Which of the following statements is false? Researchers have found evidence that the presence of human capital can explain at least part of the reason for the inefficiency of the most commonly used market proxies. The most important example of non-tradeable wealth is human capital. If the entire portfolio of investments is efficient, then just the tradeable part of the portfolio should be efficient also. If investors have a significant amount of non-tradeable wealth, this wealth will be an important part of their portfolios, but will not be part of the market portfolio of tradeable securities