Which of the following statements is NOT an assumption for Markowitz Portfolio Theory? Investors consider investments as probability distributions of expected returns over some holding period Investors prefer higher returns for a given risk level. Similarly, for a given level of expected returns, investors prefer less risk to more risk Investors maximize one-period expected utility, which demonstrates diminishing marginal utility of wealth Investors base decisions solely on expected risk Investors estimate the risk of the portfolio on the basis of the variability of expected returns 
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