You are currently holding portfolio M. You are considering combining M with se- curity X, Y, or Z. There are three possible scenarios listed in the table below. (For instance, in scenario 1 which happens with 20% probability, M will deliver a return of -20%).

Scenarios	1	2	3
Probability	20%	50%	30%
Return of M	-20%	0%	30%
Return of X	-10%	0%	15%
Return of Y	5%	5%	5%
Return of Z	5%	0%	-5%

Recall that you can short securities in forming your new portfolio. Is it pos- sible to reduce portfolio risk by combining M and X by choosing appropriate portfolio weights? If so, please give examples of such portfolio weights. Please explain your answer.