In reading 26 (book 3 p 237) they give a formula for Utility as U = E® - .5*Risk Aversion*Volatility But in reading 32 (book 4 p 254) they give it as U = Expected Active Return - Risk Aversion * Volatility. I’m fine with one focusing on active returns and the other on overall returns…but why the .5 multiplier in one but not the other? Anybody have an intuition for this? Maybe they`re just assigning “risk aversion” factors as twice as large in the formula from R26? Think its worth worrying about? Thanks, Ben