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If individuals are not always truthful, what additional problem(s) does this pose for the prospective portfolio manager?

If individuals are not always truthful, what additional problem(s) does this pose for the prospective portfolio manager? What kinds of strategies can portfolio managers use to help minimize mis-reporting risk? Which of the five investor types previously discussed in your opinion are most likely to provide incorrect information to portfolio managers? Which of the five investor types previously discussed are least like to provide incorrect information?

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