Which of the following statements is NOT correct. 1 In equilibrium, some investors may hold a portfolio that may not be fully diversified. 2.In equilibrium, some investors may sell short the risk-free asset 3. In equilibrium, all investors hold the same risky portfolio 4. The CLM and SML are equilibrium results.

I only

2 and 3 only

1 and 2 only

2 and 4 only