问题如下：
The appraisal ratio is the ratio of the portfolio’s alpha to the standard deviation of its:
选项：
A.total risk.
systematic risk.
non-systematic risk.
解释：
C is correct. The appraisal ratio is the ratio of the portfolio’s alpha to the standard deviation of the portfolio’s non-systematic risk. Essentially, this ratio allows an investor to evaluate whether excess returns warrant the additional non-systematic risk in actively managed portfolios.
请问，这个内容是在讲义的第几页？
