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**Basic Question 2 of 9**

Returns are, in fact, not normally distributed. This means that the ______

II. returns are not symmetrical around the mean.

III. returns' distribution can be defined by mean and variance only.

I. returns are skewed.

II. returns are not symmetrical around the mean.

III. returns' distribution can be defined by mean and variance only.

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**User Contributed Comments**
1

User |
Comment |
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angusmyers |
I don't know if i agree with this... you could hypothetically have a uniform distribution on returns (satisfying the non 'normal distribution') but a uniform distribution is not skewed left or right? Could the same be said for a bimodal distribution? Hence I think only II should be the correct answer. Thoughts? |

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**Learning Outcome Statements**

describe characteristics of the major asset classes that investors consider in forming portfolios

*CFA® 2025 Level I Curriculum, Volume 2, Module 1.*