Correct Answer: C

Explanation:

• An endowment fund typically has long-term investment horizons and stable spending needs, making it relatively well-positioned to bear business cycle risk.

• A high-net-worth individual often has diversified income sources and substantial wealth, providing a buffer against economic downturns.

• An individual who depends on income from self-employment is most vulnerable to business cycle risk because their income is directly tied to economic conditions. During recessions, self-employed individuals typically experience reduced income and business opportunities, making them least able to bear additional business cycle risk in their investments.