A)
| both highly risk-averse individuals and those with less risk aversion tend to concentrate their portfolios. |
|
B)
| highly risk-averse individuals tend to hold heavily diversified portfolios, while those with less risk aversion tend to concentrate their portfolios. |
|
C)
| less risk-averse individuals tend to hold heavily diversified portfolios, while those with more risk aversion tend to concentrate their portfolios. |
|