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Which of the following statements is not true? 1. The tangency portfolio is an efficient portfolio. 2. The covariance of any asset's return with the
Which of the following statements is not true?
1. The tangency portfolio is an efficient portfolio.
2. The covariance of any asset's return with the return of the tangency portfolio is the same across assets.
3. The capital allocation line is given by investments that combine the risk-free asset with the tangency portfolio.
4. The tangency portfolio has the maximum Sharpe ratio.
5. All of the above are true.
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