investors

are separate beings and will therefore have different preferences regarding the

risk-return tradeoff.

the

choice of inputs to be used to determine the efficient frontier is objective

and the choice of the best CAL is subjective.

the

choice of the best complete portfolio is objective and the determination of the

best risky portfolio is objective.

the

determination of the best risky portfolio is objective and the choice of the

best complete portfolio is subjective.

the

determination of the best CAL is objective and the choice of the inputs to be

used to determine the efficient frontier is subjective.