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With regard to the optimal international portfolio, none of the others the composition of the optimal international portfolio varies depending upon the numeraire currency used

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With regard to the optimal international portfolio, none of the others the composition of the optimal international portfolio varies depending upon the numeraire currency used to measure returns. the composition of the optimal international portfolio is identical for all investors, regardless of home country. the composition of the optimal international portfolio varies depending upon the numeraire currency used to measure returns, and the composition of the optimal international portfolio is identical for all investors (regardless of home country) if they hedge away their currency exposure with currency futures contracts

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