(9A). If a stock's expected return as seen by the marginal investor exceeds this investor's required return, then the investor will buy the stock until its price has risen enough to bring the expected return down to equal the required return.

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This statement is consistent with the basic principle of market equilibrium, where investors will continue to buy or sell an asset until its price aligns with its expected return, which should equal the investor's required return. If the expected return is higher than the required return, demand for the asset will increase, which will drive up its price and decrease its expected return until it reaches the level of the required return.

(9A) If a Stock's Expected Return as Seen by the Marginal