Which of the following statements is INCORRECT? 13' The beta of the portfolio is calculated as a weighted average of the individual stocks' betas. (HINT: Slides 33434) :.__:3' An increase in expected inflation, combined with a constant real risk-free rate and a constant market risk premium, would lead to identical increases in the required returns on a riskless asset and on an average stock, other things held constant. (HINT: Slide 42) :__:I' A stock's beta indicates its diversifiable risk. (HINT: Slide 27) {9' The SML relates a stock's required return to its market risk. (HINT: Slide 37) L13 For a security, if its beta is 0.5, the security is only half as risky as the average stock. (HINT: Slide 31)