Which of the following statements about portfolio theory and asset pricing is most likely to be true?

A Diversifiable risk relates to how an assets returns are affected by macroeconomic factors such as business cycles, government policy and changes in interest rates

B Portfolios on the Efficient Frontier have the maximum risk for a given level of return

C Risk-averse investors will choose portfolios closer to the risk-free asset on the Capital Market Line by investing all of their money in the market portfolio

D The composition of the market portfolio could change over time

E Central to the Capital Asset Pricing Model is the existence of a linear relationship between total risk and return, which is defined by the Security Market Line