Note: Please sometimes you give me answers that are wrong. thank you for giving me good answers please

Exercise translated into English

Initial exercise in French

Question 3 - Academic Question (30 POINTS) a) You own Shell stock. You are concerned that the price of these shares may rise and would like to protect your portfolio. How can you do this? b) Explain why if some investors are subject to systematic behavioral bias, while others choose efficient portfolios, the market portfolio will not be efficient. Question 3 - Question de cours (30 POINTS) a) Vous dtenez des actions Shell. Vous craignez une hausse de leur prix et souhaitez donc protger votre portefeuille. Comment faire? b) Expliquez pourquoi, si certains investisseurs sont sujets un biais comportemental systmatique, tandis que d'autres choisissent des portefeuilles efficients, le portefeuille de march ne sera pas efficient