问题如下：
Which of the following performance measures is most appropriate for an investor who is not fully diversified?
选项：
A.M-squared.
B.Treynor ratio.
C.Jensen’s alpha.
解释：
A is correct.
M-squared adjusts for risk using standard deviation (i.e., total risk).
请问EF CAL CML线上的点都是 fully diversified的吧？
