NO.PZ2015121801000084
问题如下：
With respect to the capital market line, a portfolio on the CML with returns less than the returns on the market portfolio represents a(n):
选项：
A.lending portfolio.
B.borrowing portfolio.
C.unachievable portfolio.
解释：
A is correct.
The combinations of the risk-free asset and the market portfolio on the CML where returns are less than the returns on the market portfolio are termed ‘lending’portfolios.
lending上不是应该没有对应的market portfolio的收益率吗？
