Which of the following statements is (are) inconsistent with the Markowitz theory of portfolio management?
I). Investors maximize a one-period expected utility curve with inherent diminishing marginal utility of wealth.
II). Investors use the risk measure of beta as the basis of determining risk.
III). Investors base their investment decisions exclusively on the basis of expected risk and return.
IV). a single asset or portfolio of assets is considered to be efficient if no available asset has a superior return for a given risk level, or lower risk given a return level.