Chap007最优风险资产组合.pptVIP

7-* Capital Allocation and the Separation Property资本配置与分离特性 The separation property tells us that the portfolio choice problem may be separated into two independent tasks分离特性告诉我们组合决策问题可以分为两个独立的步骤 Determination of the optimal risky portfolio is purely technical.决定最优风险组合这是纯技术性的工作 Allocation of the complete portfolio to T-bills versus the risky portfolio depends on personal preference.根据风险偏好在短期国库券和最优风险组合之间配比 7-* Figure 7.13 Capital Allocation Lines with Various Portfolios from the Efficient Set有限集组合和资本配置线 7-* The Power of Diversification分散化的威力 Remember: If we define the average variance and av