| 1 | Run the tangents. | |
| 2 | The direction is tangent to the trajectory. | |
| 3 | Then everyone should be holding the tangency portfolio. | |
| 4 | So, on the unit circle, F is tangent to the curve. | |
| 5 | r So, you're asking about whether the delta r is actually strictly tangent to the curve. |
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