Which statement is false? KISK Any efficient portfolio can be expressed as a combination of the tangency portfolio and the risk-free asset. Combinations of the tangency portfolio and the risk-free asset generate portfolios that have minimal risk for their level of expected return. The "efficient frontier with the risk-free asset" is the tangency line, connecting the risk-free asset to the tangency portfolio on the "efficient frontier without the risk-free asset". In order to achieve higher Sharpe ratios, one can borrow at the risk-free rate and invest in the tangency portfolio