Portfolio Theory, as Developed by Markowitz, Is a Normative Theory

Portfolio theory, as developed by Markowitz, is a normative theory based on a small set of assumptions that include all of the following except:

A) A single investment period, for example one year
B) Liquidity of positions, for example, there are no transactions costs
C) Investor preferences based only on a portfolio's expected return and risk, as measured by variance or standard deviation.
D) Finding assets that lie above the efficient frontier.