Part 1 George is an individual with a utility function that is increasing in the mean return of an asset (or portfolio) and decreasing in the standard deviation of returns for an asset (or portfolio). George wants to build an investment portfolio to maximise utility. Explain to George how this can be achieved under mean-variance optimization theory and include clearly labelled diagram(s) to support your answer. As part of your answer you should identify and explain the conditions required for the utility maximizing portfolio. Show George why the optimal portfolio is preferable to other efficient portfolios. Explain to George how a portfolio could be constructed with reference to the Second Mutual Fund Theorem. Part 1 George is an individual with a utility function that is increasing in the mean return of an asset (or portfolio) and decreasing in the standard deviation of returns for an asset (or portfolio). George wants to build an investment portfolio to maximise utility. Explain to George how this can be achieved under mean-variance optimization theory and include clearly labelled diagram(s) to support your answer. As part of your answer you should identify and explain the conditions required for the utility maximizing portfolio. Show George why the optimal portfolio is preferable to other efficient portfolios. Explain to George how a portfolio could be constructed with reference to the Second Mutual Fund Theorem