The separation property refers to the conclusion that Multiple Choice the choice of inputs to be used to determine the efficient frontier is objective, and the choice of the best CAL is subjective. investors are separate beings and will, therefore, have different preferences regarding the risk-return tradeoff. the determination of the best CAL is objective, and the choice of the inputs to be used to determine the efficient frontier is subjective. the determination of the best risky portfolio is objective, and the choice of the best complete portfolio is subjective. the choice of the best complete portfolio is objective, and the determination of the best risky portfolio is objective.
