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Psychological profiling is important because investors tend to exhibit certain psychological characteristics which are not rational and are not consistent with modern portfolio theory. One of these psychological characteristics is loss aversion, which means that investors would prefer larger uncertain losses to smaller certain losses (risk seeking behavior). The concept of loss aversion conflicts with the assumption of risk aversion under modern portfolio theory, which says that investors minimize risk for a given level of return. Note that the other answer choices are all assumptions under modern portfolio theory (MPT).