Please mark the only WRONG procedure to ACTIVELY manage a 100% equities portfolio with a flexibe mandate, which allows to be fully invested, partly invested and part in cash, or be long or short stocks (for hedging purposes)

	a.	If the PM anticipates a severe recession she can hedge the long position of the portfolio by shorting the stocks with the lowest beta to real GDP
	b.	If the portfolio manager anticipates a severe recession she sbould reduce the overall Beta of the portfolio below 1
	c.	If the portfolio manager anticipates a mild and brief recession she can reduce the fund's exposure to equities to 80% and raise the share of cash to 20%
	d.	If the portfolio manager anticipates a boom in real GDP growth she can raise the overall Beta of the portfolio above 1 (for example, to 1.3)