Last year Paolo held a diversified portfolio of Italian stocks that had a 3% return for the period and a beta of -1.2. The FTSE MIB (a good proxy for the market return) recorded a loss of 1.5% over the same year. Using Jensen's measure, and considering that the Italian three-month government bill has a 0.2% return ( a good proxy for the risk free return), explain if Paolo earned more than the required return on his portfolio