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A line that represents the possible portfolios that combine a risky asset and a risk free asset is most accurately described as a :
A:charactestic line
B:capital allocation line
C:capital market line
解答 Answer：C
Investors are risk averse. Given a choice between two assets with equal rates of return, the investor will always select the asset with the lowest level of risk. This means that there is a positive relationship between expected returns (ER) and expected risk (Es) and the risk return line (capital market line [CML] and security market line [SML]) is upward sweeping.
对于整个市场来说，由于马科维茨认为市场是完美的，所以你可以不用任何成本进行资产的分散化处理，因此你自己可以DIY处理掉的非系统性风险市场是不会给你这部分补偿的。但是就系统风险而言而言，尤其是风险厌恶者，我们是希望越高风险，就给我们越高的补偿，原因之一，由于这部分风险无法被分散化，你就应该给我补偿，其次无论从CML和SML哪条线来看，风险和收益都是成正比关系的，这也符合我们的日常逻辑。炒股票的期望收益就应该比余额宝带来的要高。
The batic premise of the rise-return-trade-off suggests that risk-averse individuals purchasing inwestments with higher non-diversifiable risk should expect to earn:
A:lower rates of return
B:rates of return equal to the market
C:higher rates of return
Answer：B
The line that represents possible combinations of a risky asset and the risk-free asset is referred to as a capital allocation line (CAL). The capital market line (CML) represents possible combinations of the market portfolio with the risk-free asset. A characteristic line is the best fitting linear relationship between excess returns on an asset and excess returns on the market and is used to estimate an asset's beta.
这道题目出的好，首先对于我们来说，一旦出现了无风险收益，那一定是威廉夏普的理论，我们马上就能联想到CML和CAL。但是CML是假设世界上每一个人都是同质的，他们有相同的有效前沿，因此有效前沿与无风险收益的切线也只有一条，那个切点就是市场组合。题目里说只有一个风险资产，明显不是市场组合，就从我们沪深300指数，也是要300个股票组成起来的 。所以可以很明确的判断是CAL。
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