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ZhouJo · 2020年07月16日

问一道题：NO.PZ2015121801000077

  1. CFA I
  2. Portfolio

问题如下：

With respect to capital market theory, an investor’s optimal portfolio is the combination of a risk-free asset and a risky asset with the highest:

选项：

A.

expected return.

B.

indifference curve.

C.

capital allocation line slope.

解释：

B  is correct.

Investors will have different optimal portfolios depending on their indifference curves. The optimal portfolio for each investor is the one with highest utility; that is, where the CAL is tangent to the individual investor’s highest possible indifference curve.

With respect to capital market theory, an investor’s optimal portfolio is the combination of a risk-free asset and a risky asset with the highest: 这句话我的翻译是根据资本市场理论，投资者的最优投资组合是无风险资产和一个拥有最高什么样东西的风险资产的组合。如果是无差异曲线最高的无差异曲线是是什么意思呢？ 这个无法理解 该怎么理解这句话呢？

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1 个答案

丹丹_品职答疑助手 · 2020年07月17日

嗨，爱思考的PZer你好：


同学你好，原版书定义如下：

an investor’s portfolio improves if a risk-free asset is added to the mix.
In other words, a combination of the risk-free asset and a risky asset can result in a
better risk–return trade-off than an investment in only one type of asset because the
risk-free asset has zero correlation with the risky asset. Te combination is called the
capital allocation line
是一个可以得到最好 risk -return trade-off的点、无风险资产和这个点的连线就是最有的最有的资本配置线。

市场可以有许许多多这种配置线，但只有他们跟投资者的无差异曲线相切的点能给投资者最高的满意度。所谓无差异曲线就是在这个曲线上投资者的满意度是一样的，且越高越好


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