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Bruce Rose, CFA, and Carla Hume, CFA, each manage a broadly diversified market portfolio for separate clients. Rose’s client has less risk aversion than Hume’s client. If Rose and Hume cannot borrow at the risk-free rate and cannot short-sell in the management of the portfolio, we would expect to see Rose’s portfolio: A. to be less diversified than Hume’s portfolio. B. to be more diversified than Hume’s portfolio. C. and Hume’s portfolio to be equally diversified but different from the market portfolio. D. and Hume’s portfolio to be equally diversified and identical to the market portfolio. |