process?

Group of answer choices:

A) Analysis of the risk and return characteristics of various asset classes.

B) Analysis of the investor's risk tolerance, returns, etc.

C) bottom-up market analysis

D) Monitoring and reacting to changing circumstances

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