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BELIEVES THAT ALL INVESTORS SHOULD OPTIMIZE THEIR PORTFOLIOS A LA MARKOWITZ. M, ON THE OTHER HAND, BELIEVES THAT A NUMBER OF SERIOUS CHALLENGES EXIST FOR E’S CONTENTION TO BE CORRECT AND HAS SUGGEST – BUSINESS & FINANCE

believes that all investors should optimize their portfolios a la Markowitz. M, on the other hand, believes that a number of serious challenges exist for E’s contention to be correct and has suggested a labor capital component (a la Mayers) be included. R invokes the...