Question: Given that the mean variance efficient frontier changes when they are different borrowing and lending rates, does the two fund separation still hold (as there

Given that the mean variance efficient frontier changes when they are different borrowing and lending rates, does the two fund separation still hold (as there are two different tangency portfolios depending on if you are borrowing or if you are lending, and the case where there is no risk free rate involved in between these two) - thus will the two fund separation still hold in this case where there are multiple risk free rates ( one for borrowing and one for lending) and not just one?

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