Monty frost's tax-deferred retirement account is invested entirely in equity securities. because the international portion ofhis portfolio has performed poorly in the past, he has reduced his international equity exposure to 2%. frost's investmentadviser has recommended an increased international equity exposure. frost responds with the following comments: a.0n the basis of past poor performance, 1 want to sell all my remaining international equity securities once their marketprices rise to equal their original cost. b.most diversified international portfolios have had disappointing results over the past 5 years. during that time, however, the market in country xyz has outperformed all other markets, even our own. if i do increase my international equityexposure, 1 would prefer that the entire exposure consist of securities from country xyzc. international investments are inherently more risky. therefore, i prefer to purchase any international equity securities inmy "speculative" account, my best chance at becoming rich. i do not want them in my retirement account, which has toprotect me from poverty in my old age. frost's adviser is familiar with behavioral finance concepts but prefers a traditional or standard finance approach (modernportfolio theory) to investments.’ indicate the behavioral finance concept that frost most erectly exhibits in each of his three comments. explain how eachof frost’s comments can be countered by using an argument from standard finance.