单选题 When an investor can borrow and invest at the risk-free rate, which of the following statements is least likely valid? A. The capital market line (CML) is straight. B. Investors who borrow the risk-free asset to lever their portfolio will move their portfolios to the right of the market portfolio on the CML. C. The x-axis measurement of risk is the standardized covariance.

【正确答案】 C

【答案解析】The standardized covariance is the covariance divided by the market variance or the correlation of the stock multiplied by(the stock standard deviation divided by the market standard deviation), which is the formula for beta, which is used in the SML, not the CML.