What Is the First Step an Investor Takes When Making

What is the first step an investor takes when making an investment decision according to the separation principle?

A) Determine the mix of risky and risk-free assets he/she will hold
B) Quantify the amount of risk he/she is willing to accept
C) Estimate future inflation and risk-free rates
D) Determine the portfolio of risky assets that he/she will hold
E) Specify a desired rate of return

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