The conclusion of separation theory is that: A) the determination of the best CAL is objective, and the choice of the inputs to be used to determine the efficient frontier is subjective.          B)   the choice of the best complete portfolio is objective, and the determination of the best risky portfolio is objective.          C)   the choice of inputs to be used to determine the efficient frontier is objective, and the choice of the best CAL is subjective.          D)   the choice of the best complete portfolio is subjective, the determination of the best risky portfolio is objective.           E)   investors are separate beings and will, therefore, have different preferences regarding the risk-return tradeoff.     Please provide justification

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Portfolio Management

Portfolio management is the process by which an investor decides that how the person will invest in a variety of assets in order to get a desired return in the future. A portfolio means a pool of assets that includes securities, bonds, and other investment instruments which helps in risk minimization of the money that has been invested. In other words, it can be said that a portfolio means a combination of assets in which an investor decides to invest their money in order to get a lump sum return in the future or even a series of cash flow that the person is expecting at the end of their job life.