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Consider the following graph of the risk-free asset Rf and the efficient frontier. The letters K, W, X Y, and Z represent risky portfolios. Portfolio M is the market portfolio. The lines RfX and RfY represent the combination of the risk-free asset and the risky portfolio.
Which of the following statements about the above graph is least accurate?A. Point S represents the standard deviation of returns on the market portfolio. B. Portfolio K is possible, but not the most efficient because it does not fall on the efficient frontier and is overvalued. C. Portfolios W and Z are perfectly positively correlated with each other. D. Investors on the capital market line to the right of M are leveraged and hold more than 100% of portfolio M. |