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Which of the following statements about the mutual-fund theorem is true? I) It is similar to the separation property. II) It implies that a passive
Which of the following statements about the mutual-fund theorem is true?
- I) It is similar to the separation property.
- II) It implies that a passive investment strategy can be efficient.
- III) It implies that efficient portfolios can be formed only through active strategies.
- IV) It means that professional managers have superior security-selection strategies.
Multiple Choice
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I and II
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III and IV
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I and IV
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II and IV
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I, II, and IV
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