The separation principle states that an investor will: Group of answer choices choose a portfolio from the efficient set based on individual risk tolerance. combine a riskless asset with the tangency portfolio based on their risk tolerance level. never choose to invest in a riskless asset due to the low expected rate of return. choose between any efficient portfolio and a riskless asset to generate the desired expected return. combine a riskless asset with the minimum variance portfolio based on their risk tolerance level.